New Delhi, July 13: The Companies Act does not
empower the government to advise India Inc to provide jobs to
minorities, but the corporates should take the initiative on
their own, Corporate Affairs Minister Salman Khurshid informed
Lok Sabha on Monday.
"The provisions of the Companies Act do not empower the
government to advise the corporate sector for providing jobs
to minorities...the government has started the process of
developing a common perspective on the issue of voluntary
affirmative action by the corporate sector," Khurshid told Lok
Sabha in a written reply.
Earlier, the government had said creating more jobs is
needed for uplifting the weaker sections of society rather
than reservation.
The minister had said empowerment and capacity building
are the answers and not reservation.
To a query on strengthening the enforcement mechanism
against corporate frauds in the country, Khurshid said the new
Companies Bill, 2008, provides for more stringent provisions
in case of fraudulent activities by firm, directors and
auditors etc.
It also seeks to better regulate related party
transactions, impose restrictions on non-cash transactions,
prohibiting insider trading etc, he added.
Bureau Report
