Every company is required to constitute a CSR Committee under the Companies Act, 2013. Do you agree? Explain with the relevant provisions of the law.

As per Section 135 of the Companies Act, 2013, the Companies that trigger any of the conditions stated below must constitute a Corporate Social Responsibility (CSR) Committee of the Board to formulate and monitor the CSR policy of a company. The CSR provision will be applicable companies which fulfill any of the following criteria during any of the three preceding financial years - Companies having Net Worth of ₹500 Crore or more, or Companies having Turnover of ₹1,000 Crore or more or Companies having a Net Profit of ₹5 Crore or more The CSR Rules have widened the ambit for compliance obligations to include the Holding and Subsidiary companies as well as foreign companies whose branches or project offices in India which fulfills the criteria specified above. If a company ceases to be a company covered under Section 135(1) of the Act for three consecutive financial years shall not be required to constitute a CSR Committee.