The Ministry of Corporate Affairs, vide Gazette Notification dated 24^th August, 2020, has issued the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020 to amend the Companies (Corporate Social Responsibiltiy Policy) Rules, 2014.

Accordingly, changes to the Schedule VII to the Companies Act has been made vide notification dated August 24, 2020. The change has come  into effect from 24^th August, 2020..

Post this notification, 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”

Accordingly, necessary changes have also been made in related clauses of the policy.