MCA Circulars No. GSR 525(E) and 526(E) dated 24.08.2020

The Circulars amend The Company (Corporate Social Responsibility Policy) Rules, 2014 and Item (ix) of Schedule VII of the Companies Act. The Circular states that Companies which are collaborating and working to develop a vaccine and other treatments to fight Coronavirus, can treat the same as actions undertaking Corporate Social Responsibility. Such works and activity however necessarily need to be undertaken in collaboration with government agencies to be treated as CSR under the Amended Schedule.