Supreme Court's recent judgement over sharing of assets belong to Education Department between the two Telugu states is a blessing in disguise for Andhra Pradesh. Now, AP Government took the call to claim its rightful share in all the 120 Institutions listed in the Schedules IX and X of the AP Reogranisation Act, 2014.
The Apex Court ruled that Money sharing should be done in the ratio of 58:42 when it comes to fixed deposits (Rs 115.88 crore) and bank balance (Rs 18.41 crore) of Undivided AP State Council of Higher Education.
Post Bifurcation, Telangana Government claimed ownership for most of the Institutions located in Hyderabad based on Section 75 which is related to geographical location of assets. Brushing aside the argument of T-Government, Supreme Court ordered Assets sharing must be done as per Section 47 of AP Reogranisation Act, 2014. The Apex Court suggested State Governments to settle any kind of disputes regarding assets and liabilities of United AP through mutual agreement.
HRD Minister Ganta Srinivas Rao describes the Supreme Court judgement as the biggest achievement after TDP came to power. If the same norm was applied to bank fixed deposits (Rs 3,800 crore) and immovable assets of over 120 Institutions established in Hyderabad before June 2nd, 2014, AP would be receiving anything not less than Rs 70,000 crore as its share. State Government is also working on the process to get back Rs 16,000 crore fixed deposits in bank accounts of corporations, societies, cooperative and public sector establishments.