1. Amendment in Schedule VII
2. Amendment in Companies (Meetings of Board and its Powers) Rules, 2014
Nirmala Sitharaman - Minister of Finance and Minister of Corporate Affairs (MCA) on 20 September, 2019 has made announcement that the Centre has decided to expand the scope of corporate spending under the Corporate Social Responsibility (CSR) norms.
Following to said announcement, MCA vide notification dated 11 October, 2019 amended Schedule VII of the Companies Act, 2013.
Pursuant to the amendment, the scope of CSR is widen to cover incubators engaged in conducting research efforts in science, technology, engineering and medicine aimed at Sustainable Development Goals (SDGs) and to contribution to funded Universities, Indian Institute of Technology (IITs) and alike
MCA vide notification dated 11 October, 2019 has amended the Companies (Meetings of Board and its Powers) Rules, 2014. The expression “business of financing companies” in Rule 11(2) has been substituted by the expression "business of financing industrial enterprises” which is referred to in section 186 (11) of the Companies Act, 2013 (the Act). The amendment is made to align with revised section 186 of the Act.
Notifications can be accessed on following links respectively:
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