The Odisha Legislative Assembly has passed a Bill, named, “Vedanta University Bill, 2007”. The UGC Act, 1956 defines ’University’ in Section 2 (f) as follows:
'University' means a University established or incorporated by or under a Central Act, a Provincial Act or a State Act ..." The Bill (which is awaiting assent of the Governor) has a strong governance structure.
The University will be governed by the following entities:
The ultimate decision-making body of the University will be the Board of Governors. They will play the overseeing and the fiduciary function for the University. They, through sub-committees, will manage the endowment of the University, its legal and regulatory responsibilities, ensure that the vision & mission of the University are implemented, provide strong linkages between the University and the Society, and lead the growth of the University.
The Board of Governors will have:
The University shall also have a Visitor who shall be an independent professional of international repute. He shall have the power to call for any paper or information relating to the affairs of the University. If he is satisfied that any order, proceeding or decision taken by any authority of the University is not in conformity with the provisions of the Vedanta University Act, or Statutes, Ordinances and Regulations made thereunder, he may recommend such directions as he may deem fit in the interest of the University, and the directions so recommended, after confirmation by the Board of Governors, shall be complied by the University.
The Annual Report of the University will be prepared by the Executive Council and approved by the Board of Governors. Copies of the Annual Report shall be presented to the Visitor and the State Government.
The Annual Accounts of the University shall be audited by auditors appointed by the University. The State Government may communicate its views on the Annual Report or the Accounts and audit Report of the University which shall be placed before the Board of Governors.