Reconstruction of Management

Reconstruction of Management:

1. (1) Notwithstanding anything contained in the Memorandum and Articles of Association of a Public Sector Undertaking, the Government may, by order, for the purpose of reconstruction of the management of the Public Sector Undertaking, reconstitute the Board of Directors of such Public Sector Undertaking: Provided that the Board of Directors so reconstituted shall be in accordance with the provisions of this Act.
2. (2) On the issue of an order under sub-section (1), all the existing directors of the Public Sector Undertaking shall stand removed from their office.
3. (3) The Government shall appoint new directors in place of the directors removed under sub-section (2).
4. (4) The new directors appointed under sub-section
5. (3) shall hold office during the pleasure of the Government.