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Poompuhar Shipping Corporation Limited (PSC) was established on 11.04.1974 under the Companies Act, 1956 with the objective of transporting the entire requirements of coal for the Thermal Power Stations of Tamil Nadu Generation and Distribution Corporation (TANGEDCO). PSC is operating three own vessels viz. M.V Tamil Anna, M.V Tamil Periyar and M.V Tamil Kamaraj acquired between August 1985 and January 1987 and also operating vessels chartered from the private Shipping Companies for transportation of coal from the load Ports at Haldia, Paradip and Vishagapatinam and discharged at VOC Port, Tuticorin and Kamaraj Port, Ennore.
PSC is also transporting entire domestic coal from the load ports of Paradip and Gangavaram to Kamarajar Port, Ennore for M/s. NTPC Tamil Nadu Energy Company Ltd., (NTECL), a joint venture Company of TANGEDCO and NTPC, for their 3 x 500 MW thermal power stations at Vallur, North Chennai as per the Memorandum of Understanding.
In addition to the above, PSC is operating passenger ferry services from the shore at Kanniyakumari to the Vivekananda Rock Memorial and Ayyan Thiruvalluvar Statue with three ferries viz. M.L.Guhan, M.L.Pothigai and M.L.Vivekananda for transporting tourists at Kanniyakumari.
As per the provisions of the Companies Act, 2013, under section 135, PSC falls under category of companies, which have to mandatorily spend at least 2% of their average net profits towards specified Corporate Social Responsibility (CSR) activities. In this connection, the CSR Policy has been framed as detailed below:
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The first steps towards formalizing CSR Policy in Corporate sector is the constitution of a CSR Committee as per specifications in the Companies Act, 2013. The CSR committee comprising the Board of Directors of PSC has been formed. It consists of (1) Thiru S.Arulsamy, Director(Finance)/TANGEDCO, (2) Dr. P.Umanath, I.A.S, Additional Secretary to Government, Finance Department and (3) Thiru V. Arun Roy, I.A.S, Managing Director, PSC. The mandate of the CSR Committee is as follows:
->To formulate and recommend CSR activities to the Board
->To recommend amount of expenditure to be incurred on CSR activities
->To ensure implementation activities taken up under CSR program
->To monitor the CSR Policy of the Company from time to time
->To institute a transparent monitoring mechanism for implementation of the CSR Projects/Programmes/Activities undertaken by the Company.
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CSR funds will be devoted to the following areas:
(1) Provisions of infrastructure in publicly owned educational, health, water supply, sanitation and social welfare related institutions.
(2) Promotion of cultural/sports activities including support to meritorious individual sportsman /artist from poor background to improve their skills.
(3) Slum area development
(4) Support to reputed NGOs working in areas in child protection, care for the elderly and support to other marginalized sections.
(5) Any other activity which is in public interest, as per the opinion of the CSR committee.
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1. The requisitioning body/ implementing agency shall either submit a request in writing for release of CSR fund or PSC may identify an eligible project on its own.
2. The proposal shall be submitted to the committee for its recommendation, subject to availability of funds under CSR activity. Such proposal will be considered for approval by Board for sanction of funds under CSR.
3. Upon approval of Board, the funds will be released to the requisitioning body/ implementing agency and the same shall be kept in separate account. The funds released shall be utilized within two years from the date of release.
4. The projects/activities sanctioned during previous years under CSR or sustainable development shall also be considered for release of fund under CSR for successful completion.
5. The CSR activities shall be completed within two years from the date of release of the fund.
6. The implementing agency shall submit implementation as well as draw down schedule for completion of the CSR project/activity.
7. The CSR fund will be released to the implementing agency either one or multiple installments, subject to approval of the CSR committee and PSC Board.
8. The unspent amount shall be returned to PSC and the same will be transferred to CSR account, which may also be used for any other CSR project/activities subject to approval of the committee.
9. Progress of CSR activities will be reviewed by the CSR committee and Board from time to time.
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