Section 37. Change or transfer of management of institute.

(1) The management seeking permission of the Government for change or transfer of the management of the institutes, shall apply in the form as may be prescribed by the Board or the regulatory authority, as the case may be, to the Secretary of the Board as per the schedule declared by the Board or the regulatory authority, as the case may be. (2) All such applications received within the time limit specified in the schedule shall be scrutinised by the Board and be forwarded to the Government and the regulatory authority, within the time limit specified in the said schedule. (3) The Government may grant permission to such institutes as it may consider right and proper in its absolute discretion, taking into account the suitability of the management seeking permission.