Audit and Account Maintenance

(1) Every institution shall maintain its accounts in the prescribed manner and get them audited by a chartered accountant annually. (2) The audited statement shall be submitted to the Department of Higher Education within the prescribed time limit. (3) Non-submission of the audit report shall attract penalties as defined under this Act. (1) On receipt of inspection report recommending grant of permission, the Competent Authority shall proceed to grant permission unless it is satisfied that there exists circumstances justifying refusal of permission; (1) On receipt of inspection report recommending grant of permission, the Competent Authority shall proceed to grant permission unless it is satisfied that there exists circumstances justifying refusal of permission: Provided that if the Competent Authority proposes to differ with the inspection report recommending grant of permission, it shall be obligatory for him to give reasonable opportunity of hearing to the applicant before taking final decision of refusal. (2) In case the Competent Authority decides to grant permission, it shall initially accord letter of intent subject to fulfillment of such conditions as may be prescribed in the stipulated time. However, this shall in no case extent beyond 31st May of the concerned year. The concern education agency shall inform the Competent Authority about having taken care of the deficiencies enumerated in the letter of intent. Further, the said agency shall request for a final inspection, to grant permission for starting the institution from the ensuing academic session. Thereafter, the educational institution shall approach the concerned University for affiliation immediately after procuring the permission of the Competent Authority. (3) In case the educational agency requests for relaxation in time to fulfill the requirements, then it shall be at the discretion of the Commissioner of Higher Education to do so after getting a report from a person or persons appointed for the purpose by the Competent Authority. However, the Competent Authority shall direct the person or persons appointed to submit a report every year regarding the fulfillment of progress of the concessions granted for the said purposes and incase the progress is not found satisfactory continuously for three years the permission granted shall stand withdrawn forthwith by issuing notice.