IFB Agro board approves contributions up to Rs 40 cr to political parties

Firm mentions in Stock exchange filing that it was writing in continuation of earlier letters to boures wherein it had intimated about excise issues affecting it

Kolkata-based IFB Agro said in a filing with stock exchanges that its board has decided to approve contributions to political parties for an amount aggregating not more than Rs 40 crore for the financial year 2022-2023.

The company mentioned in its filing that it was writing in continuation of earlier letters to the stock exchanges wherein it had intimated about excise related issues being faced by/affecting the company.

The board of directors in its meeting dated March 31, 2022, considered “such issues” and in the best interest of the company and all its stakeholders, decided to approve contributions to political