Ministry of Corporate Affairs (“MCA”) vide its notification number G.S.R. 526(E) dated 24 August 2020 has notified Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020 (the “Amended Rules”) in order to keep Companies (Corporate Social Responsibility Policy) Rules, 2014 (the “Rules”) in line with the amendment proposed in Schedule VII and also to allow companies, which are 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.
MCA further amended rule 4 and 6 of the Rules to omit the provisions which said CSR activities does not include the activities undertaken in pursuance of normal course of business of a company.
These amendments are effective from 24 August 2020.
The notification can be accessed from here.
