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Corporate Social Responsibility (CSR) under the Companies Act of 2013 marks a significant shift in the approach of Indian corporate law towards integrating business with social development. While earlier CSR was largely voluntary and limited to philanthropic activities, the 2013 legislation institutionalized CSR and made it mandatory for certain companies to spend on social development initiatives. This step not only brought accountability but also emphasized that businesses are stakeholders in national development and have a role beyond profit-making. Several provisions and sections of the Companies Act, 2013, along with rules and subsequent amendments, outline the framework, applicability, compliance, and reporting of CSR. The most important provision of the Companies Act, 2013 with respect to CSR is Section 135. This section specifically deals with the applicability, responsibilities of companies, constitution of a CSR committee, and formulation of CSR policies. According to Section 135, every company, whether public or private, including a holding company, subsidiary, or foreign company having its branch or project office in India, is required to comply with CSR provisions if it meets any of the following criteria in the immediately preceding financial year: a net worth of Rs. 500 crore or more, or a turnover of Rs. 1000 crore or more, or a net profit of Rs. 5 crore or more. The inclusion of profit as a criterion ensured that not only large firms but also highly profitable smaller firms would fall under the ambit of CSR. Once a company is covered under Section 135, it is required to constitute a Corporate Social Responsibility Committee of the Board. This committee must consist of three or more directors, out of which at least one should be an independent director. In the case of a private company, if there is no requirement to appoint an independent director, then the CSR committee can be constituted with two directors. The role of the CSR committee is crucial, as it is entrusted with formulating and recommending a CSR policy to the board, recommending expenditure to be incurred on CSR activities, and monitoring the implementation of CSR projects. The CSR committee ensures that the company’s activities are aligned with Schedule VII of the Companies Act, which lays down the areas in which CSR expenditure _____ _______ ___ ________ _______.
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