The Ministry of Corporate Affairs (MCA) on August 24, 2020 has issued the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020 to further amend the Companies (Corporate Social Responsibility Policy) Rules, 2014.
The following amendment have been made in the Companies (Corporate Social Responsibility Policy) Rules, 2014:
• A new Rule 2 (1) (e) has been inserted, which specifies the definitions, namely:
“Provided that any company engaged in research and development activity of new vaccine, drugs and medical devices in their normal course of business may undertake research and development activity of new vaccine, drugs and medical devices related to COVID-19 for financial years 2020-21, 2021-22 and 2022-23 subject to the conditions that:
1. such research and development activities shall be carried out in collaboration with any of the institutes or organisations mentioned in item (ix) of Schedule VII to the Act.
2. details of such activity shall be disclosed separately in the Annual Report on CSR included in the Board’s Report.”
[Notification No. G.S.R. 526 (E)]
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