Companies (Corporate Social Responsibility Policy) Rules 2014 and amended Schedule VII under Companies Act 2013

Next after the notification of 98 sections of the Companies Act, 2013 on September 9, 2013, The Ministry of Corporate Affairs (MCA) has, now vide Notification dated February 27, 2014, appointed April 1, 2014 as the date on which the provisions of Section 135 and Schedule VII of the Companies Act, 2013 will come into force. The Ministry has also notified the Companies (Corporate Social Responsibility Policy) Rules 2014. Further, in exercise of power conferred by Section 467 (1) of the Companies Act, 2013, the Central Government has altered Schedule VII of the Companies Act, 2013 which specifies the activities to be undertaken by the Company for undertaking Corporate Social Responsibility (CSR) activities.
This article intends to inform the reader of the major highlights of the notified Companies (Corporate Social Responsibility Policy) Rules 2014 (the “Rules”) and amended Schedule VII of the Companies Act, 2013.

Following are the major highlights of the notified Companies (Corporate Social Responsibility Policy) Rules 2014 (the “Rules”): 
  • Definition of “Corporate Social Responsibility” has been included in the Rules to include but not limit to: 
      a. Projects or programs relating to activities specified in Schedule VII of the Act;
      b. Projects or programs relating to activities undertaken by the BOD in pursuance of recommendations of the CSR Committee of the Board subject to the condition that such policy will cover subjects enumerated in Schedule VII of the Act.
It is interesting to note that the activities mentioned in both the prescribed sub- clauses are somewhat similar in nature and intent.
For any related enquiry, feel free to contact:

Mr. Ankit Singhi
+9111406222208, +919910888952,
Email:- ankit@indiacp.com

&

Mr. Deepali Mendiratta
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