Sindh High Court (SHC) has ordered a senior government official to complete the exercise of investing Rs.1.668 million of Sindh Educational Endowment Fund (SEEF) in Pakistan Investment Bond (PIB) in one month.
SHC bench headed by Justice Salahuddin Panhwar issued these orders in a case related to endowment fund after Secretary Endowment Fund's submitted notification dated 31st October 2019, which covers 43 universities entitled to receive endowment funds.
Further Additional Secretary contended that he has placed trust deed before competent authority and preferably within one month same will be registered and by that an amount of Rs.1418 million is to be invested in PIB in addition to Rs.250 million. Accordingly, this exercise shall be completed within two months under a trust deed, court directed in a written order.
Additional Secretary contended that the amount allocated for Endowment funds is not released properly by the Finance Department since five years.
Finance Department submitted that there is a mechanism to release the funds on needful basis and recently Rs.250 million have been released and Rs.250 million will be released within one month.
Court observed that endowment fund cannot be used directly by the Endowment Department; and such principal amount is to be invested in any profitable scheme and only markup / profit thereof is to be utilized through competent procedure which, needless to add, shall always be open for an audit and accountability.
The more investment shall surely bring more markup / profit thereby enabling department few more deserved without any harm to principal amount / fund, court stated and added that it is an admitted position that endowment fund is given place in the yearly budget which itself is an acknowledgement of need.
The amount, allocated for Endowment of education, shall not be withheld on any accord; court ordered and directed that Endowment Department shall smartly invest that amount in a month after receiving the same with report to Finance Department.
Court also recorded that yet Chief Secretary Sindh has not notified relevant committee despite categorical direction on endowment fund and directed him to ensure that committee is notified, which shall include Chairperson of Sindh Commission on the Status of Women; that committee shall complete this exercise preferably within one month.
Court also ordered Chief Secretary Sindh to personally supervise the work of that committee and directed that committee shall submit compliance report by calling record from every institution as well individual to ascertain the details of funds received by various institutions within and outside Pakistan.