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Rs.122 crore loan of Mahavir College from Central Bank turned NPA


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The Mahavir Institute of Medical Sciences and Research, located in Bhopal, is currently facing the possibility of being auctioned off. The Central Bank of India has sent an auction notice to the Jain Sarvodaya Vidyagyan Peeth Committee, which runs the college, in an attempt to recover a debt of Rs 122 crore.

Allegations and Mismanagement

Dr. Rajesh Jain, a founder member of the college committee, has alleged that the current situation is a result of negligence on the part of the chairman, Jayant Malaiya, and the administrator, Rajesh Jain. According to Dr. Rajesh Jain, despite the trust having sufficient funds, these individuals failed to repay the loan and now want to auction off the property, which is valued at Rs 850 crore, to benefit their own interests.

An investigation into the matter revealed several instances of mismanagement within the institution. The Assistant Registrar Firms and Societies conducted an investigation and found that the institution’s document records were not properly maintained, and there were issues with membership allocation as well. These findings were outlined in a report released in September 2023.

Background of Mahavir Institute of Medical Sciences

The Mahavir Institute of Medical Sciences, also known as MIMS Vikarabad, was established in 2016. It is affiliated with the Kaloji Narayana Rao University of Health Sciences and is recognized by the Government of India and the National Medical Council. The college offers 150 MBBS seats and aims to provide quality education and excellent infrastructure.

Loan and Repayment Issues

To establish the Mahavir Institute of Medical Sciences, the Central Bank of India sanctioned a loan of Rs. 104.12 crore based on a project worth Rs. 136 crore. However, the institution only received Rs. 95 crore, and according to committee members, only a portion of the interest (Rs. 36 crore) was paid. The committee claims that if the fees collected by the institution were used for repayment, only Rs. 95 crore would need to be repaid.

In conclusion, the Mahavir Institute of Medical Sciences and Research is currently facing the possibility of being auctioned off due to a debt of Rs 122 crore. Allegations of mismanagement have been made against the chairman and administrator of the college. The institution’s records and membership allocation were found to be improperly managed in an investigation. The college, established in 2016, is affiliated with the Kaloji Narayana Rao University of Health Sciences and offers 150 MBBS seats.

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