(a) whether the current rules of Corporate Social Responsibility (CSR) allow companies to set up professional and training institutions;
(b) if so, the details thereof;
(c) whether under the instant Rules the industry-specific companies cannot set up their domain-specific technology institutions on the presumption that the passed out students may join the company; and
(d) if so, the reasons therefor?
THE MINISTER OF STATE IN THE
MINISTRY OF CORPORATE AFFAIRS (SHRI ANURAG SINGH THAKUR)
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(a) to (d): Schedule VII to the Companies Act, 2013 mentions areas or activities that can be undertaken by the companies as eligible CSR activity. Item (ii) of Schedule VII of the Act includes “Promoting education, including special education and employment enhancing vocational skills especially among children, women, elderly, and the differently abled and livelihood enhancement projects” as an eligible CSR activity.Ministry vide General Circular No. 21/2014 dated 18.06.2014 has clarified that entries in the Schedule VII must be interpreted liberally so as to capture the essence of the subjects enumerated therein. CSR is a Board driven process and Board of the company is empowered to plan, decide, execute and monitor the CSR activities of the company, subject to compliance of all provisions of the Act and Rules made thereunder, especially excluding activities undertaken in pursuance of normal course business.
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