Moneylife Foundation on 16 July 2010 held a workshop-cum-discussion on legal compliance and good governance for Non-Governmental Organisations (NGOs). Speaking on the occasion, the chief executive of The Centre for Advancement of Philanthropy, Mr Noshir Dadrawala, said that the importance of the voluntary sector is that it is able to fill in the gaps which the government and private sector fail to do. He also added that organisations that provide social and welfare help must strive to understand legal nuances even more to operate in a better fashion.
He further stressed that good governance is fundamental for a voluntary organisation. A board must be able to provide a vision, take up responsibility and be capable of self-regulation. He also added that there must be a proper system of working within voluntary organisations and everyone from board members, chief executives and staff members must all work in tandem. "Good governance means watertight directions for the systematic flow of working with various departments," Mr Dadrawala added.
He also touched upon the various ways in which voluntary organisations can register themselves either as a trust, society or a company. Mr Dadrawala also spoke on how voluntary organisations can generate income - either from interest, sale of products, leasing halls or property coupled with membership fees and subscription. He also gave inputs on income-tax related problems and possible solutions for organisations.
Mr Dadrawala elaborated on the implications on voluntary organisations of the Centre's proposed norms under the new Direct Tax Code. "Up to 15% of the surplus or 10% of gross receipts, whichever is higher, will be allowed to be carried forward to be used within three years from the end of the relevant financial year - indefinite accumulation of up to 15% of gross receipts as is prevalent will not be allowed," he said. Also, carrying forward of unspent balance to the next financial year will not be allowed and not-for-profit organisations will no longer be allowed to accumulate funds up to 5 years.
The Centre for Advancement of Philanthropy is a company specialising in areas of charity law, finance, management, taxation, resource mobilisation and human resources development. Mr Dadrawala is also director of 'Resource Alliance' and a member of the Coordinating Committee of the Worldwide Initiatives for Grantmaker Support (WINGS), a global network of more than 140 membership associations and support organisations serving grantmakers. He has written several resource books including The Art of Successful Fund-Raising, Management of Philanthropic Organizations and Merchants of Philanthropy - Profiles in Corporate Citizenship.
The conference was attended by various voluntary organisations.
Mumbai-based agrochemicals company Monsanto India Ltd registered a first quarter net profit of Rs58.7 crore against the loss of Rs8.5 crore for the quarter ending on 31 March 2010. During the quarter its total revenues increased to Rs201.8 crore from Rs28.31 crore in the March quarter.
On Wednesday, Monsanto India shares ended 4.1% higher at Rs1,734 on the Bombay Stock Exchange, while the Sensex closed 0.6% up at 17,977 points.
Chennai-based Orchid Chemicals & Pharmaceuticals Ltd said its first quarter net profit rose to Rs21.6 crore on standalone basis against the loss of Rs29.8 crore recorded in June quarter a year ago. Its total revenues for the June 2010 quarter declined to Rs303.5 crore from Rs305.8 crore, same period a year ago.
On Wednesday, Orchid Chemicals shares gained 0.7% to Rs190 on the Bombay Stock Exchange, while the Sensex closed 0.6% up at 17,977 points.