The Finance Committee

The Delhi Netaji Subhas University of Technology Act, 2017

Education201765 sections

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Statutory text

(1) There shall be a Finance Committee consisting of the following: (i) Vice-Chancellor - Chairperson (ex-officio); (ii) Principal Secretary/Secretary (Training & Technical Education) of the Government or his nominee (ex-officio); (iii) Principal Secretary/Secretary (Finance) of the Government or his nominee, (ex-officio); (iv) Principal Secretary/Secretary (Planning)/Director Planning of the Government or his nominee, (ex-officio); (v) Principal Secretary or Secretary (Higher Education) of the Government or his nominee; (vi) Pro-Vice Chancellors (ex-officio); (vii) Registrar (ex-officio); (viii) Controller of Finance - Member-Secretary; (ix) Two other members nominated by the Board from amongst its members of whom at least one should not be an employee of the University. (3) The functions and duties of the Finance Committee shall be as follows:- (a) to examine and scrutinize the annual budget of the University and to make its recommendations on financial matters to the Board of Management; (b) to consider proposals for new expenditure and to make recommendations to the Board; (c) all proposals relating to revision of grades, up gradation of the pay-scales and those items which are not included in the budget, shall be examined by the Finance Committee before they are considered by the Board of Management; (d) to consider the annual accounts and the financial estimates of the University prepared by the Controller of Finance and laid before the Finance Committee for approval and thereafter submitted to the Board of Management; (e) Finance Committee shall fix the limits for the total recurring and non-recurring expenditure for the year, based on income and resources of the University, and no expenditure shall be incurred by the University in excess of the limits so fixed, without the approval of the Finance Committee; (f) to give its views and make recommendations to the Board of Management on any financial question affecting the University either on its own initiative or on reference from the Board of Management; (g) to recommend the investment of any money belonging to the University, including any unapplied income, in such securities as it may, from time to time, think fit, or in the purchase of immovable property in India, with the like power of varying such investments from time to time. (4) The Finance Committee shall meet, at least, four times in a year; five members of the Finance Committee shall form the quorum at any meeting; (5) In case of difference of opinion among the members, the opinion of the majority of the members present shall prevail;

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