LIC will visit the college, which operates from a residential-cum-commercial building, to inspect it and report to the university.
“Once we receive the committee report, we will take necessary action against the college management and others involved in committing the alleged violations,” said Naresh Chandra, MU pro-vice chancellor.
Maharashtra Navnirman Vidyarthi Sena (MNVS) had staged a protest on Wednesday, seeking closure of the college. An RTI application filed by MNVS member Santosh Gangurde had revealed that the MSS (Matsyodari Shikshan Sanstha) trust got permission to run the unaided college on July 2, 2007. In 2008-09, a university panel inspected the college and granted it affiliation despite the absence of own land or a building plan.
The RTI application further revealed the college located on plot number 46, sector 30 (A), Vashi, operates from a residential-cum-commercial building called Silicon Tower.
MNVS members have demanded that action should be initiated against the university panel that granted affiliation to the institute despite shortcomings.
According to rules, a college needs to move to a permanent location, rented or owned, within five years of affiliation.
The deadline for MSS College of Commerce is April 2013, but the institute is still to find land or a building.