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Finance Committee

(a) The Finance Committee shall consist of the following :
  • (i) The Vice-Chancellor shall be the Chairperson of the Finance Committee;
    (ii) One member nominated by Sponsoring Body;
    (iii) One member nominated by the Governing Body;
    (iv) One member nominated by the Executive Council;
    (v) The Pro Vice-Chancellor ex-officio;
    (vi) The Registrar ex-officio;
    (vii) One Financial Expert nominated by the Sponsoring Body;
    (viii)The Finance Officer ex-officio Secretary;
    (ix) Any special invitee whom the Finance Committee may deem fit.

(b) The term of office of ex-officio members shall continue so long as they hold the office by virtue of which they are members.

(c) In the event of absence of the Chairperson, a member nominated by Chairperson shall preside over the meeting.

(d) The procedure for the meetings of the Finance Committee shall be as follows:
  • (i) The Finance Committee shall meet as often as may be necessary but not less than two times during an academic year. Meetings of the Finance Committee shall be convened under the direction of the Chairperson or on a requisition signed by not less than three members of the Finance Committee;
    (ii) A circular of every meeting shall be sent by the Finance Officer to every member at least two weeks before the date of the meeting; Provided that the Chairperson may call a special meeting of the Finance Committee at short notice to consider urgent matters;
    (iii) Agenda shall be circulated by the Finance Officer to the members at least one week before the meeting; -
    (iv) All querries considered at the meetings of the Finance Committee shall be decided by the majority votes of the members present.

(e) In emergent cases, the Vice-Chancellor may exercise the powers of the Finance Committee. In case, the Vice-Chancellor exercises any of the powers of the Finance Committee and take some decision(s), such decision(s) shall be placed at the next meeting of the Finance Committee for its ratification.

(f) The Finance Committee shall have the following powers and functions:
  • (i) To examine and recommend the Annual Budget of the University;
    (ii) To examine and recommend the budget for any purchase or construction exceeding Rupees Ten lakh;
    (ii,) To give its views on any financial matter solicited from it by any officer or authority of the University.

(g) Provided that every recommendation of the Finance Committee shall be placed before the Executive Council for its decision.

(h) The Annual Accounts and the Financial Estimates of the University prepared by the Finance Officer shall be laid before the Finance Committee for the consideration and thereafter submitted to the Executive Council for approval.