Discuss in brief the following: Functions of CSR Committee.

Section 135 of the Companies Act, 2013 provides that companies specified in the said section shall constitute a Corporate Social Responsibility Committee (CSR Committee) of the Board. In accordance with section 135 of the Companies Act, 2013, the functions of the CSR committee include: formulating and recommending to the Board, a CSR Policy which shall indicate the activities to be undertaken by the company as specified in Schedule VII; recommending the amount of expenditure to be incurred on the CSR activities; monitoring the Corporate Social Responsibility Policy of the company from time to time. Further, the CSR Committee should institute a transparent monitoring mechanism for implementation of the CSR projects or programs or activities undertaken by the company.