Section 27 in The Indian Institute of Management Act 2017
Title: Board to consider statement of accounts
(1) The statement of accounts, including the balance sheet and the statement of income and expenditure, the auditor's report, the report of the Director and other documents required to be annexed or attached with such statement, shall be brought before the Board of concerned Institute in its meeting not later than three months, from the conclusion of the financial year.
(2) A copy of every statement of accounts referred to in sub-section (1) shall be sent to every member of the Board not less than twenty-one days before the date of the meeting.
(3) The statement of accounts referred to in sub-section (1) shall on its approval by the Board, be published on the website of the Institute.
Title: Annual report of Institute
(1) The annual report of every Institute shall be prepared under the directions of the Board, which shall include, among other matters, steps taken by the Institute towards the fulfilment of its objects and an outcome based assessment of the research being undertaken in such Institute.
Explanation.—For the purposes of this sub-section, the expression "outcome based assessment of research" shall mean an elaboration and analysis of the research conducted and the qualitative and quantitative outcomes of such research along with its impact factor and social outcomes.
(2) The annual report prepared under sub-section (1) shall be submitted to the Board on or before such date as may be specified by the Board who shall consider the report in its meeting.
(3) The annual report on its approval by the Board shall be published on the website of the Institute.
(4) The annual report of each Institute shall be submitted to the Central Government who shall, as soon as may be, cause the same to be laid before both Houses of Parliament.
Title: Establishment of Coordination Forum
(1) With effect from such date as the Central Government may, by notification, specify in this behalf, there shall be established a Coordination Forum for all the Institutes.
(2) The Coordination Forum shall consist of the following members, namely:—
(a) an eminent person to be selected by a Search-cum-Selection Committee as may be constituted by the Coordination Forum, as chairperson:
Provided that the Coordination Forum may select one of its members to act as the chairperson till the chairperson is appointed;
(b) the Secretary to the Government of India, in charge of the Ministry or Department of the Central Government having administrative control of management education, member—ex officio;
(c) two Secretaries in charge of management education of State Governments in which the Institutes are located, by rotation, each year, member—ex officio;
(d) four Chairpersons of Institutes, to be nominated by the Chairperson of the Coordination Forum, by rotation for two years;
(e) the Director of each Institute, member—ex officio;
(f) five persons of eminence, of which at least one shall be a woman, in academia or public service, to be selected by a sub-committee constituted by the Coordination Forum.
(3) The term of office of a member referred to in clause (f) of sub-section (2) shall be three years from the date of his nomination.
(4) The non-official members of the Coordination Forum shall be entitled to such travelling and other allowances, as may be prescribed.
(5) The Director of the host Institute where the meeting of the Coordination Forum takes place shall be the Member Secretary of the Coordination Forum and shall continue to be the Member-Secretary till a new host Institute is selected.
Title: Functions of Coordination Forum
(1) The Coordination Forum shall facilitate the sharing of experiences, ideas and concerns with a view to enhancing the performance of all Institutes.
(2) Without prejudice to the provisions of sub-section (1), the Coordination Forum shall perform the following functions, namely:—
(a) recommend to the Central Government, the institution of scholarships including for research and for the benefit of students belonging to the Scheduled Castes, the Scheduled Tribes and other socially and educationally backward classes of citizens;
(b) deliberate on such matters of common interest to Institutes as may be referred to it by any Institute;
(c) promote necessary coordination and co-operation in the working of the Institutes;
(d) review the achievement of policy objectives; and
(e) perform such other functions as may be referred to it by the Central Government.
(3) The Coordination Forum may constitute such committees as it may consider necessary for carrying out its functions under this section.
(4) The Chairperson of the Coordination Forum shall ordinarily preside at the meetings of the Coordination Forum and in his absence, any other member chosen by the members present amongst themselves at the meeting, shall preside at the meeting.
(5) The Coordination Forum shall submit a report on its functions under sub-section (2) to the Central Government.
(6) The Coordination Forum shall meet at least once in a calendar year.
(7) At each meeting of the Coordination Forum, the host institute, which would host the next meeting, shall be selected:
Provided that no Institute shall host the meeting for more than two consecutive years.
Title: Acts and proceedings not to be invalidated by vacancies etc
No act of any Institute or the Board or the Academic Council or any other body set-up under this Act or the regulations, shall be invalid merely by reason of—
(a) any vacancy or defect in the constitution thereof; or
(b) any irregularity in its procedure not affecting the merits of the case; or
(c) any defect in the selection, nomination or appointment of a person acting as a member thereof.