(1) The Vice-Chancellor shall cause to be prepared on or before such date as may be prescribed the financial estimates of the University for the ensuing year and submit the same to the Management Council for approval.
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(2) The Management Council may approve the financial estimates subject to such modifications as it deems fit and no expenditure shall be incurred except in accordance with the financial estimates as approved by the Management Council:
Provided that, the Vice-Chancellor may in case of urgency and for reasons to be recorded in writing incur any expenditure not exceeding rupees ten lakhs in any one case for which no provision is made in the budget or which is in excess of the provisions made in the budget without reference to the Finance Committee, but such expenditure shall be reported at the next earliest meeting of the Finance Committee.