We think a few specific points with relation to the framework need to be brought out -

1. The Chapter Executive Committee should not take the sole responsibility for selecting a bid. While the Chapter Executive Committee is an examplary body, a group consisting of members from the Executive Committee, the community and Foundation could be ideal to select a specific city in case of bids placed by cities. 
2. The Organizing Committee (OC) suggested could turn out to be very big. Specifics on the number or limitation on number of people in the OC would be a great clarification. Managing an event is a big deal. The head of the Organizing Committee must be able to concentrate on the event and not worry about managing his Organizing Committee too much. As Tinu said - as minimal as possible to reduce bureaucracy and facilitate decision making to make the event a success. 
3. It would be great to clarify on the venue for the AGM, whether it needs to be held in Bangalore/Karnataka (since chapter is registered in Karnataka) or can be held anywhere in India. If the AGM can be held only in Bangalore/Karnataka, it would be great to strike out objective no. 3: "Preferably held together with Annual General body Meeting (AGM) of Wikimedia Chapter, as it will help broader participation from across India in AGM and make for a vibrant and active membership base." altogether. I understand the use of word "preferably". But, if the Chapter can clarify on requirements of AGM venue, it would be great.
4. The point about the Head of the Organizing Committee should also be discussed. I think that it would be better for the Organizing Committee to select/elect the Head once the OC is constituted. To say that the head of the OC *should* be from the Chapter is rather wrong.

warm regards,
Pradeep Mohandas