Sunil Kant Mishra, the financial officer (FO) of Allahabad University (AU), has been placed on leave by the federal university administration awaiting an investigation into certain of his choices. The action follows on the heels of the university administration removing the finance officer’s drawing and disbursing powers. On August 4, AU registrar prof NK Shukla issued an order in this respect with the permission of AU vice-chancellor prof Sangita Srivastava.
“As per the vice-directives, chancellor’s AU’s regular financial officer, Sunil Kant Mishra, has been placed on leave till the completion of an ongoing investigation.” “The authority of drawing and disbursing that he possesses has also been revoked with immediate effect until further instructions,” stated AU PRO prof Jaya Kapoor while confirming the development but declining to provide details of the current investigation.
She stated that prof RK Singh of AU’s department of business has been assigned as FO and granted the authority to draw and disburse funds with immediate effect till further directives are issued.
The university gets huge quantities of money in the form of grants, which are put in the bank as fixed deposits. “If the money is not utilized for a long time, it remains in the account and earns a lot of interest.” However, it is thought that the bank in which AU fixes these payments withheld income tax on the interest obtained on this sum, despite the fact that, as a government institution, income tax cannot be taken from the grant received by the university,” an official stated.
The move comes after the university administration withdrew the finance officer’s draw and disbursement powers. UA Registrar Professor NK Shukla with the approval of UA Vice-Chancellor Professor Sangita Srivastava issued the order in this regard on August 4.
“UA Regular Finance Officer Sunil Kant Mishra has been placed on leave pending the completion of an ongoing inquiry as per the orders of the UA Vice-Chancellor. The drawing and disbursing power with him has also been withdrawn with immediate effect until further orders,” informed AU PRO Professor Jaya Kapoor while confirming the development but refraining from sharing details about the nature of the ongoing investigation.
Prof RK Singh from the AU commerce department has assumed the role of FO and has been given immediate authority to draw and disburse funds.
This long-running deduction is being viewed as a severe failure on the part of the finance department, which reports to the finance officer. When this situation was brought to the vice chancellor’s notice, she ordered an investigation. The Finance Officer was also contacted for clarification. The situation is currently being examined, and the FO has been requested to remain on leave until the inquiry is over, according to the official.
Sunil Kant Mishra is a Professor of Commerce at CMP Degree College and the President of Allahabad University Constituent College Teachers Association (AUCCTA). During the time of the former Vice-Chancellor, he was appointed as Finance Officer.
According to a regulatory filing, AU Small Finance Bank has collected around Rs. 2,000 crores from qualified institutional investors, falling short of its target of Rs. 2,500 crores. DSP, the Singaporean government, Goldman Sachs, and ICICI Prudential Life were among those that took part in the qualified institutional placement (QIP). On Tuesday, the bank’s capital raising committee authorized the distribution of 3,44,82,758 equity shares to qualified institutional buyers (QIBs) at an issue price of $580 per share. On April 29, 2021, the AU Small Finance Bank announced a proposal to raise up to 2,500 crores by issuing equity shares to QIBs.
“The regular finance officer of AU Sunil Kant Mishra has been sent on leave till completion of an ongoing inquiry as per orders of the AU vice-chancellor. The power of drawing and disbursing lying with him has also been withdrawn with immediate effect till further orders,” informed AU PRO prof Jaya Kapoor while confirming the development but refraining from sharing details of the nature of the ongoing inquiry.
