Effect of incorporation of University

On and from the commencement of this Act- (a) any reference to the Indira Gandhi Institute of Technology in any law (other than this Act) or in any contract or other instrument shall be deemed as a reference to the University; (b) all the property, movable or immovable, of or belonging to the Indira Gandhi Institute of Technology shall vest in the University; (c) all the rights and liabilities of the Indira Gandhi Institute of Technology shall be transferred to and be the rights and liabilities of the University; (d) every person employed by the Indira Gandhi Institute of Technology immediately before such commencement shall hold his office or service in the University by the same tenure, at the same remuneration and upon the same terms and conditions and with the same rights and privileges as to pension, leave, gratuity, provident fund and other matters including all service related matters with regard to promotion and disciplinary actions as he would have held the same if this Act had not been passed, and shall continue to do so unless and until his employment is terminated or he has opted for the University's terms and conditions of employment which would be uniform for the same class of employees; and (e) notwithstanding anything contained in this Act, existing students of the Indira Gandhi Institute of Technology, who would have been admitted before the establishment of the University under section 3 of this Act, shall continue to pursue their academic courses and programmes of study under the enrolment and affiliation of the Guru Gobind Singh Indraprastha University, New Delhi, which shall conduct examinations to them and award degrees to them upon successful completion of the courses and programmes of study they are pursuing there at presently. (f) The expenditure out of grant-in-aid shall be incurred by the University in accordance with the pattern of aid approved by the Government, provision of GFR, 2005 as amended from time to time and instructions / guidelines / directives issued by the Govt. of NCT of Delhi. They shall follow financial rules of discipline as applicable in Govt. until and unless they frame rules of their own, approved by Government.