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MCA Notification No. G.S.R. 526(E) dated 24th August, 2020_Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020.

MCA vide this notification has amended the Companies (Corporate Social Responsibility) Rules 2014:

  • In Rule (2) (1) (e), the following provision is added: Any R&D activity is allowed in normal course of business related to new vaccine, drugs and medical devices related to COVID-19 for FY 2020-20 to 2022-23 subject to collaborating with any of the organisations mentioned in item (ix) of Schedule VII and proper disclosures in Board’s Report:

“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 and2022-23 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”.
  • In Rule 4(1), the words “excluding activities undertaken in pursuance of its normal course of business” is omitted.
  • In Rule 6(1), the first proviso that “Provided that the CSR activities does not include the activities undertaken in pursuance of normal course of business of a company” is omitted”

The said Notification can be accessed through the following link: MCA_Notif_GSR.526(E)_26.08.2020_CSR Amendment Rules 2020

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