Ministry of Corporate Affairs (MCA) notification dated 27.02.2014 notified the enforceability of Section 135 of Companies Act 2013 (i.e. provisions for CSR ) and Companies (Corporate Social Responsibility policy) Rules 2014 and in terms of the DPE guidelines on CSR & sustainability, accordingly the Board of NBCFDC in its 105th Meeting held on 06.05.2016 approved the CSR policy of the Corporation in terms with the directive of MCA.
Companies amendment Rules 2021 notified 22.01.2021 Vide Gazette Notification No CG-DL-E-22012021-224640 dated 22.01.2021, Ministry of Corporate Affairs have issued directions for approval of Annual Action Plan as amended by Central Government under section 135 and sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013) , under the amendment "CSR Policy" means a statement containing the approach and direction given by the Board of the company taking into account the recommendations of its CSR committee and includes guiding principles for selection, implementation and monitoring of activities as well as formulation of the Annual Action Plan.
As per the CSR Policy the Budget for CSR activities as per the relevant section of the Companies Act 2013, as amended from time to time. Section 135 read with Section 198 of the Companies Act 2013 is that a company shall spend at least 2% of the average Net Profits (surplus) for the preceding three financial years for its CSR activities of current year.
The Corporation has implemented various CSR schemes / proposals received from the Channel Partners and reputed institutions i.e. IITs, IIEs, Annamalai University and reputed VO’s etc.