(3)Neither the [managing director] [Substituted by Act 49 of 1971, Section 5 (w.e.f. 1.2.1972). ] nor such other employee of either of the Corporations as may be specified in this behalf by the Central Government shall, during his service in the Corporation, be employed in any capacity whatsoever or directly or indirectly have any interest in any air transport undertaking other than an undertaking of either of the Corporations, or in any other undertaking which is interested in any contract with either of the Corporations.
