Constitution of the CSR Committee
In accordance with the provisions contained in section 135(1) a CSR Committee has been constituted with the following Directors as its members:
- Mr. D. Siddharthan
- Mrs. S. Latha
- Mrs. Srividhya.S
Activity Identified for CSR Spending
The Acetech Machinery Components India Private Limited has always been committed for the betterment of the society and fully understands its responsibility to contribute to society.
The CSR Committee has recommended to the Board the setting up of Bus Shelters in Vadavalli, a sub urban area of Coimbatore. The contribution to the fund is recognized as one of the activities listed in Schedule VII of the Companies Act 2013.
Expenditure on CSR
Pursuant to section 135 of the Companies Act 2013 the Company will spend atleast 2% of the average net profits of the preceding three years. Any amount spent in excess of the specified 2 % will not be carried forward to the next year to be offset against the CSR expenditure of that year. The Board can decide to carry forward the unspent amount in any year to the next year. However the carried forward amount should be over and above the next year's CSR Allocation.
Where in any year, where the prescribed CSR amount is not spent, the Board of Directors shall give the reasons for not spending that amount in its Report given to the shareholders u/s 134 of the Companies Act 2013.
The amount spent on CSR shall not be claimed as business expenditure.
CSR Policy Review and Further Amendment
This CSR Policy of the Company shall be reviewed annually by the CSR Committee and suitable changes may be made and recommended to the Board.