In the continuing IL&FS noxious bonds saga, the creme de la creme of some of India’s top educational institutions have now come under the bus. Some of the toniest names have their staff provident funds enveloped by the disturbing scandal. A hapless government and new Uday Kotak-led management looks on but does nothing as the case is being heard in NCLAT. While NCLAT wants to speed up the hearing on the intervening petitions filed by the parties impacted, the new management/government cannot let those who have impleaded get priority in the creditor queue.
IANS, which has been at the forefront of reporting this scandal of epic proportions which keeps burgeoning due to the emergence of new details constantly, top of the line academic institutions are now directly in the line of fire. Their staff PF is afflicted by the virus.
The list compiled after painstaking research reveals Welhams Girls’ School Dehradun, American Embassy School New Delhi, Kodaikanal International School, the prestigious Mayo College Ajmer which incidentally has two entries, Ashoka Hall in Kolkata and then the fabled DAV College Trust with six entries, DAV College with three entries, Manipal Academy of Higher Education with 12 entries while Manipal Institute of Technology has an additional 5 entries.
Notable alumni from Manipal include Satya Nadella, Rajeev Suri, Rajeev Chandrasekhar, Vikas Khanna and many others. DAV Chandigarh is the alma mater of Capt. Vikram Batra, Ayushmann Khurana and Rajiv Pratap Rudy. Mayo alumni include Maharaja Hari Singh of Kashmir, Jaswant Singh, K. Natwar Singh, Amitabh Kant while those from Welhams include Brinda Karat, Deepa Mehta, Radhika Roy.
A case of some being more trusting of the veracity of the IL&FS triple-A rated bonds more than others. Teachers who impart education at these institutions are part of a larger community of working class people who are suffering as their savings are now affected. Moreover, another excellent Kolkata institution – Orient Day School in Behala with 107 faculty members has also invested staff PF in these bonds. Ditto for a solitary government-owned Kendriya Vidyalaya which too is stuck with this Chinese pup.
It is the teaching staff at these blue riband institutions whose provident fund money is tied up in the bonds. Let us understand that the teachers at some of the best boarding schools must be better paid than other peers in day schools. Mayo College for instance charges Rs 650,000 p.a. for a resident and Rs 13,00,000 p.a. from NRI. Over and above this, a development fee of Rs 26,600 is charged p.a., a computer class fee of Rs 7,700 p.a. Further caution money of Rs 325,000 is charged from a resident and Rs 650,000 from an NRI. Next admission fee of Rs 82,500, one time IT fee Rs 24,900, impress money of Rs 40,000, the uniform advance of Rs 25,000 et al.
At American Embassy School New Delhi, the fee structure is in dollars. Annual tuition fee Kdg to grade 5 $12,860, grade 6-8 $13,830, grades 9-12 $14,500. The school also charges a registration fee of $5,750 per student payable on first enrolment, an application fee of $200 and a round trip bus fee of $820. The dollar is potentially around Rs 70 currently.