A new proviso has been inserted in Rule 2 (1)(e), to provided that any Company engaged in Research & Development (‘R&D’) activity of new vaccine, drugs and medical devices in their normal course of business may undertake R&D 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 R&D activities shall be carried out in collaboration with any of the institutes or organisations mentioned in item (ix) of Schedule VII to the Act; and
(ii) Details of such activity shall be disclosed separately in the Annual Report on CSR included in the Board’s Report.
Further, in Rule 4(1) the words, excluding activities undertaken in pursuance of its normal course of business have been deleted
Effective date: August 24, 2020
Source: Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020 dated August 24, 2020
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