SCHEDULE VII AMENDED

Amendment in Schedule VII

MCA vide notification dated 6th August 2014 has amended schedule VII related to section 135 of the Act i.e. Corporate Social Responsibility.  In Schedule VII, after item (x), the following item and entry shall be inserted, namely: - "(xi) slum area development. Explanation.- For the purposes of this item, the term 'slum area' shall mean any area declared as such by the Central Government orany State Government or any other competent authority under any law for the time being in force." Please take note that Schedule VII prescribes the activities which may be included by companies in their Corporate Social Responsibility Policies and through the aforesaid amendment the scope of activities which can be undertaken by the Companies for CSR is widened by covering slum area development in its ambit.