Last month, DU's Executive Council approved a loan of over INR 1,000 crore from the Higher Education Funding Agency (HEFA) for infrastructure development and the creation of capital assets.
Delhi University announces setting up of two firms to raise funding from Alumni for innovation
Delhi University (DU) Vice-Chancellor Yogesh Singh has announced that it will set up two not-for-profit companies to seek funds from its alumni and promote innovation. As the university enters its centenary year, Singh said there should be policy reforms.
“In the centenary year, we should come towards policy reforms to make DU a better place. How can make we make DU a happening place? We are doing investments and have asked for a loan from HEFA,” he told PTI in an interview last week, as reported by NDTV.
Last month, DU's Executive Council approved a loan of over INR 1,000 crore from the Higher Education Funding Agency (HEFA) for infrastructure development and the creation of capital assets.
The Vice-Chancellor further said that they are forming a Section 8 company for generating funds for the company. “The Section 8 company will ask for funds from alumni and from companies under their CSR activities. It will be an independent company of DU and will have a professional CEO. The funding will be used for developing the university,” he said.
“The second company will work on incubators and promote innovation. The forms for the companies are going to be submitted soon. We will advertise for the posts of CEOs for the two companies after the approval,” he said.
Singh also mooted the idea of organizing a ‘funding mela’ on the lines of a ‘job mela’ to raise funds. Generally, Section 8 companies are those that are set up for charitable objectives, and prohibit payment of any dividend to its members, as per the Companies Act, 2013.
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