3.        (a)       The Chief Executive Officer shall be a contractual employee to be hired for a period of three (3) years renewable term. He shall be appointed by the BOD, having preferably a Masters Degree or Bachelors Degree (with 10 years of experience of working in the Civil Services) in Engineering/Finance/Management qualifications and at least 5 years experience of  successfully managing industrial projects/concerns, on terms and conditions to be determined by the BOD.

(b)       The Chief Executive Officer shall work under the guidance of the BOD and be responsible for the day-to day management and administration of "The Company". Without prejudice to the generality of the foregoing, he shall be responsible, with the approval of the BOD, to:

i.            Determine the powers, duties and fix salaries or emoluments of the managers, secretaries, officers, clerks and employees, either permanent or temporary who are appointed under Article 49(vi) of “These Presents”;.

ii.            Prescribe duties of all employees and staff of "The Company";

iii.            Make, draw, endorse, sign, accept, negotiate and give cheques, bills of lading, drafts, orders, bills of exchange, promissory notes and other negotiable instruments in the amount below Rupees one (1) million.

iv.            Institute, conduct, defend or abandon any legal proceedings by or against "The Company" in consultation with the Legal Advisor or otherwise concerning the affairs of "The Company" and also to compound and allow time for payment and satisfaction of any established debt due and of any established claim or demand by or against "The Company", with the approval of the BOD;

v.            Ensure proper administration of the affairs, "Funds" and resources of "The Company";

vi.            Secure the fulfillment of any contract, agreement or engagement entered into by "The Company" by mortgage or charge of all or any of the properties of "The Company" (except property of the “Government”, as per Article 57 of “These Presents”) from time to time or in such a manner as he may think it fit in the interest of "The Company";

vii.            Appoint and remove or suspend managers, secretaries, officers, clerks and employees, either permanent or temporary;

viii.            Refer any established claims or demands by or against "The Company" to arbitration and observe and perform the awards in consultation with the Legal Advisor, with the approval of the BOD;

ix.            Exercise supervision and disciplinary control over the work and conduct of all employees of "The Company";

x.            Delegate any of his function(s) to any officer(s) of "The Company" with the prior approval of the BOD; and

Perform any other task assigned by the BOD.