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Amendment in Companies ( Corporate Social Responsibility Policy ) Rules, 2014
In a recent amendment in Companies (Corporate Social Responsibility Policy) Rules, 2014, a new proviso has been added in Rule 2(1)(e), which provides 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 -
- Such research and development activities shall be carried out in collaboration with any of the institutes or organizations mentioned in item (ix) of Schedule VII to the Companies Act, 2013.
- Details of such activity shall be disclosed separately in the Annual Report on Corporate Social Responsibility (CSR) included in the Board’s Report.
Therefore, now the ambit of companies CSR policy extends to research and development of new vaccine, drugs and medical devices related to COVID-19.
Moreover, Rule 6(1) has also been amended by removing the first proviso and allowing the companies to execute CSR activities in such activities, which are in the normal course of business of a company.
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