Major Committees 2016: H Devaraj Committee and V.V. Daga Committee (Download PDF)

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H Devaraj Committee Purpose: Report most deemed university. Main findings of the Committee: Many institutions were accorded deemed university status on certain conditions, against the Union Grants Commission (UGC) Act, 1956 which does not allow conditional notification.

  • The UGC or Union Human Resource Development Ministry failed to check whether the institutions with conditional notification have fulfilled the specified criteria after a certain time or not. 
  • Serious discrepancies were noted in upgradation of 8 B category institutions to A category institutions. 
  • Many of the institutions landed into A category list of high-performing deemed universities drawn by the Tandon Committee.
  • If a college got the deemed university status, its sister institutions were automatically considered to be under its ambit without separate assessment of their infrastructure etc.

V.V. Daga Committee

Purpose: To conduct forensic audit of NSEL

  • Bombay High Court on 2 September 2014 set up  V V Daga Committee to conduct forensic audit of NSEL and liquidate the assets of its defaulting borrowers in the over 5500 crore rupees payments scam.
  • V V Daga is a retired judge of Bombay High Court.
  • V V Daga headed committee will be a three-member committee and will have a solicitor and a chartered accountant.
  • The committee will discover the liability that is outstanding against the defaulting borrowers of NSEL, conduct a forensic audit, and monetize the assets. The Committee has been empowered to distribute the assets to the duped investors but distribution of funds will require the court’s permission.
  • Court ordered the committee would have to seek separate directions from the court to access the assets that have been attached by the Economic Offences Wing of Mumbai police and Income Tax Department in the NSEL fraud.
  • Sale of assets attached by the Enforcement Directorate is excluded.
  • In case of any mutual settlement between NSEL and the borrowers, the committee will give a notice to the Forward Markets Commission (FMC) of such a settlement, and should inform the court about the mutual settlement.
  • Court ordered setting up of the committee while hearing a representative suit filed by Modern India Ltd., one of the major investors against NSEL and its promoters.

- Published/Last Modified on: November 28, 2016

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