Transparency & Governance
Velumic Foundation is a Section 8 not-for-profit company under the Companies Act, 2013. This page sets out its legal structure, financial safeguards, and the current status of its statutory registrations — plainly, including where something is still in progress.
How the foundation is governed
- Registered as a Section 8 not-for-profit company under the Companies Act, 2013.
- No profit or income can be paid out to members — only reasonable payment for services actually rendered.
- Accounts are audited, and open to inspection by members.
- 80G and 12AB registrations are still in progress, not granted — so a gift made today is not yet tax-deductible.
That is how the money is governed. If it stands up to your reading, the next step is a gift — and the same rules will apply to it.
DonateClause 5
Legal form
As a Section 8 company, Velumic Foundation cannot distribute its profits or other income to its members, in cash or otherwise, except as reasonable payment for services actually rendered. The liability of its members is limited. Its registered office is in Uttar Pradesh, and its objects extend to the whole of India.
Clause 9
Accounts
True accounts of all money received and spent, and of the company's property, credits, and liabilities, are kept and examined at least once a year by a qualified auditor. Members may inspect them, subject to reasonable conditions on timing and manner.
Clause 10
Winding up
If Velumic Foundation is ever wound up, any property remaining after its debts and liabilities are settled cannot be distributed among its members. It must instead be transferred to another company with similar charitable objects, or sold with the proceeds credited to the Rehabilitation and Insolvency Fund under the Companies Act, 2013.
Clause 11
Amalgamation
Velumic Foundation can be amalgamated only with another company registered under Section 8 of the Companies Act, 2013 and having similar objects.
Statutory registrations
| Registration | Status |
|---|---|
| 12AB (Income Tax Act) | In progress |
| 80G (Income Tax Act) | In progress |
| CSR-1 (Companies (CSR Policy) Rules, 2014) | In progress |
| NGO Darpan (NITI Aayog) | In progress |
| FCRA (Foreign Contribution (Regulation) Act, 2010) | In progress |
Velumic Foundation's authorised share capital — ₹1,00,000, divided into 10,000 equity shares of ₹10 each — is a company-law structure, not a donation fund; see About for more.