AIC-BAMU FOUNDATION

(Section-8) Company 

 

 CORPORATE SOCIAL RESPONSIBILITY (CSR) FOR INCUBATORS 

 

                                  Corporate social responsibility (CSR) refers to the way that businesses are managed to bring about an overall positive impact on the    

                        communities, cultures, societies and environments in which they operate. The fundamentals of CSR rest on the fact that not only public

                        policy but even corporates should be responsible enough to address social issues. Thus companies should deal with the challenges and  

                        issues looked after to a certain extent by the states. The section 135 of the companies act defines the type of companies which will be

                        covered by this notification:- CSR provisions are applicable to a company having:- 

                       According to the companies act, any company with the above mentioned turnover or profit will have to spend 2% of their profit on CSR  

                       activities. The government has also included INCUBATORS (approved by the government) as an approved recipient of the CSR funds under

                       this scheme. The incubator will take the funding from a company against some startup business plans approved by the incubator and for the

                       startups which have been incubated. It will monitor these businesses very closely. The company will be given complete visibility regarding

                       the progress of the startup. It can even mentor the startup on a regular basis thereby playing a much larger role in the growth and

                       development of the startup. 

 

                       For any queries regarding CSR/ funding to the startup, please contact ceo.aic@bamu.ac.in / info.aic@bamu.ac.in

 

                      The relevant notification issued by the ministry of corporate affairs is as below:- 

                       MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 27th February, 2014 

                      G.S.R, 130(E).- In exercise of the powers conferred by sub-section (l) of section 467 of the Companies Act, 20l3 (18 of 2013), the Central

                      government hereby makes the following amendments to Schedule Vll of the said act, namely:- (ix) contributions or funds provided to  

                      technology incubators located within academic institutions which are approved by the Central government

                      CSR Policy