The AP Goyal University near Shimla, which was recently in controversy for involvement in a fake degree scam, will be auctioned after its promoters failed to repay bank loans amounting to crores. Government-owned Canara Bank will be opening bids on July 31 for online auctioning of the university building and the land of the University trust surrounding the campus. The bank has also appointed an authorised officer who has issued a notice and advertisement regarding the auction.
According to the notice, the bank will auction hectares of university land surrounding the campus located along Mehli-Shoghi bypass road. The bank has kept Rs 128 crore as the reserve amount while the deposit amount has been fixed at Rs 12.5 crore. The details have been mentioned in the notice issued by the Chandigarh-based authorised officer of Canara Bank.
Earlier, the bank had given 60 days of time to the members of AP Goyal Charitable Trust to clear the dues, however, the failure to comply with the extension of deadline to repay loan has now resulted in auctioning of the university. The trust members Rajesh Goyal, Garvit Goyal, Pramod Kumar Goyal, Kusum Lata Goyal, Meenu Goyal, Priyanka Goyal and Shobhita Goyal, have not repaid loans of more than Rs 39 crore.
The government lender had then taken possession of the university and its surrounding land, and now the auction is scheduled for July 31 between 11:30 am and 12:30 pm. Canara bank said it had previously cautioned people not to buy the university property as they will not be able to get possession without clearing the bank dues.
However, the drastic development has also cast a shadow for the thousands of students who are studying in the APG University. Several foreign students including African nationals are also receiving their education from this university.
Besides the loan lapse, the university is also under scanner of the authorities for allegedly selling degrees to students. The Manav Bharti University in Solan is also accused of forging degrees. Together, APG and Manav Bharti allegedly printed more than 5 lakh certificates of different degrees.
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