a) MCA vide notification dated August 24, 2020 has amended the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020.
b) The following proviso shall be inserted in rule 2, in sub-rule (1), in clause (e):
“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-
i) 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 Act.
ii) details of such activity shall be disclosed separately in the Annual Report on CSR included in the Board’s Report”.
Read All other Updates in Legal Updates