(REOPENS DES 45)

Raju rejected reports that the IIM-Ahmedabad director may get an annual pay package of Rs 1 crore. "No such proposal is there," he said. According to Thakur, "even today, the faculty of IIMs, better ones, they earn up to 30, 40, 50 lakhs rupees which is comparable to best universities in the world". He, however, said the problem was that none of the faculty people wants to become a director. He said if IIMs generate own resources to attract the best director, there should be no harm.