Discuss CSR reporting under the Companies Act, 2013.

The Companies Act, 2013, governs corporate social responsibility (CSR) reporting for Indian companies. CSR is an essential part of modern corporate governance, ensuring that businesses contribute to societal development while pursuing profit. Section 135 of the Companies Act, 2013, mandates CSR for certain companies and outlines the framework for reporting their CSR activities. The goal of CSR reporting under this Act is to enhance transparency and accountability regarding a company’s social and environmental impacts.

### Applicability of CSR Provisions

The Companies Act, 2013, specifies the applicability of CSR provisions under Section 135. It applies to companies that meet certain criteria, which include:

1. Net worth of Rs. 500 Crores or more,
2. Annual turnover of Rs. 1000 Crores or more, or
3. Net profit of Rs. 5 Crores or more during any financial year.

Companies meeting these criteria are required to establish a CSR committee, formulate a CSR policy, and implement CSR initiatives, along with reporting the details annually. The provisions apply to both Indian public and private companies, as well as foreign subsidiaries of Indian companies.

### CSR Committee

The Act requires the formation of a CSR committee for eligible companies. This committee is responsible for overseeing the company’s CSR strategy and ensuring that it aligns with the organization’s goals and the legislative framework. The committee is expected to include at least three directors, including at least one independent director.

The main responsibilities of the CSR committee include:

- Formulating and recommending a CSR policy to the Board of Directors.
- Approving CSR activities as per the policy.
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