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Notified by our ministry of corporate affairs to use the CSR funds for the COVID-19 outbreak:
Keeping in view the novel coronavirus or COVID-19, pandemic has spread across India. There have been at least 425 reported cases of novel coronavirus in India. It has been declared as Pandemic by the WHO (World Health Organization) and as our Government of India has notified it as a disaster therefore the clarification has been received from the ministry of corporate affairs for spending an amount of CSR funds to be eligible for CSR activity. Companies and firms are asked to divert their CSR funds towards COVID-19 emergency fund for impediment, treatments, cure etc. Also boards of directors/partners are advised to contribute towards research and development activities which are related with the treatment of COVID-19 or novel coronavirus. As prescribed in the companies act the director of a company shall act in good loyalty in order to persuade the objects of the company and for the encouragement of the members its employees, shareholders, the community as well as working for the company’s best interests and for the fortification of the environment.’’
The ministry of corporate affairs also clarifies to the companies and firms that the funds are to spend for various activities related to the Pandemic COVID-19 as specified in the schedule VII which is related to healthcare promotion, management of disaster, prevention, treatments and cure etc., and all other items as mentioned in the schedule to be interpreted accordingly would be covered in CSR.
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