Section 12(1)(b) in The Samrat Ashok Technological Institute (Degree) Vidisha (Prabandh Grahan) Adhiniyam, 1987
(b)except after giving the parties to the contract or agreement or other arrangement a reasonable opportunity of being heard and except after recording in writing, its reasons for refusal to ratify the contract or agreement or other arrangement or for making any alteration or modification therein.