According to sources, the proposed legislation will be put up for discussion in the Cabinet as many of the contentious issues have been resolved.
It is learnt that the issue of providing autonomy to Indian Institutes of Management (IIM) on various matters, including deciding the fees structure, has been retained in the draft bill.
The proposed bill includes provisions for reservation of students from SC, ST and OBC category, it is learnt.
"Even in the case of other educational organisations regarding reservations in faculty, it is the DoPT instructions which are applicable," a source said.
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There were reports that IIMs do not recruit faculty as per the norms for other government institutions.
On the issue of composition of IIM Board of Governors, it is learnt that provision has been made to have five alumni as the board members, out of the total strength of 14.
The IIM coordination forum will play an advisory "role", sources said.
This is the second time the HRD ministry will making a move to send the IIM bill to the Cabinet. Earlier, it had sent the draft legislation to the Cabinet in May, when it was asked to make changes in some of the provisions.