Explain whether the Corporate Social Responsibility (CSR) Committee is entrusted with any specific functions under the Companies Act, 2013?

Section 135 (3) of the Companies Act, 2013 read with Rules made thereunder provides that the following functions shall be carried out by a Corporate Social Responsibility (CSR) Committee: To formulate and recommend to the Board, a CSR Policy which would indicate the activities to be undertaken in areas or subject, specified in Schedule VII of the Act. To recommend the amount of the expenditure to be incurred on the activities undertaken in pursuance of the CSR policy. To institute a transparent monitoring mechanism for implementation of the CSR projects or programs or activities undertaken by the company. To monitor the CSR policy of the company time to time.