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Dhanvantari Pharma Ltd runs a 3-year water conservation project in Rajasthan that began in the current financial year. The Board approved it as an ongoing project. Which statement correctly describes how such a project is treated under the CSR Rules?

An ongoing project is a multi-year CSR project with a Board-specified timeline, running for a period not exceeding three years excluding the year of commencement, based on the CSR Committee's recommendation. It is not limited to one year, nor does it depend on being run by own employees.

  1. AIt must be completed and fully funded within the same financial year or the money is forfeited
  2. BAn ongoing project is a multi-year project, not exceeding three years excluding the year of commencement, with a timeline specified by the Board based on the CSR Committee's recommendationCorrect
  3. CIt can run for up to ten years without any Board-specified timeline
  4. DIt qualifies as ongoing only if it is carried out through the company's own employees

Explanation

Under the Rules an ongoing project is a multi-year project undertaken for a period not exceeding three years excluding the year of commencement, with timelines as specified by the Board on the CSR Committee's recommendation. A same-year-only rule and a ten-year period are incorrect.

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