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The Companies Act of 2013 marked a significant milestone in institutionalizing corporate social responsibility (CSR) in India, making it a legal obligation for certain categories of companies. CSR under this act emphasizes the responsibility of businesses towards society, ensuring that organizations contribute to social development in addition to pursuing profits. The act, particularly through Section 135, lays down the framework for CSR, defining which companies are covered, the formulation of CSR policies, the constitution of a CSR committee, and reporting obligations, while also providing clarity on eligible CSR activities. Section 135 of the Companies Act, 2013 is the cornerstone of CSR provisions. It applies to every company, including foreign companies operating in India, if they meet at least one of the following criteria during the immediately preceding financial year: a net worth of ₹500 crore or more, an annual turnover of ₹1000 crore or more, or a net profit of ₹5 crore or more. Once a company falls within these thresholds, it becomes mandatory to constitute a CSR committee and formulate a CSR policy. The CSR committee, as per Section 135(1), is a key requirement for companies covered under the Act. For public companies with a net worth, turnover, or net profit above the prescribed threshold, the board of directors must constitute a CSR committee consisting of at least three directors, with at least one independent director. This committee is entrusted with the responsibility of formulating and recommending the CSR policy to the board, monitoring its implementation, and ensuring that CSR projects and programs are in line with the schedule of activities specified under the Act. The committee also has a role in recommending the amount of expenditure to be incurred on CSR activities. Section 135(2) mandates that the CSR ______ _____ ____ ___ _____ ___ ______.
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