Query
This query is : Resolved
Arpan Kumar
(Querist)
24 August 2015
ITC limited under its CSR activities signed agreement with an NGO for its milk procurement and agarbatti production work. At the end of the year, Heavey losses are patched by ITC directly into non foreign utilization account, being an foreigner entity can ITC do this? Is this fund transfer justified in view of FCRA and CSR act of india?
Amol S Joglekar
(Expert)
24 August 2015
ITC limited can very well do that subject to however the limit of CSR expenditure.
Heavyness of the losses shall be judged in the light of the turnover of ITC limited.
Heavyness of the losses shall be judged in the light of the turnover of ITC limited.
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