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Andhra Pradesh
No diversion of funds: NTR Trust
Special Correspondent
HYDERABAD: The NTR Memorial Trust has clarified that there was no diversion of funds from the Trust to the India Heritage Foundation in USA.
Reacting to reports in a section of the media, K. Umesh, Chief Executive Officer of the Trust, said during Managing Trustee N. Chandrababu Naidu’s visit to USA to attend Telugus Association of North America (TANA) celebrations in July 2007, NRIs came forward to donate funds for supporting Trust activities.
While expressing their desire to donate, they also sought to avail tax exemption in USA. Such donors were advised to donate to India Heritage Foundation, USA. Consequently donors wishing to avail tax exemption in USA but have originally issued cheques in favour of the Trust were requested to donate by re-issuing cheques in favour of the Foundation.
The Foundation in turn donated the amount to the Trust. These cheques for re-issue were sent to original donors only and no suo motu action for changing the names in the cheques was taken by the Trust.
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