Kitex Group denies charges of CSR fund misuse
The Hindu
MLAs accuse company of diverting money to achieve political ends
A group of MLAs who met District Collector Jafar Malik here on Monday alleged that Kitex Group was using its Corporate Social Responsibility (CSR) funds to achieve political ends. Kitex Group, headed by Sabu M. Jacob, is using its CSR funds for political purposes, alleged P.T. Thomas, MLA. Twenty20 Kizhakkambalam governs Kizhakkambalam panchayat and is headed by Mr. Jacob. He said CSR fund utilisation should be above political considerations, according to rules governing fund utilisation. However, Mr. Jacob ridiculed the charge, saying that Kitex Garments was a listed company, which adhered to the listing norms of the Securities and Exchange Board of India (SEBI). The accounts, both company and CSR funds, are statutorily audited, he said and claimed that those who made the allegations were not aware of the rules governing listed companies.More Related News