Assumption of financial control by the State Government as emergency measure

(1) The State Government shall have the right to cause an inquiry to be made, by such person or persons as it may direct, and to issue directions to the University in respect of any matter connected with the finances of the University where State Government funds are concerned. (2) If the State Government is satisfied that owing to mal-administration or financial mismanagement in the University a situation has arisen whereby financial stability of the University has become insecure, it may, by a notification, declare that the finances of the University shall be subject to the control of the State Government and shall issue such other direction as it may deem fit for the purpose and the same shall be binding on the University.