The Board shall look after, direct and manage all the functions and affairs of the Corporation, except as otherwise mentioned in this Act or the Rules, Bye-laws framed under this Act. Provided that, the Board may so delegate such duties and powers, out of the duties and powers set forth in this Act or the Rule or Bye-laws
framed under this Act as it deems necessary and appropriate to the managing director or a sub-committee consisting of one or more directors or other officers of the Corporation as to be performed and carried out by them.