Section 3. While, the Post-graduate Diploma in Management programme (equivalent to MBA) was relatively unaffect

3. While, the Post-graduate Diploma in Management programme (equivalent to MBA) was relatively unaffected by the absence of a formal degree, the Fellow Programme in Management (equivalent to Ph.D), without the formal degree nomenclature, has not been able to attract enough students required to develop a strong research base in the country in the field of management education and also address the faculty shortages affecting the management institutions in the country. IIMs having grown into Institutions of global repute, it was felt that they may be enabled to award degree to their students, through an Act of Parliament, which would declare them as Institutes of National importance. 3. Definitions .—In this Act, unless the context otherwise requires,— (a) "Academic Council" means the Academic Council referred to in section 14; (b) "Board", in relation to any Institute, means the Board of Governors referred to in sub-section (1) of section 10; (c) "Chairperson" means the Chairperson of the Board of Governors of the Institutes appointed under clause (a) of sub-section (2) of section 10; (d) "Coordination Forum" means the Coordination Forum established under section 29; (e) "corresponding Institute", in relation to an Institute mentioned in column (3) of the Schedule, means an Institute as specified against the said Institute in column (5); (f)[2] ["Director" means] the Director of the Institute appointed under sub-section (2) of section 16; (g) "existing Institute" means any Institute mentioned in column (3) of the Schedule; (h) "Institute" means any Institute mentioned in column (5) of the Schedule; (i) "notification" means a notification published in the Official Gazette and the expression "notify" with its cognate meanings and grammatical variation shall be construed accordingly; (j) "Ordinances" means Ordinances made by the Academic Council under this Act; (k) "prescribed" means prescribed by rules made under this Act; - (l) "regulations" means regulations made by the Board; (m) "Schedule" means the Schedule annexed to this Act; (n) "society" means any of the societies registered under the Societies Registration Act, 1860 (21 of 1860) or the Mysore Societies' Registration Act, 1960 (17 of 1960) or the Madhya Pradesh Societies Registration Act, 1973 (44 of 1973) or the Tamil Nadu Societies Registration Act, 1975 (27 of 1975) or the Jammu and Kashmir Societies Registration Act, 1998 (VI of 1998) mentioned in column (3) of the Schedule.