Board composition and governance restructured to tighten director independence, disclosure duties, related party controls and penalty adjudication. The Act vests the Corporation's general superintendence in a Board of Directors, prescribes its composition and appointment routes (including Chairperson, CEO MD, managing directors, government nominees, member elected directors and independent directors), sets independence and pre appointment checks, lists director disqualifications, requires recurring disclosures by directors and senior management, regulates related party transactions with Board consent, materiality thresholds and reporting to members, makes undisclosed or conflicted contracts voidable, prescribes penalties and recovery for contraventions, and empowers a Central Government adjudicating officer with civil court powers and an appellate mechanism.