5.0 RISHIS Policies and Guidelines 2025
Annexure 1: Bye-Laws and Guidelines 2025
- RISHIS APPLIED RESEARCH FOUNDATION (RARF) (www.rishisfoundation.org) is a non-profit company – an NGO – under Section 8 of the Companies Act, 2013 focused on the socially beneficial objective of promoting education through Applied Research. The company has a license from the Central Government to operate under Section 8 of the Companies Act, 2013.
- The Title, Objectives and Byelaws have been approved and stipulated in the Memorandum of Association (MOA) and the Articles of Association (AoA) as per the incorporation in the MCA, GOI.
- The Bye-laws and Guidelines of RARF are as per Section 8 of the Companies Act, 2013.
- The Bye-laws and Guidelines are subject to change either through statutory or contextual, and operational necessity. The revised Bye-laws and Guidelines will automatically supersede the previous ones.
- The list of documents pertaining to RARF along with the web-links is given in Table 1: RARF Documents.
- The company generates funds/income through donations to the foundation (RARF) and institutional fees charged for the Applied Research and Descriptive Papers by the Research Institute for Sustainable Habitat and Indic Studies (RISHIS Online) under RARF.
- The following have been discussed in the first meeting of the Board of Directors:
- The profits generated will be reinvested solely for the purpose of charity and furtherance of thecompany’s objective promoting Applied Research for the betterment of society in tune with the Sustainable Development Goals (SDGs) of UNESCO.
- There is no Dividend Distribution and no payment of Dividends will be made to the members.
Profits will be distributed for the company’s charitable purposes only. - As a Statutory Compliance of Section 8, Company’s Act 2013, financial statements and proper books of accounts will be maintained, income tax returns will be filed annually.
- Mandatory Annual Audits of accounts will be made to ensure transparency and financial accuracy.
- Any changes to the MoA are subject to government approval only.
- As per Section 8 of the Company’s Act 2013 there is no minimum paid-up share capital.
- As per Section 8 of the Company’s Act 2013, RISHIS APPLIED RESEARCH FOUNDATION avails of tax benefits under the Income Tax Act having obtained specific registrations, such as 80G and 12A.
- At present, there are two Directors, and as per Section 8 of the Company’s Act, more Directors maybe appointed based on circumstantial necessity.
- Mandatory Annual Meetings of the Board of Directors will be held and key resolutions will be notified through the RISHIS Newsletter to ensure transparency.