Corporate social responsibility (CSR) is strongly connected with the principles of sustainability; an organization should make decisions based not only on financial factors, but also on the social and environmental consequences. Policy on CSR is mandatory as per clause (o) of sub-section (3) of section 135 of the Act and Rule 9 of the Companies (Corporate Social Responsibility) Rules, 2014].
CSR is defined within a framework of corporate philosophy which factors the needs of the community and the regions in which corporate entity functions. Therefore, it is the core corporate social responsibility of M M Castings Private Limited (MMC) to practice its corporate values through its commitment to grow in a socially and environmentally responsible way, while meeting the interest of its stakeholders.
M M Castings Private Limited strives to foster a company culture based on core values that defines the role that we can and should play in society. Our values:
M M Castings Private Limited pursues the highest standards of social responsibility, from how we address pressing societal concerns, to support and empower our employees, to how we work with our clients, to how we govern the corporation. We aim to regularly exceed those standards.
Throughout its history, MMC has taken a thoughtful, comprehensive approach to corporate responsibility that we believe aligns with our values and maximises the impact we make as a global enterprise. In all these efforts, there are several guiding principles which we follow.
Since its inception, MMC has been a company that defines itself by fundamental values — not by products, technologies or leaders. Today, shared values are more essential than ever before — for enterprises, for individuals, and for the globally integrating society of the 21st century. These values are:
The Board of company, in order to have a structured approach towards CSR, has decided to formulate CSR Policy. Accordingly, a CSR Policy (“the Policy”) has been formulated with a view to provide a mechanism for meeting the social responsibility of the company in an effective manner to provide optimum benefits to various deserving sections of the society.
MMC’s comprehensive approach to corporate citizenship aligns with our values and maximizes the impact we can have as a global enterprise. We focus our community engagement and corporate service programs on specific societal issues, including community enablement, economic development, and education. These are areas of urgent societal needs where we can apply MMC’s talent to solve problems. In all our community service efforts, we aim to provide leadership and effect positive change. We also work closely with highly qualified partners who are deeply committed to the same outcomes.
The company has its corporate office at Y 286, M.B. Road, Lal Kuan, Badarpur, New Delhi 110044 (Delhi).
MMC recognizes the following as the purpose of this Policy:
The Company shall comply with the provisions of the Companies Act, 2013 including any amendment or re‐enactment thereof and rules framed thereunder pertaining to Corporate Social Responsibility including projects or programs relating to activities specified in Schedule VII of the said Act as may be specified in this Policy and approved by the Board of Directors.
Following CSR activities can be undertaken by the Company:
Generally, such proposals for contribution shall be considered for which funds/contributions are not easily attracted.
The Board of Directors may decide to undertake the CSR activities through a registered trust or a registered society or a separate company established by the company or otherwise provided that if such trust, society or company is not established by the company, it shall have an established track record of three years in undertaking such programs or projects and the company has specified the project or programs to be undertaken through these entities, the modalities of utilization of funds on such projects and programs and the monitoring and reporting mechanism.
The Company may also collaborate with other companies for undertaking projects or programs or CSR activities in such a manner that the CSR committees of respective companies are able to report separately on such projects or programs.
The CSR projects or programs or activities shall be undertaken by the company only in India.
Surplus, if any, arising out of the CSR projects or programs or activities shall not form part of the business profits of the company and shall be spent on CSR activities.
Company may build CSR capacities of its own personnel as well as those of its implementing agencies through institutions with established track records of at least three financial years but such expenditure, including expenditure on administrative overheads shall not exceed five percent of total CSR expenditure of the company in one financial year.
CSR committee shall monitor and evaluate the progress of the projects on annual basis or in such other manner as may be decided by the CSR committee.
The Board’s report of the Company pertaining to a financial year commencing on or after April 1, 2015, shall include a report on CSR containing particulars as specified in the Act or CSR rules framed thereunder.
Any amendment to this Policy shall be subject to the prior approval of the Board upon recommendation of the CSR committee.