CSR Policy

1. Executive Summary

The Corporate Social Responsibility (CSR) policy of Mosambee sets out the framework guiding the Company’s CSR activities. The policy sets out the guidelines that need to be adhered to while implementing the CSR activity. The policy would ensure compliance to Section 135 of the Companies Act, 2013, Companies (Corporate Social Responsibility Policy) Rules, 2014 (“Rules”) for effective CSR execution at Mosambee based on CSR Committee directions.

2. Exclusions

None

3. Introduction

Mosambee’s vision is “to be a single touch point in providing payment solutions across industries and geographies”. The company has always endeavored to conduct its business responsibly, mindful of its social accountability, respecting applicable laws and ensuring uplifting social causes that help in creating favorable circumstances for upbringing, training, teaching or maintain a sustainable life style for not so fortunate human beings. The company’s long-term CSR objective is “to improve the quality of life of the communities we serve globally through long term value creation for all stakeholders”, which is in alignment with the Mosambee’s Core Purpose. The company shall allocate at least 2% of its average net profits before tax of the immediately preceding three years, towards CSR activities to sustain, improve the quality of life of the communities it serves. The company may also utilize its products and services as suitable for its CSR activities. Any surpluses arising out of CSR projects or programmes or activities shall be re-deployed back into CSR activities and will not form a part of the business profits of the company. The company shall positively impact and influence its employees and partners in fostering a sense of social commitment towards not so fortunate strata of society.

4. Objective and scope

Mosambee will undertake CSR projects which add value to the society in line with the Companies Act and list of activities prescribed in section 135 under schedule VII of the Companies Act,2013 as amended from time to time. Mosambee actively seeks out and evaluates NGO’s or organization that are actively involved and have a track record of commendable work in any of the below areas:

  1. Eradicating hunger, poverty and malnutrition, promoting health care including preventive health care and sanitation and making available fresh drinking water
  2. Promoting education including special education and employment enhancing vocation skills especially among children, women, elderly and the differently abled and livelihood enhancement projects
  3. Promoting gender equality, empowering women, setting up homes and hospitals for women and orphans, setting up old age homes, day care centers such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups
  4. Ensuring environment sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry, conservation of natural resources and maintaining quality of soil, air and water
  5. Ensuring environment sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry, conservation of natural resources and maintaining quality of soil, air and water
  6. Protection of natural heritage, art and culture including restoration of buildings and sites of historical importance and works of art, setting up public libraries, promotion and development of traditional arts and handicrafts
  7. Measures for the benefit of armed sources veterans, war widows and their dependents
  8. Training to promote rural sports, nationally recognized sports, Paralympic sports and Olympic sports VIII. Contribution to Prime Minister National Relief Fund or any other fund set up by Central Government for socio economic development and relief and welfare of the scheduled castes and schedule tribes, other backward classes, minorities and women
  9. Contribution or funds provided to technology incubators located within academic institutions which are approved by the Central Government
  10. Rural development projects.

CSR activities does not include the following:

  1. Activities undertaken in pursuance of Company’s normal course of business
  2. Activities which benefit only the employees and their families of the company
  3. Contribution of any amount directly or indirectly to any political party under Section 182 of the Act
  4. Activities undertaken outside India
  5. Expenses incurred by the Company for fulfilment of any Act, statute of the regulations such as Labour laws, land acquisitions.
  6. Any other activities specified under the Act and the rules made thereunder amended from time to time.
  7. One-off events such as marathons/awards/advertisement/sponsorships of TV programmes etc. would not be qualified as part of CSR expenditure.

5. Delivery mechanism

Whilst a large part of the CSR efforts of Mosambee will be implemented by partnering with credible organizations – individually or as a consortium – to design, fund, implement and review projects. Partner agencies are shortlisted by the CSR committee post verifying the background and certifications as required by companies act.

6. Selection of projects and programs for undertaking CSR activities

The CSR Committee will identify the projects falling within the preview of Schedule VII of the Companies Act 2013, for undertaking CSR activities in line with the objective of the policy.

7. Communication of policy and CSR initiatives

The CSR policy, Composition of CSR Committee and CSR initiatives shall be disclosed on Company’s website. The company shall include the following information on CSR in its annual report.

  1. Description of contents of CSR policy;
  2. An overview of CSR activities/projects or programs and reference to weblink of CSR policy;
  3. The composition of CSR Committee;
  4. Prescribed CSR expenditure;
  5. Details of amount spent;
  6. Amount unspent, if any, and reasons for not spending the amount;
  7. Responsibility statement of the CSR committee that the implementation and monitoring of the CSR policy is in compliance with the CSR objectives and CSR policy;
  8. Any such other matters as may be specified by the governing body from time to time for inclusion in annual report.

8. Governance Mechanism

Mosambee’s CSR activity is governed by CSR Committee. The Committee will govern and review the CSR of the company from time to time. The CSR Committee will recommend the Annual CSR Spend as per government guidelines. The plan will include resource requirements and allocation across interventions and locations. The CSR Committee meeting shall be held annually. The composition of the CSR Committee is as below:

  • Mr. Alok Arora – Director (Chair Person)
  • Mr. Bhushan Thaker – Director
  • Mr. Sameer Chugh – Director

9. Treatment of unspent CSR amount

If the company fails to spend at least two per cent of the average net profits of the company, the Board shall, in its report made under clause (o) of sub-section (3) of section 134, specify the reasons for not spending the amount and transfer the unspent CSR amount as per provisions of sections 135(5) and 135(6) of the Act.

Nature of unspent amountAction requiredTimelines
Unspent amount pertains to ongoing projects.Transfer such unspent amount to a separate bank account of the company to be called as ‘Unspent CSR Account’.Within 30 days from the end of the financial year.
Unspent amount pertains to other than ongoing projects.Transfer unspent amount to any fund included in Schedule VII of the Act.Within 6 months from the end of the financial year.

11. Amendments to the policy

The CSR Committee subject to the approval of the Board in its meeting may revoke, add to, alter, amend or vary any of its terms and conditions of the policy or any or all of the rights and obligations of the parties concerned with the implementation of CSR activities subject to compliance with Section 135 of the Companies Act read with Schedule VII of the Act and the CSR rules.

12. CSR References

https://www.mca.gov.in/Ministry/pdf/FAQ_CSR.pdf
CSRAmendmentRules_22012021.pdf (mca.gov.in)