Section 62. Purchase and Sales Committee.

(1) There shall be a Purchase and Sales Committee for dealing with all the matters pertaining to all purchases and sales of the university, in respect of such items where individual cost of each item exceeds rupees ten lakh at a time. (2) The Purchase and Sales Committee shall consist of the following members, namely :- (a) Vice-Chancellor as the Chairperson; (b) one member of Board of Management by the Vice-Chancellor; (c) one expert, nominated by the Vice-Chancellor preferably in the area of Materials Management from the Industry; (d) Registrar; (e) Finance and Accounts Officer as the Member-Secretary. (3) During the absence of the Finance and Accounts Officer, the Registrar shall act as the Secretary of the Purchase and Sales Committee. (4) The Purchase and Sales Committee shall invite the head of the department or head of the centre for which the purchases are to be made. (5) All members of the committee, other than ex-officio members shall hold office for a term of three years and shall not be eligible for a second consecutive term in the university. (6) All matters pertaining to all purchases of the university in respect of such items where individual cost of each item is not more than rupees ten lakh at a time, shall be as prescribed by the Statutes. (7) The powers and duties of the Purchase and Sales Committee and the procedure for its meetings, shall be as prescribed by the Statutes. (8) If any vacancy occurs in the office of a member, the same shall be filled within one month by the Chancellor or Vice-Chancellor, as the case may be.