No person shall be eligible for establishing a University under this Act, unless such person is-



(a) an organisation, being a company registered under section 25 of the Companies Act, 1956 or a society formed and registered under the Societies Registration Act, 1860or a trust formed under the Indian Trusts Act, 1882 or any other law for the time being in force, which is recognised,-



(i) as an organisation of repute of its kind in India and has demonstrated financial capability and expertise for establishing a University for Research and Innovation; and



(ii) has devoted itself to proven innovations in research in unique or emerging areas of knowledge bearing a relationship to the area of focus or problem of significance referred to in sub-section (1) of section 5; or



(b) a University established or incorporated in India which has been functioning as such for at least twenty-five years and is recognised, through accreditation under any law for the time being in force, as amongst the Universities of repute in India; or



(c) a University established or incorporated outside India which has been functioning as such for at least fifty years in the country in which it had been established or incorporated and recognised, through internationally accepted standards, as amongst the Universities of repute amongst the countries.