At Somik Enterprises, sustainability is seen as a state of being in balance between Corporate Economic Responsibility (CER) and Corporate Social Responsibility (CSR).

In terms of provisions of Section 135 of the Companies Act, 2013 read with the Companies (CSR POLICY) Rules, 2014, the Corporate Social Responsibility Committee (CSR Committee) has formulated a Corporate Social Responsibility Policy (CSR Policy) which indicates the activities which can be taken by the Company. This policy which recommended by CSR Committee, was approved by the Board in its meeting held on 2nd Sep, 2014.

1. Introduction

The Board of Directors of Somik Enterprises pvt ltd has adopted the following policy and procedures with regard to Corporate Social Responsibility. The Board may review and amend this policy from time to time subject to the recommendations of Corporate Social Responsibility Committee.

2. Policy Objective & Philosophy

It is pertinent that business enterprises are economic organs of society and draw on societal resources; we at the company believe that a company’s performance must be measured by its Triple Bottom Line contribution to building economic, social and environmental capital towards enhancing societal sustainability. In line with this belief, the Company will continue crafting unique models to generate livelihoods and create a better society. Such Corporate Social Responsibility (“CSR”) projects are far more replicable, scalable and sustainable, with a significant multiplier impact on sustainable livelihood creation and working for a cause of humanity.

3. Definitions

“Board of Director”  “Board” means the Board of Directors of the Company, as constituted from time to time.

“Company”  means a company incorporated under the Companies Act, 2013 or under any previous company law.

“CSR Programmes”  means Programmes, projects and activities carried out in this regard are the subject matter of this Policy.

“Corporate Social Responsibility Committee or Committee” means CSR Committee constituted by the Board of Directors of the Company, from time to time.

4. Policy

To direct Somik's CSR Programmes, inter alia, towards achieving one or more of the following –
enhancing environmental and natural capital;
supporting rural development;
promoting education including skill development;
providing preventive healthcare,
providing sanitation and drinking water;
creating livelihoods for people,
especially those from disadvantaged sections of society, in rural and urban India and preserving and promoting sports.;

5. Implementation

To implement the Company’s CSR Programmes through Company personnel or through external implementing agencies. In such cases, the Company will specify the CSR Programmes which may be undertaken by those Trusts/Societies or Section 8 companies in accordance with their objects and administrative and accounting processes laid down in the respective Trust Deeds/ Memorandum and Articles of Association.

6. Governance

Every year, the CSR Committee will place for the Board’s approval, a CSR Plan delineating the CSR Programmes to be carried out during the financial year and the specified budgets thereof. The Board will consider and approve the CSR Plan with any modification that may be deemed necessary.
End of every financial year, the CSR Committee will submit its report to the Board.

7. CSR Expenditure

CSR expenditure will include all expenditure as may be permitted under the applicable laws, including contribution to corpus for CSR Programmes approved by the Board on the recommendation of its CSR Committee, but does not include any expenditure on an item not in conformity or not in line with activities which fall within the purview of Schedule VII of the Act

Unspent CSR Funds

There is no any unspent money till F.Y. 2020-21 since all unspent money outstanding till 31.3.2021 has been TRANSFERRED to PM CARE FUND.