As per Section 135 of the Companies Act 2013, large Corporates are expected to spend 2% of the average net profits towards Corporate Social Responsibility Projects (http://www.mca.gov.in/Ministry/pdf/Companies Act Notification3_2014.pdf). One of the activities that qualifies for CSR spending is contribution to technology business incubators located within academic institutions approved by the Department of Science & Technology, Government of India.
DERBI is 80G & 12A certified and hence is eligible under Section 135, Schedule 7 of the Companies Act 2013.
DERBI accepts CSR contribution from corporate houses for the purposes that are within the scope of the defined objectives of DERBI.
Activities that can be supported under the CSR Initiative
Corporates can contribute under their CSR initiatives in two ways
Contribution to the DERBI corpus: Corporates can contribute to a continuing program. The corpus remains as an asset of DERBI .
Project or program funding: Corporates can focus on specific, limited term projects with defined milestones.
Benefits for CSR Contributors
DERBI shall mention the CSR contributors on its website.
Naming rights will be given provided.
In case of any of the above listed activities, the CSR contribution is not less than 50% of its operation costs
In case of infrastructure, the CSR contribution is not less than 50% of its infrastructure cost.