With reference to Corporate Social Responsibility (CSR), which of the following statements is correct?
1
In India, the concept of CSR is governed by clause 135 of the Companies Act, 2002.
2
India is the first country in the world to mandate CSR spending along with a framework to identify potential CSR activities.
3
The CSR provisions is applicable to companies with an annual turnover of 10,000 crores and more, or a net worth of Rs. 1,000 crore and more, or a net profit of Rs. 5 crore and more.
4
Companies are encouraged to spend 1% of their average net profit in the previous three years on CSR activities.
5
None of the above