Corporate Social Responsibility Policy of International Travel House Limited

This Corporate Social Responsibility (hereinafter referred to as ‘CSR’) Policy is framed in termsof the Companies Act, 2013 (hereinafter referred to as Act’) read with the Companies(Corporate Social Responsibility Policy) Rules, 2014 (hereinafter referred to as ‘the CSR Rules’), as amended from time to time.

Philosophy

In line with the growth in the travel and tourism industry comprising diverse and inter-dependent sectors, the Company recognises the importance of societal resources in attaining sustainable development and will discharge its responsibilities by undertaking CSR activities in areas or subjects which are independent of the normal conduct of the Company’s business, and are covered under the activities listed in Schedule VII read with Section 135 of the Act and the CSR Rules.

Corporate Social Responsibility Policy

This CSR Policy intends to provide the liberty to the Company to direct its CSR activities, interalia, towards achieving one or more of the following - poverty alleviation, promoting healthcare including preventive healthcare, providing sanitation and drinking water, ensuring environmental sustainability, empowerment of women, promoting education and skill development, rural development projects, creating livelihoods for people, especially those from disadvantaged sections of society, conservation of natural resources, protection of national heritage, art and culture, contribution to the Swachh Bharat Kosh, Clean Ganga Fund or Prime Minister’s National Relief Fund in order to promote sanitation, rejuvenation of river Ganga and nation building, and providing relief & assistance to victims of disasters and calamities.

Implementation

The Company will undertake CSR activities (i) directly, or (ii) through a registered public trust or a registered society or a company under Section 8 of the Act having track record of at least three years in undertaking CSR activities, or (iii) through such other Trusts, Societies, Foundations and Section 8 companies that may be established by the Company, either singly or along with any other company, from time to time, or (iv) through other eligible implementing agencies.

The Company may also collaborate with other companies for undertaking CSR activities in such a manner that the respective companies are in a position to report separately on the CSR activities being undertaken.

Governance

1. Every financial year, the CSR Committee will place for the approval of the Board of Directors of the Company (hereinafter referred to as ‘the Board’), an annual CSR Action Plan (hereinafter referred to as ‘CSR Plan’) delineating the CSR activities to be carried out during that year including the budgets thereof, their manner of execution, implementation schedules, modalities of utilisation of funds, and monitoring & reporting mechanism for the CSR activities. The Board will consider and approve the CSR Plan with such modification that may be deemed necessary; theCSR Plan may also be modified by the Board during the financial year, on the recommendation of the CSR Committee.

   
   

   The CSR Committee and the Board shall consider the following while recommending / approving the CSR Plan:

   • - Efficient and effective utilisation of the amount of corpus set aside for CSR in the manner that it yields maximum benefits to the society.
   • - Consider the interest of the nation and public at large for the implementation of the CSR Plan.
   • - Preference shall be given to areas around the Company’s branches, offices etc.

2. The CSR Committee shall assign such CSR Plan as approved by the Board of the Company, to the Corporate Management Committee (hereinafter referred to as ‘CMC’) for its execution.

3. The CMC may further assign the task of implementation of the CSR Plan within specified budgets and timeframes to such persons or bodies as it may deem fit, and ensure implementation and monitoring thereof.

4. The persons or bodies as stated in (3) above will provide report back to the CMC on the progress of the CSR activities.

5. The CMC will review report back as stated under (4) above and issue necessary directions from time to time to ensure orderly and efficient execution of the CSR Programmes in accordance with this Policy.

6. The CMC will provide an annual report back to the CSR and Sustainability Committee on the progress of implementation of the approved CSR activities carried out during the year.

   
   

   The aforesaid report back will also include confirmation from the Chief Financial Officer that the funds disbursed for the CSR activities are being utilised for the stated purpose and in the specified manner.

7. The CSR Committee will review the report back stated under (6) above and keep the Board apprised on the status of implementation of the CSR activities.

8. At the end of every financial year, the CSR Committee will consider an Annual Report on CSR activities and recommend the same for the approval of the Board. The said Report will be disclosed as part of the Report of the Board of Directors & Management Discussion and Analysis of the Company (hereinafter referred to as the ‘Board’s Report’).

CSR Expenditure

1. It will be the Company’s endeavour to spend in every financial year, two percent of its average net profits during the three immediately preceding financial years (or such other limit as may be prescribed under the Act), on CSR activities in pursuance of this Policy.

2. CSR expenditure will include all expenditure, direct and indirect, incurred by the Company on CSR activities undertaken in accordance with the approved CSR Plan.

3. Surplus, if any, out of the CSR activities shall not form part of the business profit of the Company and shall be ploughed back into the CSR activities within six months from the end of the relevant financial year. Accordingly, income arising from CSR activities will be netted off from the CSR expenditure and such net amount will be reported as CSR expenditure.

4. If CSR expenditure in a financial year exceeds the statutory limit, such excess may be setoff against CSR expenditure for the next three financial years with the approval of the Board, on the recommendation of the CSR Committee.

This Policy will be posted on the Company’s corporate website www.internationaltravelhouse.in and web link thereto will be disclosed in the Board’s Report of the Company.

In the event of any inconsistency between this Policy and the applicable laws, the applicable laws will prevail.

This Policy will be reviewed by the Board, on the recommendation of the CSR Committee, as and when deemed necessary.