The Ministry of Corporate Affairs vide notification dated 11th October, 2019 has brought amendment in Schedule VII of the Companies Act, 2013. Schedule VII relates to Activities which may be included by companies in their corporate social responsibility policies.
Item (ix) of the Schedule has been substituted which said “ contributions or funds provided to technology incubators located within academic institutions which are approved by the central govt”
The new Item (ix) is as follows:
“(ix) Contribution to incubators funded by Central Government or State Government or any agency or Public Sector Undertaking of Central Government or State Government, and contributions to public funded Universities, Indian Institute of Technology (IITs), National Laboratories and Autonomous Bodies (established under the auspices of Indian Council of Agricultural Research (ICAR), Indian Council of Medical Research (ICMR), Council of Scientific and Industrial Research (CSIR), Department of Atomic Energy (DAE), Defence Research and Development Organisation (DRDO), Department of Science and Technology (DST), Ministry of Electronics and Information Technology) engaged in conducting research in science, technology, engineering and medicine aimed at promoting Sustainable Development Goals (SDGs);”
Click here to read the notification.
