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Corporate Social Responsibility (CSR) in India has been institutionalized through the Companies Act of 2013, which is regarded as a landmark step in formalizing the responsibility of companies towards society and sustainable development. Before this Act, CSR was mostly voluntary, with many firms engaging in philanthropy, charity, or community development on a discretionary basis. However, the Act made India the first country in the world to introduce a statutory mandate for CSR, making it an integral part of corporate governance. The provisions related to CSR are primarily contained in Section 135 of the Companies Act, 2013, along with the CSR Rules notified in 2014 and subsequent amendments, as well as Schedule VII of the Act. Together, these form the backbone of CSR legislation in India, ensuring that companies not only focus on profits but also on people and the planet. Section 135 of the Companies Act, 2013 is the central provision dealing with CSR. It specifies the applicability of CSR obligations, the constitution of the CSR Committee, the responsibilities of the Board, the quantum of expenditure, and the disclosure requirements. According to Section 135(1), CSR provisions apply to every company, including its holding and subsidiary companies and foreign companies having a branch or project office in India, if they satisfy any of the following financial criteria in the immediately preceding financial year: a net worth of rupees 500 crore or more, or a turnover of rupees 1000 crore or more, or a net profit of rupees 5 crore or more. The inclusion of multiple financial parameters ensures that not only large corporations but also profit-making mid-sized companies come under the CSR ambit. Section 135(2) states that every company meeting the specified threshold must constitute a Corporate Social Responsibility Committee of the Board. This CSR Committee is mandated to consist of at least three directors, including at least one independent director. In the case of a private company that is not required to appoint an independent director, the committee can be formed with two or more directors. The CSR Committee plays a critical role as it is entrusted with formulating and recommending to the _____ _______ _____ ________ _____ ______ ______ ________ ________.
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