Section 11 in First Statutes of the Indian Institute of Petroleum and Energy, 2018
11. Powers of the Committee:
The Committee shall broadly be empowered to advise and make recommendations to the Board on all financial matters affecting the functioning of the Institute including review of its financial performance, examination of the annual budget estimate, the annual statement of accounts and the audit report thereto; the preparation of the balance sheet, guiding resource mobilization and investment management strategies and such other matters in relation to financial management as the Board may entrust to it from time to time.(2)The Committee shall meet at least twice in a calendar year.(3)The term of office of members nominated under items (ii) and (iii) of sub-statute (1) shall be specified by the nominating authority at the time of their nomination.(4)Three members of the Committee shall constitute a quorum for a meeting of the Committee.(5)The President, if present, shall preside over meetings of the Committee. In his/her absence, the Director shall preside over the meeting. If neither is present, the meeting shall be adjourned to a later date.(6)The Registrar of the Institute shall act as the Secretary of the Committee in an ex-officio capacity.(7)The provisions of these Statutes regarding notice of meetings, inclusion of items on the agenda and confirmation of the minutes applicable for meetings of the Board shall be followed, as far as possible, in connection with meetings of the Committee.(8)A copy of the agenda and minutes of every meeting of the Committee shall be placed before the Board for its information.
