OUR VISION AND MISSION
Vision: The Company’s Vision for CSR activities is "improving quality of life whilein pursuit of collective development and environmental sustainability". This vision should encompass all CSR activities of the Company.
Mission: The Company’s Mission for CSR activities is to strive for economic and social development that positively impacts the society at large and pursue initiatives in that direction. Within the above mission, the CSR Committee will prioritize projects/activities from time to time.
OUR CSR ACTIVITIES
The CSR activities that the Company willpursue will be in line with thestated Vision and Mission, focused not just around our sitesand offices, but also in other geographies based on the needs of the communities.In line with the provisions of the Act, the Company’s activities are listed below, which will be prioritized from time to time on the recommendation of the CSR committee:
- Eradication of poverty and extreme hunger;
• Provision of food, nutrition supplement, clothes etc. for the poor, children and other deprived sections of the society.
• Promoting sanitation, making available safe drinking water
- Promoting and supporting general healthcare including health check-ups, provision of medicine & treatment facilities, reducing child mortality, improving maternal health, combating human immunodeficiency virus, acquired immune deficiency syndrome, malaria, dengue, poliomyelitis, tuberculosis and other infections and diseases.
- Promotion of education, formal, informal, elementary, primary, secondary and higher education in all streams, including all kinds of research and employment enhancing vocational skills education and training regimes of all kinds, especially among children, women, elderly and the differently abled and livelihood enhancement projects;
- Promoting gender equality and empowering women in all walks of life;
- Promoting and ensuring environmental sustainability through plantation drives in parks/schools, villages, our project sites& offices/business premises and other areas in general, protection of flora and fauna including contribution to Clean Ganga Fund set up by the Central Government of India for rejuvenation of river Ganga;
- Promoting social business projects like treatment of road accident victims, trauma care around highways, disaster relief measures, services and facilities for differently able persons etc.;
- Rural development projects;
- Slum area development;
- Contribution to various funds which are aligned with our Vision and Mission e.g. Prime Minister's National Relief Fund
- Contribution to any other fund set up by the Central Government for socio-economic development and relief of the welfare of Scheduled Castes, Scheduled Tribes, other backward classes, minorities and women.
- Such other activities as the Board may consider being appropriate.
The Company can undertake its CSR activities through a registered trust, registered society or Company registered under Section 8 of Companies Act, 2013 established by the Company or its holding or subsidiary or associate company.
The Company has set up a trust, Paramount Foundation for this purpose and accordingly, the principal implementer for the Company’sCSR activities will be Paramount Foundation. The company may specify the project or programs to be undertaken through this trust, the modalities of utilization of funds on such projects or programs and monitoring and reporting mechanism.
Paramount Foundation or such other entity, if appointed as CSR implementer, will work closely with and also support the Board of Directors of the Company and the CSR Committee in identifying areas of CSR activities, projects &programs and implementingthe same.
Ifthe Company undertakes CSR activities through a registered trust or a registered society or a companyregistered under section 8 of the Companies Act, 2013, other than Paramount Foundation, it will be ensured that such organization has anestablishedtrackrecord ofat leastthree years in undertaking similarprograms or projects.
QUANTUM OF EXPENDITURE ON CSR ACTIVITIES
- The Company shall strive to spend in every financial year at least 2% (two percent) of the average Net Profits of the Company made during the three immediately preceding financial years
- Any surplus arising and/or additional revenue generated out of CSR Activities undertaken by the Company shall not form part of the business profit of the Company and the same shall be usedfor undertaking CSR activities only.
- CSR expenditure made by contributingto the Corpus of Paramount Foundation or other similar entity will qualify as CSR expenditure as long as the corpus is created exclusively for a purpose directly relatable to a subject covered in the Company’s CSR activities
- Any projects, programs or activities that benefit only the employees of the company and their families shall not be considered as CSR activities.
- The Company may build CSR capacities ofitsown personnel as well as those of itsimplementing agencies but such expenditure“including expenditure on administrative overheads,” shall not exceed five percent of total CSR expenditure ofthe Company in one financial year.
- Contribution of any amount directly or indirectly to any political party under section 182 of the Act, shall not be considered as CSR activity.