Amendment to the definition 'CSR Policy'

 Vide Notification No. GSR 526(E), dated 24.08.2020, the Central Government made ' the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020.'

This amendment brings amendment to the definition of 'CSR Policy' defined under Rule 2(1)(e).  The amended Rule 2(1)(e) reads as undder-

“CSR Policy" relates to the activities to be undertaken by the company in areas or subjects specified in Schedule VII to the Act and the expenditure thereon, excluding activities undertaken in pursuance of normal course of business of a company:

“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 organisations 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”.