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Nusli Wadia's plea to be made MES chief trustee for life rejected

Press Trust of India  |  Pune 

The deputy charity commissioner, region has rejected an application from industrialist seeking permission to appoint himself as the chief and his sons and Jehangir as trustees for life of the (MES).

The runs seven educational institutes in and Pune, including the at Matunga and the at Dadar in the metropolis.

Its landholdings include a 21-acre plot at Wagholi here and the cumulative value of these assets is worth several hundred crore rupees.

A release from the quoted (region) N V as stating that this (having a chief and trustees for life) would not be proper in a "democratic set-up" and a balance had to be struck between the management and the teaching community with regard to representation in the trust.

"Instead, ruled that the trust should have three members from the Wadia family, three others from the teaching and non-teaching staff of and one from the general public who has the experience and eligibility to run the trust," the release said.

In his order issued Friday, ruled that the tenure of the trust would be five years.

While making his observations, Jagtap noted the important contribution of the in the development of MES.

"There is no doubt that the is playing an important role to establish and develop this society (MES). The Wadia brothers spent a huge amount on the erection of the buildings of the colleges. Otherwise, it is not possible without the Wadias' help to develop the trust," Jagtap said in the order.

Stating that the teaching and non-teaching staff also contributed to run the society, he said it was necessary to give them a reasonable representation on the board.

In a statement issued Saturday, the Wadias contended that Jagtap had ruled in favour of the application made by Nusli and Wadia by appointing them as the first trustees and ordering an elaborate scheme for the management of MES.

The statement said MES, established in 1932 as a public trust, was functioning since its inception with generous philanthropic contributions of land and funds from the

"Earlier, during the year, the Wadias had approached the office of DYCC with a scheme for efficient management of the Wadia colleges as there was no authentic or authorised constitution on record and several illegalities and irregularities in the administration were observed due to the absence of the same," the Wadia statement said.

It informed that the had already taken charge of the MES office Friday and added that a new (Chief Operations Officer) and (Chief Financial Officer) were appointed from the faculty.

The release further stated that with this order of the deputy charity commissioner, the state of affairs, functioning and accountability of MES were expected to improve, which would benefit its students.

Commenting on the development, of MZM Legal, who represented MES, said the order was a "big setback" for Wadia who intended to obtain "absolute control" of MES.

Wadia's scheme was earlier opposed by Dilip Joag, grandson of MES founder V K Joag, who had claimed that it was to "usurp and gain control" of the vast properties of MES and oust its prominent members.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, October 13 2018. 19:35 IST