New Delhi, Dec 15 : The Delhi government on Friday welcomed the Delhi University's move to form a committee to look into alleged financial irregularities in 12 government-funded colleges. "We are happy such a Committee has been formed. We are waiting for a decision from Delhi University and Central government regarding these 12 colleges," a Delhi government source said. The source said that given the extent of irregularities, the city government can only continue funding them if they become a part of one of Delhi's state universities. "If these continue to be a part of Delhi University, then GNCTD will not be able to fund them from the next financial year," the source added. The Committee will start its work from December 16 and will prepare the report within 15 days. The report will be then sent to Union Education Minister. The DU on Friday formed a committee, comprising its Executive Council members, to look into alleged "financial irregularities" in 12 Delhi government-funded colleges, according to a statement. In her letter to Union Education Minister Dharmendra Pradhan on December 1 on the issue pertaining to the 12 colleges, Delhi Education Minister Atishi had said: "The Delhi government has noted several serious irregularities and procedural lapses involving hundreds of crores of rupees from the public exchequer." "Since these colleges are directly affiliated with DU (Delhi University), they're not answerable to the Delhi government for the judicious utilisation of funds," she had said. /IANS