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Managing Director - Management, Company Law B Com Notes | EduRev

Company Law

B Com : Managing Director - Management, Company Law B Com Notes | EduRev

The document Managing Director - Management, Company Law B Com Notes | EduRev is a part of the B Com Course Company Law.

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Managing Director [Section 2 (54)]

Section 2(54) of the Companies Act, 2013 defines a 'Managing Director' as a director who is entrusted with substantial powers of management of the affairs of the company by:

Virtue of the articles of a company, or
An agreement with the company, or
A resolution passed in its general meeting, or by its Board of Directors, and includes a director occupying the position of the managing director, by whatever name called.

Explanation to Section 2 (54) clarifies that substantial powers of the management shall not be deemed to include the power to do such administrative acts of a routine nature when so authorised by the Board such as:

The power to affix the common seal of the company to any document or
To draw and endorse any cheque on the account of the company in any bank or
To draw and endorse any negotiable instrument or
To sign any certificate of share or
To direct registration of transfer of any share.

Whole Time Director [Section 2(94)]

Whole-time director' includes a director in the whole time employment of the company.

Manager [Section 2(53)]

'Manager' means an individual who, subject to the superintendence, control and direction of the Board of Directors, has the management of the whole, or substantially the whole, of the affairs of a company, and includes a director or any other person occupying the position of a manager, by whatever name called, whether under a contract of service or not.

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