Corporate Social Responsibility

CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY

1. Preface

This policy in relation to the Corporate Social Responsibility (“CSR”) of TEAMTECH FORMWORK SOLUTIONS PRIVATE LIMITED is titled as the “CSR Policy” and shall include any alterations, amendments or modifications hereto from time to time.

2. Vision Statement and Applicability

The CSR Policy sets out our commitment to ensure that our activities extend beyond business and includes initiatives and endeavours for the benefit and development of the community and society. The CSR Policy lays down the guidelines for undertaking programmes geared towards social welfare activities or initiatives.

This CSR Policy has been framed in accordance with the applicable provisions of the Companies Act, 2013 (“Act”) and the rules issued thereunder. As per the CSR Rules, the CSR Policy shall be displayed on the Company’s website, if any.

3. Objective and Scope

3.1 Objective

The main objective of the CSR Policy is to lay down guidelines for TEAMTECH FORMWORK SOLUTIONS PRIVATE LIMITED (hereinafter referred to as ‘the Company or Teamtech’) to make CSR as one of the key focus areas to adhere to the Company’s global interest in environment and society that focuses on making a positive contribution to society through effective impact and sustainable development programs.

This Policy covers the proposed CSR activities to be undertaken by the Company and ensuring that they are in line with Schedule VII of the Act as amended from time to time. It covers the CSR activities which are being carried out in India only and includes strategy that defines plans for future CSR activities.

3.2 Scope & Coverage

The CSR activities of the Company shall include, but not limited to any or all of the sectors/activities as may be prescribed by Schedule VII of the Companies Act, 2013 amended from time to time.

Further, the Company will review the sectors/activities from time to time and make additions, deletions, or clarifications to the above sectors/activities.

4. Corporate Social Responsibility (CSR) Committee

As per the latest Amendments to the Section 135(9) of the Companies Act, the constitution of the CSR Committee is not mandatory when the total amount required to be spent under Section 135(5) in a year is less than INR 50,00,000 per year and all the functions of the CSR Committee would still be discharged by the Board of Directors of the Company.

The executive functions for disbursement of CSR expenditure will be performed by Mr. Eldo Varghese, (DIN: 08277225), Managing Director or Mr. Chaitanya Prakash Kotagiri, (DIN: 08277224), Director of the Company. The Company will constitute the CSR Committee as and when required in future.

The Board of Directors of the Company will identify, evaluate and recommend the CSR activities or projects to be pursued together with the amount to be spent on each activity or project to Mr. Eldo Varghese, (DIN: 08277225), Managing Director of the Company or Mr. Chaitanya Prakash Kotagiri, (DIN: 08277224), Director of the Company. The Board of Directors will also periodically monitor the progress and completion of the activities and projects.

5. CSR Initiatives

Pursuant to Schedule VII of the Act and the CSR Rules, the Company shall undertake CSR activities included in its Annual CSR Plan, as recommended by the Board at the beginning of each year. The Board is authorized to approve any modification to the existing Annual CSR Plan or to propose any new program during the financial year under review.

5.1. Annual CSR Plan

The Annual CSR Plan is a yearly plan of CSR activities that would be approved by the Board of Directors of the Company which outlines inter alia the following aspects of CSR initiatives of the Company:

Project Proposals
Targeted Beneficiaries and their key needs
Alignment with Schedule VII
Project Goals and milestones
Activities and Timelines including expected closure dates
CSR Budget with projections
Monitoring mechanism
Progress reporting and frequency of reports
Risks and mitigation strategies
Any other information as may be required by the Board from time to time

6. Annual CSR Outlay

The Company should spend 2% of the average net profits of 3 immediately preceding financial years on CSR Activities in any of the following ways:

Can transfer to any fund specified under Schedule VII of the Act, or
Can spend directly by the Company, or
Can collaborate with any other Company registered as Section 8 Company or registered Society or Trust which is having track record of 3 years on CSR activities and the requisite approvals if any as per CSR Rules.

Teamtech may work with NGOs, Trusts, government bodies, educational institutions, other corporates and industry associations, and other suitable implementing organizations as implementing partners for its CSR programs.

7. Governance

CSR implementation shall be periodically reviewed and monitored by the Board as per the requirements of Section 135 of the Companies Act, 2013.

8. Failure to Spend the CSR Money

If the Company fails to spend the required amount in a particular financial year, it is the duty of the Board to report the same in their Annual Report pertaining to that particular Financial Year.

In case the unspent amount is not related to any ongoing project, then such unspent amount to be transferred to a fund specified in Schedule VII, within a period of six months from the expiry of the financial year.

In case of an ongoing project, the unspent amount shall be transferred within 30 days of the close of the financial year to a separate account named unspent CSR account opened by the company in a scheduled bank.

Surplus, if any, arising out of the CSR projects, programs, or activities shall not form part of the business profit of the Company.

9. Monitoring Mechanism

The Board of Directors of the Company shall monitor the effective implementation of the CSR Policy jointly by Mr. Eldo Varghese (Managing Director), Mr. Chaitanya Prakash Kotagiri (Director), and Mr. Salinraj Kunnumal (Director).

9.1 CSR Reporting and Disclosure

Mr. Eldo Varghese, Managing Director of the Company, or Mr. Chaitanya Prakash Kotagiri, Director of the Company, shall submit the CSR Report at the Board meeting, which shall form part of the Annual Report as an annexure to the Directors’ Report. The Board shall ensure compliance with the reporting requirements as prescribed under the Act and Rules.

10. Non-Applicability of CSR

As per Rule 3(2) of the Companies Act rules, if the Company ceases to be covered under Section 135(1) of the Act for three consecutive financial years, then it shall not be required to:

Constitute a CSR Committee; and
Comply with the provisions contained in sub-sections (2) to (6) of Section 135.

11. Policy Review

This CSR policy will be reviewed annually by the Board of Directors and updated as necessary to ensure its continued relevance and effectiveness or to bring the same in line with the guidelines or amendments issued from time to time by the Indian Government on the subject.

12. Record Keeping

The Company shall maintain proper records of CSR approvals, budgets, expenditure statements, and supporting documentation for all CSR Activities undertaken to ensure transparency and facilitate audit or review by statutory authorities.