Amendment status not verified — confirm the current text below against the official source.
Resignation by or removal of Managing Director or Directors.— Notwithstanding anything contained in this Act, the Managing Director or a Director, at any time before the expiry of his term and upon three months’ notice, resign his office, or - 4 - upon similar notice, be removed from office by the Government without assigning any reason: Provided that Government may, upon payment of three months’ salary and allowances in lieu of the notice, remove the Managing Director immediately without assigning any reason.