LAHORE: Punjab University Syndicate on Saturday approved to lease 50 kanals of its land for a period of 30 years to a private bus company for establishing a multipurpose complex. The 1704th meeting of the Syndicate was held at Committee Room of the Vice Chancellor’s office with PU VC Dr Mujahid Kamran in chair. As many as 9 members of the Syndicate strongly supported the lease agreement while on the suggestion of government representatives, the Syndicate decided that approval will be taken from the Chancellor before signing the agreement. According to the lease agreement, PU will get Rs 78 million per year from the private bus company, with annual increase of 10 percent. The Syndicate gave sanction to lease four kanals near Institute of Business and Information Technology, New Campus to a private bank and will get Rs 4 lakh 3 thousand per month rent. The PU administration’s decision of reducing administrative posts and increasing teaching posts was appreciated by representatives. The Syndicate approved establishment of Student Endowment Fund worth Rs 3 million and sanctioned Rs 4 million for purchase of furniture at Jhelum Campus. The application of dismissed PU employee Sardar Muhammad was also discussed in the meeting and the Syndicate endorsed the decision issued by the Competent Authority (Vice Chancellor).–Staff ReporterThis news was published in The Nation newspaper. Read complete newspaper of 19-Jan-2014 here.