The Supreme Court on April 12 declared the land acquisition process for the proposed Vedanta University in Puri, Odisha illegal and imposed a fine of Rs 5 lakh on the Anil Agarwal Foundation for pursuing litigation for over a decade.
The court found that the Odisha government had proposed giving undue benefits to Vedanta, including complete autonomy over administration, admission, fee structure, curriculum, and faculty selection, as well as exemption from state levies, taxes, and duties.
In 2006, the Odisha government signed an agreement with Vedanta Foundation to establish a university in Puri, spanning over 15,000 acres, and began the land allotment process.
However, in 2010, the Orissa High Court overturned the land acquisition process and ordered the authorities to return the land to its owners. Anil Agarwal Foundation appealed against the High Court's ruling, but the Supreme Court upheld the decision on April 12.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.