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See Rule 51 of Part VI of the Bar Council of India Rules:

"51. An advocate may review Parliamentary Bills for a remuneration, edit legal text books at a salary, do press-vetting for newspapers, coach pupils for legal examination, set and examine question papers; and subject to the rules against advertising and full-time employment, engage in broadcasting, journalism, lecturing and teaching subjects, both legal and non-legal."

Under 51 you're allowed to lecture as long as it's not full time. Not sure what the terms are at Jindal. But if they are on retainer contracts and not employment contracts, and these contracts allow them to go on with regular practice, I don't see the issue.
"11.0 additional incentives -........ In particular, such Institutions of Eminence Deemed to be Universities shall be exempt from all UGC Regulations and other guidelines, notifications and orders of the commission on matters pertaining to the subject areas laid down in Regulations 11.1 to 11.6 of these Regulations...

11.3.2 The Institution of Eminence Deemed to be University shall have complete autonomy in the
appointment of faculty, promotions etc including the autonomy to offer them emoluments and perks
commensurate with their standing as it deems fit."

I might be misreading this, but does the act not say IOE's have complete autonomy with respect to faculty appointment and that they are exempt from all other UGC regulations?