MANAGEMENT TRANSFER OF A CHARITABLE TRUST, Other Topics

[Naresh Khurana]

A PUBLIC CHARITABLE TRUST BEING  RUN FOR MORE THAN 25 YEARS BY A BOARD OF TRUSTEES WORKING ON PRIVATE DONATIONS AND GRANT IN AID FROM GOVT IN THE FIELD OF CHILD EDUCATION, HEALTH, IMMUNIZATON AND FAMILY WELFARE RECEIVED AN OFFER FROM CSR(CORPORATE SOCIAL RESPONSIBILITY) DEPT OF A  CORPORATE TO TRANSFER THE WORKING AND  MANAGEMENT OF THE TRUST.

THE TRUST HAS NOMINAL CORPUS, VERY SMALL AMOUNT OF ASSETS AND LIABILITIES AND  A WORKFORCE OF SALARIED EMPLOYEES.

CAN THE TRUSTEES TRANSFER THE MANAGEMENT BY SIMPLY INDUCTING THE NEW TRUSTEES AND RESIGNING FROM THE BOARD?

COULD THERE BE ANY CONSIDERATION FOR THE TRANSFER ON THE BASIS OF THE GOODWILL OF THE TRUST'S LONG WORKING EXPERIENCE SINCE THERE ARE HARDLY ANY ASSETS AND LIABILITIES?

IF YES, HOW CAN THAT BE VALUED AND WHO WILL BE THE RECIPIENT OF SUCH CONSIDERATION?

WHAT WOULD BE THE TAX IMPLICATIONS, IF ANY?

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

Whether you have got clarified in this issue? If not please inform.

[Naresh Khurana]

NO REPLIES OR CLARIFICATIONS RECEIVED TILL DATE.