"Clause 135 of the Companies Bill, 2011, interalia provides for the Boards of specified companies to spend at least 2 per cent of the average net profits (of last 3 years) in pursuance of the company's Corporate Social Responsibility (CSR) policy," the minister said.
The provision also state that if a company is unable to spend the said amount on CSR, it would have to give the reasons for the same in its board's report, he added.
The minister said that the Parliamentary Standing Committee on finance which examined the Companies Bill 2009 and the Companies Bill, 2011 has recommended inclusion of these provisions.
"The provisions on CSR in the Companies Bill, 2011, were formulated also keeping in view the suggestions received from various stakeholders," he said.
To a question regarding funds allocated for Scheduled Caste Sub Plan (SCSP) and Tribal Sub Plan (TSP) during last five financial years, the minister said that as the government does not have any scheme relating to the same "no funds are provided for these sub plans".