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MCA Circulars No. GSR 525(E) and 526(E) dated 24.08.2020

The Circulars amend The Company (Corporate Social Responsibility Policy) Rules, 2014 and Item (ix) of Schedule VII of the Companies Act. The Circular states that Companies which are collaborating and working to develop a vaccine and other treatments to fight Coronavirus, can treat the same as actions undertaking Corporate Social Responsibility. Such works and activity however necessarily need to be undertaken in collaboration with government agencies to be treated as CSR under the Amended Schedule.

Asia Law Offices advised a major transnational strategic collaboration between its client, UAE-Based Pharmax Pharmaceuticals, and Swiss pharma major Acino Pharmaceuticals.

ALO represented Pharmax in the structuring and closure of entire transaction documents of the significant collaboration.

The collaboration framework extends to licensing, manufacturing, and supply of Acino formulations within the gastroenterology and the cardiovascular space throughout the Middle East and Africa.