The Finance Committee

(1) There shall be a Finance Committee consisting of the following:- (I) Chairperson: Chairman, Board of Management (Ex-officio); (ii) Vice-Chancellor (Ex-officio); (iii) Pro-Vice Chancellor (Ex-officio); (iv) Comptroller of Accounts, Govt. of NCT of Delhi; (v) Principal Secretary or Secretary, Technical Education, Govt. of NCT of Delhi (Ex-officio); (vi) Principal Secretary or Secretary, Finance, Govt. of NCT of Delhi (Ex-officio); (vii) Two Deans nominated by the Vice-Chancellor; (viii) Two Heads of Department by rotation based on seniority; (ix) Two other members nominated by the Board of Management from amongst its members of whom at least one should be an employee of the University; (x) Such other members as may be prescribed by the Statutes; (xi) Registrar (ex-officio) - Member Secretary. (2) The term of the members of the Finance Committee other than the ex-officio members, shall be three years. (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 recommendations on financial matters to the Board of Management; (b) to consider proposals for new expenditure and to make recommendations to the Board of Management; (c) all proposals relating to revision of grades, upgradation 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 Registrar and laid before the Finance Committee for approval and thereafter submitted to the Board of Management; (e) the Finance Committee shall fix the limits for the total recurring and non recurring expenditure for the year, based on income and resources or 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 to 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 stock, funds, shares or securities as it may, from time to time, think fit, or in the purchase or 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 and three 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.