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| Will Govt probe 'injudicious' Rs 71 cr purchase of Kashmir University? | | Skeletons begin to tumble! | | Early Times Report
Jammu, June 9: Amid the current fiasco gaining momentum over the Jammu and Kashmir Bank, million dollar question remains that whether the government would also inquire the injudicious decision related to the purchase of land by the University of Kashmir in the year 2009- causing the financial burden of Rs 71 crore.
As per the reports, as 10 years have passed since the purchase was made by the KU and allegations of corruption were levelled from various quarters, no inquiry has been ordered so far in the matter.
As per the CAG findings, the Kashmir University purchased 300 kanals land for its campus at Zakura Srinagar against the whopping cost of 20 lakh rupees per kanal in the year 2009 whileas the actual rate of the land as per the revenue records was 4 lakh per kanal.
The CAG found out that the University of Kashmir identified the land measuring 300 kanals at Zakura Srinagar- located in the vicinity of the main university campus. The measure was taken for expanding varsity's future growth program. The MOU was later executed between KU and JK Bank which was the attorney holder of the 300 kanals of land. The owners of the land had had reportedly authorised the JK bank to sell their land to the University of Kashmir in a bid to adjust their loan accounts.
Later, the University of Kashmir agreed to buy the 300 kanals of land at the cost of 20 lakh per kanal, involving the cost of 56.86 crore rupees at that time. Reports informed that the KU raised the loan of Rs 52.97 crore from JK Bank. The condition was laid down that the loan payment shall be repaid within the period of one year or at the time the government sanctions the amount- whichever is earlier.
Sources said that though there had been the discussions held at that time that the land purchased by the KU is not geographically contiguous but the deed was executed without taking into consideration any feedback given by various quarters.
It was noticed further that at the time of purchasing the land, the state revenue department was not taken on board under the Land Acquisition Act.
The total expenditure incurred upon the purchase of the land was Rs 71.73 crore as was around Rs 56 crore was the cost of the land and more than Rs 11 crore were paid by the university as an interest to the loan taken from JK bank. "Even the annual audit conducted during that year noticed that the decision to go for the negotiated purchase of encumbered property without proper assessment of immediate and long term requirements was injudicious," sources said, adding that he audit noticed in the year 2013 further that the lapse was compounded by accepting a negotiated price without ascertaining the circle or the market rate and further compounded by taking recourse to the costly loan from the JK Bank.
Reports informed that when the revenue records were ascertained at that time, the cost of the land was found as Rs 4 lakh per kannal while as the Kashmir University had purchased the same at a whooping cost of Rs 20 lakh per kanal, resulting in the purchase of land at the higher cost of 48 crore rupees in total.
Now, when a decade has passed since then, it remains a million dollar question that whether the government will initiate an inquiry same on the pattern of JK so that the skeletons would begin to tumble out from the closets. Sooner the better. |
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