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Cyclone Fani Aftermath: All Donations To OSDMA Deemed As CSR, Announces Ministry Of Corporate Affairs


07 May 2019

OMMCOM NEWS


Bhubaneswar: In the wake of massive devastation triggered by the monstrous cyclone Fani, the Union Ministry of Corporate Affairs on Tuesday announced that all contributions to Odisha State Disaster Management Authority (OSDMA) by the coporates as CSR activity.

Rule 4b of companies (CSR policy) Rules, 2014 provides that the Board of company may undertake CSR activities through a registered society established by the central government or state government or any entity established under an Act of Parliament of a state legislature.

Since, OSDMA is a Government of Odisha promoted society registered under Socities Registration Act, 1860, it is an eligible entity to receive CSR funds for undertaking any activity covered under schedule VII of the companies act, 2013, which includes relief, rehabilitation and reconstruction activities as part of disaster management in terms of liberal interpretation.

Accordingly, as per the extant rules, OSDMA is eligible to recieve CSR contribution and undertake CSR activities as an implementing agency, the Union Ministry stated.