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Citing Rs 58-cr dues, Central Bank issues notice to auction institutes at Sinhagad’s Kondhwa campus

On their part, senior authorities of Sinhagad Institute claimed that they have paid some amount of the pending dues and had filed a petition, requesting more time from the bank

By: Express News Service | Pune |
February 21, 2017 5:34:32 am
Sinhagad, Sinhagad colleges, Sinhagad Technical Education Society’s Sinhagad City School, latest news, latest india news Authorities of Sinhagad Institute claim they have paid some amount and had sought more time from the bank. Express

Uncertainty surrounds the fate of the three colleges and hostel complex at the Kondhwa Campus of Sinhagad Technical Education Society (STES), as the Central Bank of India issued a notice to auction the institute’s properties following ‘non-payment of dues’.

The institute, allegedly, owes the bank up to Rs 58 crore. On their part, senior authorities of Sinhagad Institute claimed that they have paid some amount of the pending dues and had filed a petition, requesting more time from the bank. This isn’t the first time that the institution has shot to the news for financial troubles. Earlier too, staffers had complained of not receiving salaries for months and had even resorted to a strike.

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In fact, staffers said the issue of regular payment of salaries has been a constant source of conflict between the management and the staff. Meanwhile, in it’s public notice issued in last week of January, the bank had said that the last date for receiving bids for the auction is 5 pm on February 27 and the bids would be open at 11.30 am on February 28.

The notice had invited bids for Sinhagad Technical Education Society’s Sinhagad City School, Engineering College building, Commerce College building besides boys hostel and other hostel buildings, site infrastructure and so on.

According to the bank’s notice on February 20, interested parties were invited to conduct an inspection of the site between 11.30 am and 4.30pm. The notice added that if, for some reason, the auction is not successful on February 28, it would be conducted again on March 10.

Though the management managed to keep the news under wraps for a long time, it has finally trickled down to a few staffers and students. Rahul Madane, a student of Sinhgad Academy of Engineering (SAE), said students were planning to meet the college management in the next two days. “We just came to know that the auction notice has been issued by the bank and it will take place on February 28. Within the campus, most of the students don’t even know about it. We will meet college authorities and ask them about this as we need to know what is happening and how this will impact us,” he said.

Another student, whom The Indian Express contacted, was shocked to know about the auction and said the college management had not intimated the students. “I know they had earlier not paid the staff for several months and the latter had gone on strike. Our lectures were affected for nearly three to four weeks. But we had no clue that the college land was getting auctioned. It is worrying,” said a student on conditions of anonymity.

Even as uncertainty surrounds the students and staffers on the Kondhwa campus, Founder President of Sinhagad institutes Maruti Navale avoided giving any detailed reply on the course of events.

“I have already filed a case against the bank,” he told this paper and hung up the phone. Several attempts to reach him again were unsuccessful. Founder Secretary Sunanda Navale too, refused to comment, saying that she was out and only her husband would reply to the questions.

While Navale said he had filed a case against the bank, Vijay Kumar Singh, senior regional manager, Central Bank of India (Pune), said he did not have details of the same.

“The notice has been issued in the newspaper and all details are mentioned in that. As far as my information goes, procedure is going on as mentioned in advertisement. If the court issues any order, we will follow it. But I don’t have information beyond this. Further details will be available at branch level,” he said.

However, calls to the local branch did not yield any replies as employees said they are not authorised to comment on the issue.

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