The Board shall, for the purpose of carrying out its functions under this Act, have the following powers, namely: -
(a) To call upon any public agency or concessionaire or any person to furnish information in regard to any project;
(b) To inspect or cause to inspect and monitor any Project and its execution, operation and management;
(c) To regulate its own procedures;
(d) To approve proposal and instruments to mobilise and deploy resources of the Fund;
* Substituted vide Act 15 of 2016, notification no. 15841/Leg. A1/2016/Law dated 05.11.2016.
(e) To sanction financial assistance based on eligibility norms as per the Scheme;
(f) To approve the Investment Prospectus, operational guidelines and oversight mechanism;
(g) To recover the amounts due to the Board from the assisted projects, project authority, undertakings, public agency and concessionaire as per the recovery schedule;
(h) To modify, revise or reschedule the recoveries as may be considered appropriate;
(i) To opt for revenue recovery proceedings, if found necessary and appropriate, against any of the assisted project, project authority, undertakings, public agency and/or concessionaire in the interest of the Board;
(j) To disburse all expenses relating to the administration of the Fund including travel, interest on borrowings, fees, professional charges and other expenses;
(k) To invest any surplus fund of the Board, as may be available from time to time, in such manner as may be specified in the Act and in the Scheme and also to realise the returns due from such investments;
(l) to review on a periodic basis, the performance of any assisted project, project authority, undertakings, public agency and/or concessionaire receiving any assistance or loan from the Fund;
(m) To enter into Memorandum of Understanding or performance contract with any assisted project, project authority, undertakings, public agency and/or concessionaire under the purview of this Act, on behalf of the Government;
(n) To enter into contracts on behalf of the Board;
(o) To exercise such powers and functions as may be specified in the Scheme;
(p) To exercise such powers and perform such functions as may be conferred on or entrusted to it by the Government for carrying out the purposes of this Act;
(q) To do all acts necessary for and incidental to the carrying out of the function entrusted or delegated to it;
(r) To certify reports submitted to the State Legislature;
(s) To certify other publications of the Fund including investment prospectus and tender documents.
6B. Executive Committee -( 1) There shall be an Executive Committee which shall exercise such powers and perform such functions as may be delegated to it by the Board.
(2) The Executive Committee shall consist of the following members, namely: -
(a) Minister for Finance : Chairperson
(b) Chief Secretary : Member
(c) Secretary (Law) : Member
(d) Secretary (Finance) : Member
(e) Secretary (Finance-Resources) : Member
(f) Three independent members of the Board, to be nominated by the Government : Members
(g) Chief Executive Officer : Member
(3) The Secretary to Government of the administrative department in Government concerned with the project proposal placed before the Board for consideration shall be a special invitee to the meetings of the Executive Committee.
(4) The decision making shall be by a majority of not less than two-thirds of the members present and voting.
(5) The quorum for a meeting shall be five.
(6) The members of the Executive Committee may, with the permission of the Chairperson, attend the meeting through video conferencing.
(7) The Chief Executive Officer shall be the Secretary of the Executive Committee.