Notifications were issued here
today to give effect to Section 135 and Schedule VII of the Companies Act,
2013, which relate to CSR (Corporate Social Responsibility) related spending by
companies. Shri Sachin Pilot, Minister for Corporate Affairs, has said that the
concerned rules have been finalised after extensive consultations with all
stakeholders. He elaborated that the Rules provide for the manner in which CSR
Committee shall formulate and monitor the CSR Policy, manner of undertaking CSR
activities, role of the Board of directors therein and format of disclosure of
such activities in the Board’s report.
After issuance, the Notifications
have been sent for publication in the Official Gazette. They are available on
the website of the Ministry of Corporate Affairs and would be effective from 1st
April, 2014.
The following important
new activities have been included in Schedule VII:
(a) Promoting
preventive health care and sanitation and making available safe drinking
water;
(b) Setting
up homes and hostels for women and orphans; setting up old age homes, day
care centres and such other facilities for senior citizens and measures for
reducing inequalities faced by socially and economically backward groups;
(c) Ensuring
ecological balance, protection of flora and fauna, animal welfare, agro-forestry,
conservation of natural resources and maintaining quality of soil, air and
water;
(d) Livelihood
enhancement projects;
(e) Protection
of national heritage, art and culture including restoration of buildings and
sites of historical importance and works of art; setting up public
libraries; promotion and development of traditional arts and
handicrafts;
(f) Measures
for the benefit of armed forces veterans, war widows and their dependents;
(g) Training
to promote rural sports, nationally recognised sports, paralympic sports and
Olympic sports;
(h) Contributions
or funds provided to technology incubators located within academic institutions
which are approved by the Central Government;
(i) Rural development
projects.
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KKP