Home ODISHA LATEST Odisha govt serves notice on ICFAI; threatens cancellation of MoU

Odisha govt serves notice on ICFAI; threatens cancellation of MoU


Reported by Chinmaya Dehury
Bhubaneswar, Sep 19:

The Odisha government today issued a notice to Hyderabad-based Institute of Chartered Financial Analysts of India (ICFAI) asking it to explain why the memorandum of understanding (MoU) signed with it for setting up a university in the state should not be cancelled and steps for scrapping of ICFAI University Odisha Act, 2009 not taken.


The Higher Education department of state government has asked the ICFAI Society to respond within 15 days failing which it has threatened to take appropriate action ‘as deemed proper’.

The government has taken the decision after the institution failed to set up the proposed university in the state. It also did not bother to respond to the repeated communiques of Odisha government over the last several years.

“As the stipulated time limit prescribed in the MoU has been exhausted and you are unable to establish the ICFAI University in Odisha yet, you are therefore called on to explain as to why the MoU dated 20 August 2007 will not be cancelled and steps for seizure of Icfai University Odisha Act, 2009 would not be taken,” said a letter of Higher Education department to Samsood Noorus, member of the ICFAI Society.

ICFAI University Bill, 2010 was passed in the state Assembly and enacted on 25 August 2010. According the MoU, there was a time period of three years for completion of infrastructure work of the proposed project. However, the institution has not shown any interest to set up the proposed university.

It had proposed to invest Rs 150 crore in setting up a university in Odisha. The university was to have a strength of about 1,500 students and offer courses in various disciplines like engineering, management, law, science and humanities.

It had identified 30 acres of land between Bhubaneswar and Khurda for setting up its proposed university.