Managing director

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.... terms and conditions of appointment and other procedural formalities associated with the selection and appointment of the managing director, subject to the condition that- (a) an individual shall be selected as managing director through an open advertisement in all editions of at least one national daily newspaper; (b) an individual at the time joining as managing director shall not be above th....

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.... managing director shall be subject to prior approval of the Board. (7) The managing director shall be liable for removal or termination of services by the Governing Board, with the prior approval of the Board, for failure to give effect to the directions, guidelines and other orders issued by the Governing Board or the Board, or the rules, the articles of association or bye-laws of the insolvenc....