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of <h1>Companies Act Section 135: CSR Committee Required for Large Companies; At Least 2% of Profits on CSR Activities</h1> Section 135 of the Companies Act, 2013 mandates that companies with a net worth of 500 crore or more, turnover of 1,000 crore or more, or net profit of 5 crore or more must form a Corporate Social Responsibility (CSR) Committee. This committee, comprising at least three directors including one independent director, is responsible for formulating and recommending a CSR policy, suggesting expenditure, and monitoring the policy. Companies must spend at least 2% of their average net profits on CSR activities annually. Unspent amounts must be transferred to a specified fund or account. Non-compliance results in penalties for the company and its officers.
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