No loss for Gujarat University: Trivedi

The Times of India: Ahmedabad: Thursday, May 24, 2012.

Gujarat University has gone into combat mode on the education department pulling up on the issue of incurring losses of Rs 2.67 crore after it prematurely withdrew from a fixed deposit of 100 crore during 2006-07 when the university.

GU vice chancellor Parimal Trivedi said that there are no losses and in fact, the move had resulted in a profit of Rs 50 lakh. Trivedi on Wednesday said that the GU ordered a committee of 15 chartered accountants for an independent audit of the accounts. "Once the committee submits its report, we'll submit it to the education department. There is no question of losses. In fact, accounts show that a profit of Rs 50 lakh was made," said Trivedi.

It needs mention that GU chief accountant Minesh Shah was held responsible for withdrawing prematurely from the fixed deposit scheme. The issue came to light after an RTI application by Pradeep Prajapati.

The latest confidential letter sent by the education department a few days ago has asked the vice chancellor to remove Shah from the post of chief accountant so that he does not meddle with the university records related to the case. The letter categorically states that the university's accounts department has caused a loss pertaining to interest and also pointed towards certain financial irregularities in the fixed deposit register.