Parabolic drugs case: Ashoka co-founders step down from university board following CBI investigation

Ashoka University co-founders Vineet Gupta and Pranav Gupta, who were booked last week by the CBI in a Rs 1,600 crore fraud case, on Thursday stepped down from all boards and committees of the varsity.

The two are also directors of a Chandigarh-based pharmaceutical company Parabolic Drugs Ltd and have been booked for allegedly cheating the Central Bank of India and other banks to the tune of Rs 1,626 crore.

The Sonepat-based university clarified that it has nothing to do with the CBI investigation of Parabolic Drugs Ltd and its directors and 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. Their individual business dealings and operations have no connection to the university," the varsity said in an official statement.

"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," it added.

Following the registration of an FIR, the CBI had last Friday conducted searches at 12 locations in Chandigarh, Panchkula, Ludhiana, Faridabad and Delhi at the office and residential premises of the accused.