The Companies Act does not empower the government to advise India Inc toprovide jobs to minorities, but the corporates should take the initiative ontheir own, Corporate Affairs Minister Salman Khurshid informed Lok Sabha onMonday.

"The provisions of the Companies Act do not empower the governmentto advise the corporate sector for providing jobs to minorities...thegovernment has started the process of developing a common perspective on theissue of voluntary affirmative action by the corporate sector," Khurshidtold Lok Sabha in a written reply.

Earlier, the government had said creating more jobs is needed foruplifting the weaker sections of society rather than reservation. The ministerhad said empowerment and capacity building are the answers and not reservation.

To a query on strengthening the enforcement mechanism against corporatefrauds in the country, Khurshid said the new Companies Bill, 2008, provides formore stringent provisions in case of fraudulent activities by firm, directorsand auditors etc.

It also seeks to better regulate related party transactions, imposerestrictions on non-cash transactions, prohibiting insider trading etc, headded.