MU to recover Rs200-Rs300 crore owed by city colleges
mumbai Updated: Jul 28, 2016 00:40 IST
Colleges owe the University of Mumbai (MU) several hundred crore rupees in unpaid affiliation and other fees over the last thirty years, according to the university, which has asked more than 740 affiliated colleges to disclose the details of payments made since 1985.
The cash-strapped university, which is keen on recovering the dues but does not know how much money it is owed, has appointed a chartered accountancy firm to estimate the due amount. MU officials said the unpaid dues could amount to Rs 200-300 crores.
The university asked colleges to furnish “documentary proof” of fees paid. A Pune-based firm, MS Jadhav and Co. has been appointed to carry out the audit and work as an advisor.
According to university officials, the bulk of the pending amount consists of unpaid affiliation and recognition fees - the amount paid by colleges seeking recognition, affiliation or renewal of affiliation. Since 1985, around 450 colleges have become affiliated to the varsity. Of the 740 colleges under university’s ambit, 613 don’t have permanent affiliation, requiring them to apply for renewal every year.
“This lapse has created great financial hardships for the university and has considerably weakened its financial health,” reads a circular issued to the institutes. However, an MU official said the university’s lethargy is to be blamed. “The varsity departments didn’t follow up with the colleges to ensure timely payments,” he said.
First Published: Jul 28, 2016 00:40 IST