Allana Institute of Management Sciences also has College Development Committee which oversees the day to day management and policies of Allana Institute of Management Sciences. The Vice President of Maharashtra Cosmopolitan Education Society Mrs. Abeda Inamdar is the Chairperson of the College Development Committee.

The College Development Committee meets on quarterly basis to review the academic activities, co-curricular and extracurricular activities, faculty related matters, compliance matters, financial matters and all other day to day management of Allana Institute of Management Sciences. It approves the budgets, sets broad directions, reviews action taken and advises the Director.