Managing Director

(1) The Managing Director shall be appointed by the State Government and he shall - (i) be a whole time officer of the Nigam; (ii) exercise such powers and perform such duties as the Board may delegate or entrust to him; (iii) receive such salary and allowances and be governed by such terms and conditions of service as the Nigam may, with the approval of the State Government, determine : Provided that the first Managing Director shall receive such salary and allowance and shall be governed by such terms and conditions of service as the State Government may determine. (2) The State Government may at any time remove the Managing Director from office without assigning any reason therefor.