Loyalty Solutions & Research Private Limited (“LSRPL” or “PAYBACK India”) believes that serving our communities is not only integral to running a business successfully; it is part of our individual responsibilities as corporate citizens. The mission of our program is to bring to life the LSRPL value of good corporate citizenship by supporting diverse communities in ways that enhance the LSRPL reputation with employees, customers, business partners and other stakeholders. The purpose of this Corporate Social Responsibility Policy (hereinafter referred to as “LSRPL CSR Policy” or “the Policy”) is to ensure that the LSRPL CSR obligations of the LSRPL are executed in accordance with the provisions of the Companies Act, 2013, contributions are consistent with the objectives of LSRPL.
This Policy is applicable to LSRPL for compliance of its CSR obligation in accordance with the provisions of the Companies Act 2013.
In this Policy, unless the context otherwise requires:
LSRPL CSR Committee has the following roles and responsibilities:
5.1 LSRPL CSR Committee, CSR Spend and CSR Reporting Requirements:
LSRPL CSR Committee: LSRPL CSR Committee constituted in accordance with the Provisions of the Companies Act, 2013 including any other applicable provisions, rules or guidance for the time being in force shall have the responsibilities of oversight and compliance of the provisions relating to CSR. The constitution of the LSRPL CSR Committee members is described in LSRPL Corporate Social Responsibility (CSR) Policy and may be restructuring when it requires.
Annual CSR Spend: LSRPL CSR Committee shall finalize the amount required to be spent on CSR activities and projects including the manner of expenditure in that financial year. The amount so required, currently 2% of average net profit of last three years to be spent shall be calculated in accordance with the provisions of the Companies Act, 2013 or any rules made there under and for the time being in force.
LSRPL CSR Committee Meetings: LSRPL CSR Committee shall meet as and when required. LSRPL Committee shall, inter alia, review the ongoing CSR spends, projects, compliance with LSRPL CSR Policy, Compliances and reporting requirements under the provisions of the Companies Act, 2013.
Miscellaneous: LSRPL CSR Committee shall act in accordance with the requirements of the Companies Act, 2013, other applicable internal policies including any incidental and ancillary matters as may be deemed necessary and required.
Annual CSR Reporting: LSRPL CSR Committee shall prepare and provide an annual report in the Director’s Report of LSRPL Board in the below format.
5.2 Format for the Disclosure in Annual Report