Rieter

A leading global supplier for textile machinery and components used in short-staple fiber spinning

A leading global supplier for textile machinery and components used in short-staple fiber spinning

The global provider of components for all spinning processes

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Corporate Social Responsibility Policy

In accordance with Section 135 of the Companies Act, 2013 and the rules promulgated thereunder (collectively, the “CSR Requirements”), the Board of Directors (the “Board”) of Rieter India Private Limited (the “Company”) has adopted this Corporate Social Responsibility Policy (the “CSR Policy”).

 

OBJECTIVE

The main objective of the Policy is to establish and lay down the basic principles and the general framework of action for Rieter India Private Limited to undertake and fulfil its corporate social responsibility. The Policy will function as a built-in, self-regulating mechanism whereby the business will monitor and ensure its active compliance with the spirit of law, ethical standards and requisite norms.

CSR Projects and Programmes

The Company shall undertake specific corporate social responsibility (“CSR”) projects and programmes, as approved from time to time by the Board in its capacity as the CSR Committee of the Company, within the following CSR categories:

  • Promoting education, including special education and employment enhancing vocational skills and livelihood enhancement projects;
  • Ensuring environmental sustainability;
  • Promoting gender equality and women’s empowerment;
  • Promoting healthcare including preventive healthcare;
  • Contributing to – or funding – technology incubators located within academic institutions which are approved by the central government of India from time to time;
  • Providing disaster relief under applicable items in Schedule VII of the CSR Requirements; and
  • No specific CSR projects or programmes shall be undertaken in pursuance of normal course of business of the Company.
Rieter Abhiyan Charitable Trust.

Rieter India Private Limited shall undertake some of its CSR activities through its registered trust Rieter Abhiyan Charitable Trust within all over Maharashtra.

Budget

In accordance with CSR Requirements, the Company shall seek to spend annually 2 per cent of the average net profits of the Company, made during the three immediately preceding financial years, on specific CSR projects and programmes.

The Company shall take steps to ensure that any surplus arising out of the Company’s CSR projects and programmes or activities shall be set aside for later use in CSR projects and programmes and in no event shall form part of the Company’s business profits.

Administration

The Company’s CSR projects and programmes shall be overseen by a separately designated CSR committee of the Board & committee is composed as follows.

  1. Mr.Thomas Anwander
  2. Mr. Sudhir Jalan
  3. Mr.Per Olofsson
Monitoring and Reporting

Under the direction of the Committee, the Company shall implement a monitoring mechanism over the Company’s CSR projects and programmes. Such monitoring mechanism shall, among other things, make transparent the manner and details of the implementation of all CSR projects and programmes undertaken by the Company.

The Board shall receive periodic reports from the Committee on the status of the Company’s implementation of specific CSR projects and programmes.

On an annual basis, the Board shall report to relevant stakeholders on the Company’s CSR projects and programmes and related matters, as required by CSR Requirements.

Amendments to CSR Policy

The Committee shall review this CSR Policy on a periodic basis and shall update it as necessary or appropriate (subject to approval by the Board, if applicable) to ensure that it reflects CSR Requirements as well as the current interests of the Company and relevant stakeholders.

The Company reserves the right to modify, add, or amend any of these Policy Rules/Guidelines.

General  

In case of any doubt with regard to any provision of the policy and also in respect of matters not covered herein, a reference to be made to CSR Committee. In all such matters, the interpretation & decision of the Committee shall be final.

Any or all provisions of the CSR Policy would be subject to revision/amendment in accordance with the guidelines on the subject as may be issued from Government, from time to time.