Power of the Managing Director as to institution, composition etc. Of legal proceedings and obtaining legal advice.

The Managing Director may, subject ot the control of the Board- (a) institute, defend or withdraw from legal proceeding under this Act or any rules or regulations made thereunder; (b) Compound any offence against this Act or any rules or regulations made thereunder which under any law for the time being in force or the rule prescribed by the Government, may lawfully be compounded; (c) admit, compromise or withdraw any claim made under this Act or any rules or regulations made thereunder; (d) Obtain such legal advice and assistance as he may, from time to time think it necessary or expedient to obtain or as may be desired by the Board to obtain for Any of the purposes referred to in the foregoing clauses of this section, or for securing the lawful exercise or discharge of any power or duty vested in or imposed upon the Board or any officer of servant of the Board.