2[(1) There shall be a Finance Committee and its constitution, the term of office of its members other than ex-officio members shall be as laid down in the Statutes. All financial matters and service matters relating to service conditions of the employees of the University including creation, up-gradation or filling of the posts, framing of Recruitment and Promotion Rules, revision of pay and allowances shall first be placed before the Finance Committee, and thereafter such matters shall be placed before the Executive Council with its recommendations.]
(2) If there is no consensus amongst the members on any agenda in the meeting or in case the Executive Council does not agree with the recommendations of the Finance Committee on any issue, the matter shall be referred by the Executive Council, alongwith the details of the case and the reasons for disagreeing with the recommendations of the Finance Committee to the Chancellor for decision, 3[who shall give final decision after consultation with the State Government.]