Have nothing to do with CBI's investigation of co-founders: Ashoka University

Ashoka University has stated that the Central Board of Investigation's probe of Parabolic Drugs and its Directors has nothing to do with the institution. On December 31, CBI had booked top executives of Chandigarh-based Parabolic Drugs for allegedly defrauding a consortium led by the Central Bank of India (CBI) of Rs 1626.74 crore.

Among those booked were Pranav Gupta and Vineet Gupta, the co-founders of Ashoka University. Pranav Gupta serves as the Managing Director of Parabolic Drugs while Vineet is one of the directors of the firm.  

Others booked by the CBI include directors Deepali Gupta, Rama Gupta, Jagjit Singh Chahal, Sanjeev Kumar, Vandana Singla, Ishrat Gill, and the firm's guarantors TN Goyal and Nirmal Bansal, and one J D Gupta, an official told news agency PTI.

"The University has over 200 founders and donors who have made personal philanthropic contributions to Ashoka. Their individual business dealings and operations have no connection to the University," wrote Ashoka University in an official statement.

The university added that Pranav and Vineet have voluntarily stepped down from all Boards and Committees of the institution.

"In keeping with the high standards for governance at Ashoka, Vineet and Pranav Gupta have already voluntarily stepped down from all Boards and Committees of the University pending the CBI case and are cooperating fully with the investigations," read the statement.

The CBI on December 31 has conducted searches at 12 locations in Chandigarh, Panchkula, Ludhiana, Faridabad and Delhi at the office and residential premises of the accused, according to CBI Spokesperson RC Joshi.

The raids resulted in recovery of incriminating documents, articles, and Rs 1.58 crore in cash, he added.

Officials have stated that the firm was engaged in the manufacturing of drugs. It allegedly defrauded the consortium of banks through criminal conspiracy and forgery, and funneled loans it took for other uses.

With inputs from PTI