New Delhi:(Page3 News Network)-Government has said that Clause 135 of the Companies Bill, 2011, inter alia, provides for the Boards of specified companies to spend at least 2% of the average net profits (of last 3 years) in pursuance of the company’s Corporate Social Responsibility(CSR) policy and in case of failure, to specify the reasons for not spending such amount in the Board’s Report.Giving this information in written reply to a question in the Rajya Sabha today Shri Sachin Pilot, Minister of Corporate Affairs said that the provisions on CSR in the Companies Bill, 2011 were formulated also keeping in view the suggestions received from various stakeholders. He informed the House that the Parliamentary Standing Committee on Finance which examined the Companies Bill, 2009 and the Companies Bill, 2011 has also recommended inclusion of these provisions in the Bill. The Ministry of Corporate Affairs has not received any communication from any company expressing reservations/objections about the provision referred above, Shri Pilot said.
