Consider the following statements about the Corporate Social Responsibility (CSR) provisions under the Companies Act, 2013:
- Companies with a net worth of ₹500 crores or more must spend at least 2% of their average net profits on CSR activities.
- The CSR activities should be related to the business operations of the company.
- The board of directors must disclose the CSR policy and initiatives in the company's annual report.
Which of the above statements are correct?
1
1 and 2 only
2
2 only
3
1 and 3 only
4
2 and 3 only
5
1, 2, and 3