UU society to keepwatch on spendings

Bhubaneswar: The premier Utkal University will form a special purpose vehicle (SPV) to get funds under Rashtriya Uchchatar Shiksha Abhiyan (RUSA) scheme of the Centre and monitor its spending in a meaningful way.
Utkal is among 10 state universities across the country to receive Rs 100 crore as RUSA fund to promote excellence on the condition that the money is spent by March 2020. To manage the fund and fast-track work of the universities, the ministry of human resources development (MHRD) has asked these institutions to form the campus companies.
“The state government has already granted permission to Utkal University to form the SPV. After getting the go-ahead from the higher education department, the university can form its company or society to carry out its works,” said Partha Sarathi Mishra, additional secretary of the higher education department.
Soumendra Mohan Patnaik, vice-chancellor of the university, said the MHRD has recently told them to form the SPV. “Our SPV will be registered under the society act. We do not have much time to go through the process of registering it as a company. Later we can convert it into a company,” he added.
Besides monitoring expenditure and quality of work, this SPV will also carry out infrastructure development and other RUSA fund related expansion works, including research. The accounts of the SPV will be audited by a central audit agency.
Patnaik said the registration is underway. “After getting the registration papers, the university will submit details about the SPV to the MHRD by May 31. The name of the society is Utkal Entrepreneurship and Career Hub. Besides other works, we will focus on entrepreneurship and career development of students, which is the need of the hour,” he added.
It will have nine members with the vice-chancellor being its chairman. Registrar of the university will be the member secretary of the independent body, while top officials from the higher education and skill development departments will be chosen as members. Director of a national institute and an educationist or social worker will also be nominated as ex-officio members of the society.
Besides, the university will be mentored by US universities like UC Berkley and Northeastern University. A Fortune 500 company will help Utkal execute the skill development programmes.