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Sri Sathya Sai Veda Pratishtan
Sri Sathya Sai Veda Pratishtan, the title of the portal www.vedamu.org , is now a charitable
Trust vide 1512-IV-53/2003 dated June 11, 2003, registered at Malkajgiri, Secunderabad,
India. The aims and objectives of the Trust are.
i) To develop the website
www.vedamu.org as the repository of the Vedic literature in Sanskrit
in full, and also in Telugu and in English;
ii) To seek to convert the site initially into a virtual Veda University on the
web and / or a regular Veda University; and
iii) To do all acts that are necessary for, or contingent to, achieving the objectives
stated above.
The constitution of the Trust affords an opportunity to the lovers of Veda around
the world to participate in realization of its objectives. On the request of several
lovers of Veda within and outside India to enable them to participate in this noble
venture, Sri Sathya Sai Veda Pratishtan has the Current Account No 1332 and the
Savings Bank Account No 19088 with the Andhra Bank, Saifabad Branch, Hyderabad,
India, MICR CODE 500 011 040, with facility for electronic transfer of any donations
or contributions. The Trust is seeking approval of the Government of India separately
for remittance of contributions / donations in foreign currency to its Current Account
No 1332 stated above under the FCRA regulations. Donations / Contributions from
within the country can be made to the S.B. Account No. 19088 from or through any
Bank in India.
The Trust Deed is reproduced hereunder.
TRUST DEED
THIS DEED OF TRUST is made this Day, the Eleventh day of June, Two Thousand
and Three, by and among
1. K.R.Paramahamsa
S/o Sri K Viswanatham,
S3 – B4,
Prashanthi Nilayam,
Anantapur District,
Pin: 515134.
Ph: 08555-287305.
2. R. Venkatraman Ghanapati S/o
Sri. D.H.Ranganathan,
H.No.18-261,
Mallikarjuna nagar,
Malkajgiri,
Secunderabad - 500 047.
Ph:27050513.
3. B.Madhava Sarma Siddhanti S/o Sri.
B.M.Suryanarayana
Siddhanti,
H.No. 12-10-416,
Opp. Sreedevi Nursing Home,
Warasiguda,
Secunderabad – 500061.
Ph: 2707 6334.
(Sri K.R.Paramahamsa is the Managing Trustee, and Sri R Venkatraman Ghanapati and
Sri B Madhava Sarma Siddhanti are the Trustees which expressions shall also include,
where the context so admits, their successors appointed under this Deed).
1. AIMS AND OBJECTS:
i) To develop the website www.vedamu.org as the repository of the
Vedic literature in Sanskrit in full, and also in Telugu and in English;
ii) To seek to convert the site initially into a virtual Vedic University on the
web and / or a regular Vedic University; and
iii) To do all acts that are necessary for, or contingent to, achieving the objectives
said above.
2. TRUST FUND AND PROPERTY
The sum of Rs.2,000/- (Rupees Two Thousand only), hereinafter called the Trust Fund
to carry out the aims and objects of the TRUST.
Funds will be raised by accepting donations, freewill offerings, endowments, gifts
or contributions in India and abroad in cash or in kind, properties, movable foundations,
bequests from any person or persons, establishments, organizations, institutions,
Governments at the Centre and the States, etc., for the furtherance of the aims
and objects of the TRUST, and upon such terms and conditions as the TRUST may, in
its absolute discretion, decide. Now this DEED witnesses that, in consideration
of these presents, the TRUSTEES of the TRUST PROPERTY agree to HOLD AND ADMINISTER
the same for the TRUST PURPOSES hereinbefore recited, in accordance with the POWERS
hereinafter contained.
1.THE NAME OF THE TRUST AND ITS ADDRESS:
The name and style of the TRUST be
SRI SATHYA SAI
VEDA PRATISHTAN
Situated at: 18-261,
Mallikarjunanagar,
Malkajgiri
Secunderabad - 500 047, India.
1.POWERS
In pursuance of the foregoing (but not further or otherwise) the TRUSTEES are hereby
EMPOWERED.
i) To purchase, take on lease or in exchange, hire or otherwise acquire any property,
real or personal, immovable or movable and any rights or privileges necessary for
the promotion of the objects of the TRUST, and to construct, alter, improve and
maintain any buildings or erections or other property necessary for the work of
the TRUST;
ii) To sell, let, mortgage, dispose of or turn to account all or any of the properties
or assets of the TRUST;
iii) To borrow or raise or secure payment of money in such manner as the TRUST
may think fit and to secure the same or the repayment or performance of any debt,
liability or contract, guarantee other engagement incurred or to be entered into
by the TRUST in any way;
iv) To permit any agents or any other persons authorized by the TRUST to use and
occupy any building, erections or other property of the TRUST on such terms and
conditions as the TRUST may deem fit;
v) To enter into any arrangement with any Government Authority - Central, State,
Municipal or otherwise in pursuance of the objects of the TRUST and to obtain from
any such Government Authority all rights, concessions and privileges which may seem
conducive to the TRUST’s objects or any of them;
vi) To undertake and execute charitable Trusts and also to open branches anywhere
in India, and to appoint person(s) to maintain and run the same;
vii) To receive and take any gift or money or other property for any of the objects
of the TRUST, or to decline to receive and take any such gift or money or other
property;
viii) To invest the funds of the TRUST in the modes specified under the provisions
of Sec.13 (1) (d) read with section 11 (5) of the Income Tax Act, 1961;
ix) To employ officers and personnel as may be required for the purposes of the
TRUST;
x) To act as agent(s) for any person, body, society or undertaking in any matter
and in any lawful manner for the furtherance of the above objectives of the TRUST;
xi) To do all such other things as may be necessary for the attainment of the above
objectives or any of them; and
xii) To utilize the funds and the income of the TRUST solely towards the achievement
of the objectives and no portion of it shall be utilized for payment to the TRUSTEES
by way of profit, interest, dividends, etc;
6. MANAGEMENT
The Management of the TRUST shall vest with the Board of Trustees, which shall comprise
of not more than seven Trustees. The three founder Trustees shall be the first
Board of Trustees who shall be empowered to co-opt four more Trustees to the Board
from time to time. The Managing Trustee is the Chief Executive of the Trust.
7. THE TRUST PROPERTY
The Trust property is to be used for the furtherance of the activities as aforementioned
and for such other similar activities as majority of the TRUSTEES or their successors
shall, at any time, determine.
8. THE TRUSTEES
The number of TRUSTEES of the TRUST shall not, at any time, be less
than three. When there are less than three, additional TRUSTEES shall
forthwith be appointed, PROVIDED, nevertheless, that the number of TRUSTEES shall
not at any time exceeds seven.
9. Any of the TRUSTEES may retire from the TRUST hereof by notifying his/her fellow
TRUSTEES in writing of his/her intention so to do, and from the date of receipt
of such notification, the retiring TRUSTEE shall be discharged from the TRUST.
The three TRUSTEES who created this Trust Deed shall be the founder TRUSTEES and
need not retire, and their term shall be for lifetime.
10. If any one of the TRUSTEES dies or becomes bankrupt, insolvent or mentally incapacitated,
or in the judgement of the majority of the other TRUSTEES, signified by them in
writing under their respective hands, conducts himself in a manner unbecoming of
the TRUSTEE, shall cease to be a TRUSTEE OF THIS TRUST.
11. No person shall be appointed as TRUSTEE who, under the preceding clause, would
be lawfully unable to continue to be a TRUSTEE.
12. DELEGATION OF POWERS
a) The Board of Trustees may, subject to the provisions of the TRUST, may delegate
any of its powers to Advisory Groups consisting of such members as it thinks fit.
b) Any Advisory group so formed shall, in the exercise of the power so delegated,
conform to any regulations that may be imposed on it by the Board of Trustees.
13. ADVISORY GROUPS
a) Any Advisory Group so appointed by the Board of Trustees shall examine and report
on the matters referred / delegated to it.
b) The members of any Advisory Group shall not exceed three and shall include one
of the Trustees.
c) The Trust can constitute any number of Advisory Groups depending on requirement,
and wind up the Groups after their purposes are served.
14. The Founder TRUSTEES, at their discretion, can remove any Trustee by giving
seven days notice in writing, and without assigning any reason.
15. CHAIRMAN
The Managing Trustee shall be the Chairman of the Board of Trustees, and shall preside
over all the meetings of the TRUSTEES.
16. EXECUTIVE DIRECTOR
One of the Founder Trustees shall be the Executive Director, and shall attend and
record the proceedings of all the meetings of the TRUST. He shall be in-charge
of all statutory requirements, imposed on the TRUST. He shall convene the
meetings of the TRUST. The Executive Director shall be fully in charge of
the Trust, and shall be in-charge of all the day-to-day management of the Trust
such as Statutory-matters, Audit, Accounts and to employ manpower, to administer
and to maintain the Trust, and to do all such other acts as may be necessary or
proper for carrying out the objects of the Trust. The Executive Director shall appoint
or authorize or give power of attorney or delegate any or all the powers and duties
to any other person or persons, or appoint a committee to carry out any or all the
objects of the Trust subject to approval of the Managing Trustee.
The Executive Director will have such powers as may be provided in the regulations
to be framed for the day-to-day management of the TRUST. The Executive Director
shall, at all time during the period of office as such, devote full attention to
the various activities of the TRUST and carry out all necessary steps to ensure
efficient management of the TRUST. The Executive Director is in-charge of
all day-to-day management and finances of the TRUST. The Executive Director
shall, for services rendered, be entitled to draw a monthly salary and other perquisites
as may be decided upon by the TRUSTEES from time to time.
17. TREASURER
The Treasurer shall be nominated by the Board of Trustees from among them, be responsible
for the maintenance of accounts and shall present the audited statement of accounts
to the Board of TRUSTEES. The Managing Trustee shall discharge the functions
of the Treasurer until a regular Treasurer is nominated by the Board of Trustees.
18. BANK ACCOUNTS
The Bank accounts of the TRUST shall be opened in the name of the TRUST. The
Bank accounts will be operated by the Managing Trustee until such time another Trustee
is nominated by the Board for the purpose.
19. ACCOUNTS
There shall be maintained all Accounts of the TRUST regularly. The Accounts
shall be audited by a Chartered Accountant every year. The Accounts shall
be closed every year by the 31st of March.
20. MEETING OF THE TRUSTEES
The MEETING OF THE TRUSTEES shall be called by the Executive Director when the affairs
of the TRUST so demand at least once in every year, such annual meeting being known
as the ANNUAL GENERAL MEETING of the TRUST; or when so ever a meeting is requisitioned
by two of the TRUSTEES for the time being. Seven days notice shall be given to all
TRUSTEES for all meetings and an Agenda of the business to be transacted at all
meetings shall accompany these respective notices calling such meetings. At every
Annual General Meeting of the TRUST, the Executive Director shall place before the
meeting the report of the activities of the TRUST since the previous Annual General
Meeting.
21. A circular resolution issued by the Executive Director in consultation with
the Chairman on any subject and signed by a majority of the TRUSTEES, shall, in
all aspects, be valid and binding as a resolution passed at a meeting of the TRUSTEES
duly convened and constituted, and such resolution shall not be deemed invalid,
for the reason of want of notice or any other cause whatsoever.
22. TWO TRUSTEES personally present at a meeting shall form quorum.
23. DECISIONS OF THE TRUSTEES
Except as otherwise provided, any question arising as to the property or any transaction
of the TRUST shall be conclusively settled, as between all parties concerned, by
the decision of the majority of the TRUSTEES for the time being.
24. THE PROPERTY OF THE TRUST
The TRUST FUND vested in the TRUSTEES and any other funds, property or any funds,
property or any one or more of them by gift or other means shall, from the date
of such funds becoming so vested, be HELD and ADMINISTERED by the TRUSTEES for the
time being in accordance with the terms of this DEED.
25. INDEMNITY
EVERY TRUSTEE shall be indemnified out of the TRUST FUND against all losses and
expenses incurred in the discharge of his duties except such as shall happen through
his own negligence, wilful act or default, and each TRUSTEE shall be chargeable
with only such money or property as he or they shall actually receive for or in
the discharge of the affairs of the TRUST, and each shall be answerable only for
his own acts, negligence or defaults, and not for those of any other person.
26. The TRUST formed is IRREVOCABLE
27. VARIATION OF THE TERMS OF THE TRUST
ALTERATIONS to the clauses of the Deed shall only be made at a meeting of the TRUSTEES
after giving notice of seven days which notice shall be accompanied by details of
the proposed alterations and shall be subject to confirmation at a second meeting
of the Board of TRUSTEES held not earlier than 21 days after the first meeting.
Clauses may be altered by the votes of two-thirds of the number of the TRUSTEES
present, with the prior permission of the Commissioner of Income Tax. All ALTERATIONS
shall be confirmed by a DEED OF VARIATION OF TRUST. No amendments to the Trust
Deed shall be made which may prove to be repugnant to the provisions of the sections
2(15), 11, 12, 13 and 80G of the Income Tax Act, 1961.
28. DISSOLUTION AND DISTRIBUTION OF ASSETS
If, at any time, the continuation of the TRUST shall appear to two-thirds of the
TRUSTEES for the time being not to serve any useful purpose, the TRUST shall forthwith
be wound up. Any assets remaining after the satisfaction of all lawful liabilities
and claims against the TRUST shall, under no circumstances, be paid to or distributed
among the TRUSTEES for the time being or former TRUSTEES or made available for personal
benefit of anyone, but shall be given to some other registered Society, Trust, Association
or Institution or non-profit Company (whose objects are similar to those of this
TRUST and which enjoys registration as per Income Tax Act) to be determined by two-thirds
of the TRUSTEES for the time being, or in default thereof, by the court of law having
jurisdiction in the matter.
IN THE PRESENCE OF
SIGNED & DELIVERED
By
(Signed)
1.(Signed) 1.K.R.Paramahamsa
(Signed)
2.(Signed) 2.
R Venkatraman Ghanapati
(Signed)
3.
B.Madhavasarma Siddhanti
TRUSTEES OF THE TRUST
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