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National Interest
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A DEORE company shall be committed in all its actions to benefit the economic development
of the countries in which it operates. It shall not engage in any activity that
adversely affects such an objective. It shall not undertake any project or activity
to the detriment of the nation's interests, or those that will have any adverse
impact on the social and cultural life patterns of its citizens.
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A DEORE company shall conduct its business affairs in accordance with the economic,
development and foreign policies, objectives and priorities of the nation's government,
and shall strive to make a positive contribution to the achievement of such goals
at the international, national and regional level, as appropriate.
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Financial Reporting and Records
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A DEORE company shall prepare and maintain its accounts fairly and accurately in
accordance with the accounting and financial reporting standards which represent
the generally accepted guidelines, principles, standards, laws and regulations of
the country in which the company conducts its business affairs. Internal accounting
and audit procedures shall fairly and accurately reflect all of the company's business
transactions and disposition of assets. All required information shall be accessible
to company auditors and other authorized parties and government agencies. There
shall be no willful omissions of any company transactions from the books and records,
no advance income recognition, and no hidden bank account and funds. Any willful
material misrepresentation of and/or misinformation on the financial accounts and
reports shall be regarded as a violation of this code, apart from inviting appropriate
civil or criminal action under the relevant laws.
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Competition
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A DEORE company shall fully strive for the establishment and support of a competitive,
open market economy in India and abroad, and shall cooperate in efforts to promote
the progressive and judicious liberalization of trade and investment by a country.
Specifically, a DEORE company shall not engage in activities that generate or support
the formation of monopolies, dominant market positions, cartels and similar unfair
trade practices.
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A DEORE company shall market its products and services on its own merits and shall
not make unfair and misleading statements about competitors products and services.
Any collection of competitive information shall be made only in the normal course
of business and shall be obtained only through legally permitted sources and means.
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Equal-Opportunities Employer
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A DEORE Company shall provide equal opportunities to all its employees and all qualified
applicants for employment, without regard to their race, caste, religion, color,
ancestry, marital status, sex, age, nationality and disability. Employees of a DEORE
company shall be treated with dignity and in accordance with the DEORE policy of
maintaining a work environment free of sexual harassment, whether physical, verbal
or psychological.
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Employee policies and practices shall be administered in a manner that ensures that
in all matters equal opportunity is provided to those eligible and that decisions
are based on merit.
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Gifts and Donations
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A DEORE company and its employees shall neither receive nor offer or make, directly
or indirectly, any illegal payments, remuneration, gifts, donations or comparable
benefits which are intended to or perceived to obtain business or uncompetitive
favors for the conduct of its business.
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Government Agencies
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A DEORE company and its employees shall not offer or give any company funds or property
as donation to any government agencies or their representatives, directly or through
intermediaries, in order to obtain any favorable performance of official duties.
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Political Non-Alignment
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A DEORE company shall be committed to and support a functioning democratic constitution
and system with a transparent and fair electoral system in India. A DEORE company
shall not support, directly or indirectly, any specific political party or candidate
for political office. The company shall not offer or give any company funds or property
as donations, directly or indirectly, to any specific political party, candidate
or campaign.
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Health, Safety and Environment
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A DEORE company shall strive to provide a safe and healthy working environment and
comply, in the conduct of its business affairs, with all regulations regarding the
preservation of the environment of the territory it operates in. A DEORE company
shall be committed to prevent the wasteful use of natural resources and minimize
any hazardous impact of the development, production, use and disposal of any of
its products and services on the ecological environment.
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Quality of Products and Services
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A DEORE company shall be committed to supplying goods and services of the highest
quality standards, backed by efficient after-sales service consistent with the requirements
of the customers to ensure their total satisfaction. The quality standards of the
company's goods and services should meet the required national standards, and the
company should Endeavor to achieve international standards.
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Corporate Citizenship
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A DEORE company shall be committed to be a good corporate citizen, not only in compliance
with all relevant laws and regulations, but also by actively assisting in the improvement
of the quality of life of the people in the communities in which it operates, with
the objective of making them self-reliant.
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Such social responsibility would comprise: initiating and supporting initiatives
in the field of community health and family welfare, water management, vocational
training, education and literacy, and encouraging the application of modern scientific
and managerial techniques and expertise. This will be reviewed periodically in consonance
with national and regional priorities.
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The company shall also not treat these activities as optional ones, but shall strive
to incorporate them as integral part of its business plan. The company shall also
encourage volunteering among its employees and help them to work in the community.
DEORE companies are encouraged to develop social accounting systems and to carry
out social audits of their operations.
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Public Representation of the Company and the Group
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A DEORE company shall honor the information requirements of the public and its stakeholders.
In all its public appearance with respect to disclosing company and business information
to public constituencies such as the media, the financial community, employees and
shareholders, a DEORE company shall be represented only by specifically authorized
directors and employees. It will be the sole responsibility of these authorized
representatives to disclose information on the company or the group.
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Third-party Representation
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Parties which have business dealings with the DEORE company but are not members
of the company, such as consultants, agents, sales representatives, distributors,
contractors, suppliers, etc. shall not be authorized to represent a DEORE company
if their business conduct and ethics are known to be inconsistent with this code.
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Use of the DEORE Brand
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The use of the DEORE name and trademark owned by DEORE Consultancy Services shall
be governed by manuals, codes and agreements issued by DEORE Consultancy Services.
The use of the DEORE brand is defined in and regulated by the DEORE Brand Equity
& Business Promotion Agreement.
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Ethical Conduct
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Every employee of a DEORE company, including whole-time directors and the managing
director, shall deal on behalf of the company with professionalism, honesty and
integrity, as well as high moral and ethical standards. Such conduct shall be fair
and transparent and be perceived to be as such by third parties.
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Group Policies
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A DEORE company shall recommend to its board of directors the adoption of policies
and guidelines periodically formulated by DEORE Consultancy Services.
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Shareholders
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A DEORE company shall be committed to enhance shareholder value and comply with
all regulations and laws that govern shareholders' rights. The board of directors
of a DEORE company shall duly and fairly inform its shareholders about all relevant
aspects of the company's business, and disclose such information in accordance with
the respective regulations and agreements.
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Every employee shall be responsible for the implementation of and compliance with
this code in his or her professional environment. Failure to adhere to the code
could attract the most severe consequences, including termination of employment.
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Regulatory Compliance
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Every employee of a DEORE company shall, in his or her business conduct, comply
with all applicable laws and regulations, both in letter and in spirit, in all the
territories in which he or she operates. If the ethical and professional standards
set out in the applicable laws and regulations are below that of the code, then
the standards of the code shall prevail.
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Concurrent Employment
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An employee of a DEORE company shall not, without the prior approval of the managing
director of the company, accept employment or a position of responsibility (such
as a consultant or a director) with any other company, nor provide 'freelance' services
to anyone. In the case of a whole-time director or the managing director, prior
approval must be obtained for providing such services from the board of directors
of the company.
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Conflict of Interest
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An employee of a DEORE company shall not engage in any business, relationship or
activity which might detrimentally conflict with the interest of his company or
the Group. A conflict of interest, actual or potential, may arise where, directly
or indirectly:
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- An employee of a DEORE company engages in a business, relationship or activity with
anyone who is party to a transaction with his or her company.
- An employee is in a position to derive a personal benefit or a benefit to any of
his or her relatives by making or influencing decisions relating to any transaction;
- An independent judgment of the company's or Group's best interest cannot be exercised.
The main areas of such actual or potential conflicts of interest would include the
following:
- Financial interest of an employee of a DEORE company or his relatives, including
the holding of an investment in the subscribed share capital of any company or a
share in any firm which is an actual or potential competitor, supplier, customer,
distributor, joint venture or other alliance partner of the DEORE company. (The
ownership of up to 1 per cent of the subscribed share capital of a publicly held
company shall not ordinarily constitute a financial interest for this purpose.)
- An employee of a DEORE company conducting business on behalf of his or her company,
or being in a position to influence a decision with regard to his or her company's
business with a supplier or customer of which his or her relative is a principal,
officer or representative, resulting in a benefit to him/her or his/her relative.
- Award of benefits such as increase in salary or other remuneration, posting, promotion
or recruitment of a relative of an employee of a DEORE company, where such an individual
is in a position to influence the decision with regard to such benefits.
- Acceptance of gifts, donations, hospitality and/or entertainment beyond the customary
level from existing or potential suppliers, customers or other third parties which
have business dealings with the company.
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Not withstanding that such or other instances of conflict of interest exist due
to any historical reasons, adequate and full disclosure by the interested employees
should be made to the company's management. It is also incumbent upon every employee
to make a full disclosure of any interest which the employee or the employee's immediate
family, which would include parents, spouse and children, may have in a company
or firm which is a supplier, customer, distributor of or has other business dealings
with his or her company.
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Every employee who is required to make a disclosure as mentioned above shall do
so, in writing, to his or her immediate superior, who shall forward the information
along with comments to the person designated for this purpose by the MD/CEO, who
in turn will place it before the MD/CEO and/or the board of directors/executive
committee appointed by the board and, upon a decision being taken in the matter,
the employee concerned will be required to take necessary action as advised to resolve/avoid
the conflict.
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If an employee fails to make a disclosure as required herein, and the management
of its own accord becomes aware of an instance of conflict of interest that ought
to have been disclosed by the employee, the management shall take a serious view
of the matter and consider suitable disciplinary action against the employee.
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Securities transactions and confidential information An employee of a DEORE company
and his or her immediate family shall not derive any benefit or assist others to
derive any benefit from access to and possession of information about the company
or the Group, which is not in the public domain and thus constitutes insider information.
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An employee of a DEORE company shall not use or proliferate information which is
not available to the investing public and which therefore constitutes insider information
for making or giving advice on investment decisions on the securities of the respective
DEORE company on which such insider information has been obtained. Such insider
information might include the following:
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- Acquisition and divestiture of businesses or business units;
- Financial information such as profits, earnings and dividends;
- Announcement of new product introductions or developments;
- Asset revaluations;
- Investment decisions/plans;
- Restructuring plans;
- Major supply and delivery agreements.
- Raising finances.
- Protecting Company Assets
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The assets of a DEORE company shall not be misused but shall be employed for the
purpose of conducting the business for which they are duly authorized. These include
tangible assets such as equipment and machinery, systems, facilities, materials
and resources as well as intangible assets such as proprietary information, relationships
with customers and suppliers, etc.
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Citizenship
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An employee of a DEORE company shall in his or her private life be free to pursue
an active role in civic or political affairs as long as it does not adversely affect
the business or interests of the company or the Group.
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Integrity of Data Furnished
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Every employee of a DEORE company shall ensure, at all times, the integrity of data
or information furnished by him or her to the company.
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Reporting Concerns
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Every employee of a DEORE company shall promptly report to the management any actual
or possible violation of this code, or an event he or she becomes aware of that
could affect the business or reputation of his/her or any other DEORE company.
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To know more about the employee guidelines please go through the Employee Manual.
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