Ashoka University distances itself from CBI case against its founders

Ashoka University has termed linking Ashoka with businesses of some of its founders as ‘misleading’

Ashoka University has distanced itself from yesterday’s Central Bureau of Investigation (CBI) investigation against two of its founders Pranav Gupta and Vineet Gupta for allegedly swindling of Rs 1,626 crore involving their pharmaceutical company Parabolic Drugs.

Ashoka University in a statement has stated that linking Ashoka with businesses of some of its founders is ‘misleading’. As per Ashoka: “The CBI investigation of Parabolic Drugs and its Directors has nothing to do with Ashoka University. Any attempt to create a link is frivolous and misleading.”

The University has over 200 founders and donors who have made personal philanthropic contributions to Ashoka. The University has stated that their individual business dealings and operations have no connection to the University.

“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,” reads the statement from Ashoka.

The CBI has registered a case against Pranav Gupta, Vineet Gupta their Chandigarh based company Parabolic Drugs and 10 others. They are accused of cheating the State Bank of India, UCO Bank, Central Bank of India, State Bank of Patiala, ICICI Bank, IDBI Bank, State Bank of Hyderabad, Union Bank of India, Bank of Baroda, Exim Bank, Canara Bank and SIDBI.

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