Students on the campus of Indian Institute of Management, Lucknow.(HT Photo)
Students on the campus of Indian Institute of Management, Lucknow.(HT Photo)

HRD panel begins probing financial irregularities in IIM-Lucknow

IIM Lucknow director Dr Ajit Prasad allegedly took arbitrary decisions that resulted in negative the institute’s financial performance.
Hindustan Times, New Delhi | By Jeevan Prakash Sharma
PUBLISHED ON DEC 13, 2017 10:44 PM IST

The Union ministry of human resource development (MHRD) has constituted a two-member panel to probe the alleged financial irregularities in the Indian Institute of Management, Lucknow.

“Two senior officials from the MHRD, joint secretary Madhu Ranjan Kumar and former chief controller (accounts) DN Pathak, will look into the allegations,” confirmed Sanjay Kumar Sinha, joint secretary, MHRD.

IIM Lucknow, one of the country’s top management institutes, was mired into controversy after Dr Ajit Prasad, who joined on November 15, 2016 as its director, began exercising his administrative and financial authority.

Several board members alleged Prasad took arbitrary decisions that resulted in negative the institute’s financial performance. Prasad has denied all these allegations and said that he adhered to all rules and regulations while taking the decisions.

An internal review shows that the net surplus to the corpus was ~35.79 crore in 2015-16, but came down to ~1.19 crore the next year.

The 132nd meeting of Board of Governors of IIM-L on September 29, 2017 has recorded allegations of violation of norms for faculty promotion, appointment of extra deans, extension of retirement age, purchase of vehicle and reclining chairs etc.

Besides, Jamshed J Irani, the then chairman of the board, had addressed a letter to Prasad underlining the depletion of trust between the board members and the director, which had adversely affected the functioning of the IIM-Lucknow.

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