August 25, 2020
Summary of the notification issued by MCA on 24/08/2020
Government allows companies to report CoVID-related research activities as CSR
As a measure to support and encourage companies engaged in research and development (R&D) activity of new vaccine, drugs and medical devices in their normal course of business to undertake active steps to combat CoVID-19, any R&D in the above said areas in relation to CoVID-19 for financial years 2020-21, 2021-22 and 2022-23, shall be treated as eligible CSR expense provided, they are carried in collaboration with institutions such as Department of Biotechnology (DBT), Department of Science and Technology (DST) or any other organization as specified in Item (ix) of Schedule VII to the Companies Act, 2013.
Further, details of such activity shall be disclosed separately in the Annual Report, as part of the CSR in the Board’s Report.