Members in the senate meeting of the University of Mumbai (MU) conducted on Tuesday stated that Rajendra Ambawade, Deputy Registrar of MU should be immediately suspended as an inquiry was initiated against him for depositing varsity's funds of Rs 140 crore in Yes Bank five days before the bank collapsed.
Also, as part of the proposed perspective plan for the academic year 2021-22, two degree colleges and one night college will be started in Mumbai.
A committee of five senate members was formed in March to enquire about the investment of the University Liability Fund of Rs 140 crores in Yes bank and other irregularities in the Finance and Accounts section. The committee submitted an interim report with findings and recommendations.
Based on the findings, the committee recommended that the Deputy Registrar should be immediately suspended. The senate also said that a show cause notice should be served to the finance and account officer and an investment committee should be formed at the earliest. It also mentioned that henceforth all fixed deposits will be put only in nationalised banks.
The committee laid out findings such as, "The Deputy Registrar is worthy of deciding to hide the information from competent authorities in collusion with the Finance and Accounts officer of the university. Not only he assumed powers of
Finance and Accounts officer but also acted as alternative to all competent authorities in making decisions about investments of university funds. As an acting or proxy head of the accounts section in absence of willingness of Finance and Account officer to act as ahead of section on the matter of investments post facto."
The findings further stated, "The Finance committee of the university also failed to perform their duties as per the Act and account code. Absolute apathy shown by the finance committee on the very important function of monitoring and controlling financial affairs and taking corrective measures to rectify any lapses."
Among major discussions in the senate meeting, as part of the proposed perspective plan for the academic year 2021-22, a total of 18 new degree colleges comprising 14 colleges of Arts, Commerce and Science, three night colleges and one Law College have been proposed to start in Maharashtra.