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JC - Legal Updates - Amendment in The Companies (Corporate Social Responsibility Policy) Rules, 2014

Legal Updates

22 Sep 2022

Amendment in The Companies (Corporate Social Responsibility Policy) Rules, 2014

Brief Overview:

The Ministry of Corporate Affairs (“MCA”) vide notification G.S.R. 715(E) dated 20th September 2022 (“Notification”) amended the Companies (Corporate Social Responsibility) Rules, 2014.

Technical Details:

As per the Notification:

A company having any amount in its unspent Corporate Social Responsibility (“CSR”) Account as per Section 135(6) shall constitute a CSR committee and comply with the provisions of Section 135.

Sub-rule (2) under Rule 3 is omitted. From now, if a company meets the financial thresholds for CSR then the CSR provisions will continue to apply on that Company even after it ceases to meet the threshold requirements for 3 years.

●   Sub rule (1) in Rule 4 has been substituted. From now, the Board shall ensure that the CSR activities are undertaken by the company either itself or through a company established under section 8 of the Companies Act 2013, or a registered public trust or a registered society, exempted under sub-clauses (iv), (v), (vi) or (via) of clause (23C) of section 10 or registered under section 12A and approved under 80 G of the Income Tax Act, 1961 (43 of 1961), established by the company, either singly or along with any other company; or a registered society established by the Central Government or the State Government; or any entity established under an Act of Parliament or a State Legislature.

●   Expenditure on Impact Assessment Reports are now allowed at 2% of total CSR expenditure or Rs 50 Lakhs, whichever is higher.

●   Revised format of Annexure-II for the Annual Report on CSR Activities to be annexed to the Board’s Report.

For further details, please see:

https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MTgwNTU0MTk3&doc Category=Notifications&type=open 

For any queries / clarifications, please feel free to ping us and we will be happy to chat:

●   Mr. Neeraj Dubey (neeraj.dubey@jclex.com)
Ms. Namrta Rai (namrta.rai@jclex.com)