Associating with BBB under CSR activities
As Per Section 135 of the Companies Act 2013, large companies are expected to spend 2% of average net profits towards Corporate Social Responsibility Projects. According to the Companies Act 2013, firms with net worth of ₹500 crore or more, or turnover of ₹1,000 crore or more or net profit of ₹5 crore or more, are required to spend 2% of average net profit of the preceding three years on corporate social responsibility activities.
BSC BioNest BioIncubator (BBB) funded by BIRAC under the BioNEST scheme, managed and operated by Regional Centre for Biotechnology (RCB), an institution of national importance, qualifies for CSR contributions under GSR 130(E) schedule VII(ix) of the Company's Act 2013. Hence for corporates, the contributions made to BBB will be considered as an expenditure under the CSR activities towards technology incubators.
The funds received under BBB CSR would be utilised towards:
(I) Fostering technology based start-ups
(II) Organising programs/events for informing and encouraging the spirit of entrepreneurship in biotechnology sector
(III)Act as a pillar to support new ventures for development and access to latest technologies.
The corpus would be monitored and tracked periodically and updated to the donors on a regular basis. BBB will ensure the corporates would be appreciated and specially thanked in related events, media etc. Corporates whose key objectives under the CSR policy is aligned towards these goals are welcome to reach to us and get more information. Also, if companies are finalising on 2022-23 CSR policy, we would request them to include "Supporting technology incubators towards development of innovation and technology" under its list of objectives. 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. Please write to email@example.com for your contribution.