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Mayo, Welhams, American Embassy schools caught in IL&FS Bond embrace
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Top Stories |
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SME Times News Bureau | 15 Apr, 2019
In the continuing IL&FS noxious bonds saga, the creme de la creme of
some of Indias 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 a NRI. Next admission fee of
Rs 82,500, one time IT fee Rs 24,900, impress money of Rs 40,000,
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.
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