Budget

The Nigam shall prepare in such form and at such time each year as may be prescribed, a budget in respect of the financial year next ensuing showing the estimated receipts and expenditure. (1) The Board shall meet at such times and places and shall observe such rules of procedure in regard to transaction of the business at its meetings as may be provided by regulations: Provided that the Board shall meet atleast once in every three months. (2) The Chairman of the Board or, in his absence, any other director elected for this purpose by the directors present at the meeting shall preside over the meeting. (3) All matters which come up before any meeting of the Board shall be decided by a majority of the votes of the Director present and voting and, in case of equality of votes, the person presiding of the meeting shall have a second or casting vote. (4) In case the Board deems necessary to seek the advice or opinion of any person on any particular matter, the Board may invite such person to attend any meeting of the Board. Such an invitee shall have a right to participate in any discussion but shall have no right to vote at the meeting.