Section 8 in Chhattisgarh Private Universities (Establishment and Operation) Rules, 2005
8. Refund of Endowment Fund and its Income.
(a)If the Sponsoring Body proposes to dissolve or de-establish the Private University established under the provisions of the Act due to any reasons or circumstances beyond its control, the Sponsoring Body shall have to ensure that no student admitted in the University shall be adversely affected. The Sponsoring Body shall also submit to the Regulatory Commission a complete plan for completion of the courses, conduct of examination and on that basis of awarding Degree, Diploma, Certificate etc. to the students studying in the University. On being fully satisfied that the Sponsoring Body has completed its responsibilities towards the students according to the plans so submitted, the Regulatory Commission shall ask the Sponsoring Body to submit an affidavit stating that the Sponsoring Body does not bear any liabilities due to State Government, Students, and Employees of the University or any other person. On receiving the Affidavit, Regulatory Commission will examine the facts stated therein. After being satisfied that the facts given in the Affidavit are true, Regulatory Commission will return the Endowment Fund and income therefrom, if any, to the Sponsoring Body.(b)Regulatory Commission shall examine the affidavit submitted by the Sponsoring Body and in case of disagreement with the facts shown in the affidavit, Regulatory Commission shall return such a portion of the Endowment Fund and income therefrom, if any, as it considers proper, and it will not return the same till it is fully satisfied that the Sponsoring Body does not bear any due liabilities to the State Government, students and employees of the Private University, and that the arrangements have been made for completion of the courses, conduct of examination and on that basis awarding of degree, diploma and certificate, etc., to the students studying in the Private University.(c)Provided that where the amount of Endowment Fund has been deposited in the Fund of the Regulatory Commission by a Sponsoring Body with an intention to start a Private University after receiving letter of intent, as per sub-section (2) of Section 6 of the Act, and where the Regulatory Commission is satisfied as per Section 8 of the Act, that the proposal to establish a Private University cannot be approved by it for the reasons to be recorded in writing and thus is not in a position to advise the State Government to issue a Notification for establishment of the Private University under sub-section (1) of Section 9 of the Act, the Regulatory Commission shall refund the amount of Endowment Fund and income therefrom, if any, to the Sponsoring Body.
