Medical college claims Rs 5 cr in dormant bank A/Cs

Balwant Garg

Tribune News Service

Faridkot, February 18

After getting more than 45 new post-graduate (PG) course seats in different departments this academic session, Guru Gobind Singh Medical College and Hospital (GGSMCH), a constituent medical college of Baba Farid University of Health Sciences (BFUHS), is trying hard to upgrade its faculty and college infrastructure.

Facing shortage of required funds to create additional infrastructure for these additional seats, the medical college and the university are now trying hard to recover more than Rs 5 crore funds lying in dormant bank accounts in the Punjab and Sind Bank.

For not getting a ‘hearing’ from the Punjab and Sind Bank in releasing its Rs 5 crore, accrued as interest on Rs 85.39 lakh in the last over 44-year-old fixed deposits (FD) and saving accounts in the bank, the BFUHS has already knocked the door of the Punjab and Haryana High Court.

These fixed deposits of more than Rs 74 lakh and deposits of Rs 11 lakh in savings accounts were made by Guru Gobind Singh Educational Trust at the Punjab and Sind Bank branches in New Delhi, Chandigarh and Faridkot from 1973-1982.

At that time, Guru Gobind Singh Medical College in Faridkot was being run by the educational trust.

In 1978, the GGSMC was taken over by the state government by passing an Act, Punjab Guru Gobind Singh Medical College, Faridkot (acquisition and miscellaneous) Act, 1978.

As per the Act, all properties, assets, rights, powers and authorities as well as cash balances and reserve funds of the trust were taken over by the state government.

Though some members of the trust contested their rights over the properties and assets, these claims were set aside by the High Court and state government in 1997, 2006.

During this time, the state government transferred the GGSMC with all its assets and liabilities to BFUHS on October 31, 2006.

For the past 11 years, the BFUHS has been demanding from the Punjab and Sind Bank to transfer all amount in the FDs and saving accounts in the name of the medical university, but the bank authorities are giving them no hearing and refusing to release the amount on the ground that these deposits are not traceable, said Dr Raj Bahadur, Vice-Chancellor, BFUHS.

These deposits were made for the purpose of promotion of the medical college and now, when these deposits have accrued to several crores on the basis of year-to-year maturity of FDs and interest on saving accounts, the bank is denying to release the amount, the Vice-Chancellor added.

In a letter, dated December 5, the assistant general manager, Punjab and Sind Bank, conveyed the medical university that the scrutiny by the bank could not locate any amount lying with the bank in the name of Guru Gobind Singh Educational Trust.

However, the university authorities claimed that they have submitted all details of the FDs and saving accounts (four in Faridkot, two each in Chandigarh and Delhi branches of the bank).

“As the bank authorities are not in a mood to give a hearing to our request to release the funds, they are denying having any such deposit. We have been constrained to file a writ petition in the High Court demanding from the court to issue orders to the bank to release Rs 85,39,304 along with interest accrued in the past over 44 years,” the Vice-Chancellor said.