Section 92(4) in The Maharashtra Universities Act, 1994
(4)If the Academic Council decided to recommend the closure, it shall prepare and submit to the Management Council a report, on the extent of damages or compensation to be recovered from the management and whether the assets created utilising the funds provided by the University Grants Commission, the State Government or other public funding agencies, be transferred to the university or other management, and the payment of compensation to the teachers and the staff retrenched.
