Section 9A(1) in Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017
(1)An information utility shall, subject to the guidelines issued by the Board from time to time, determine the qualification and experience, manner of appointment, terms and conditions of appointment and other procedural formalities associated with the selection and appointment of the managing director, subject to the condition that -(a)an individual shall be selected as managing director through an open advertisement in all editions of at least one national daily newspaper;(b)an individual at the time joining as managing director shall not be above the age of fifty-five years, which may be relaxed by the Governing Board up to sixty years, after recording reasons therefor; and(c)an individual shall not serve as managing director after he has attained the age of sixty-five years.
