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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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FAQs on Managing Director - Management, Company Law - Company Law - B Com
| 1. What are the responsibilities of a Managing Director in terms of management and company law? |  |
Ans. A Managing Director has various responsibilities in terms of management and company law. They are responsible for overseeing the day-to-day operations of the company, setting strategic goals, managing the company's resources, and ensuring compliance with relevant laws and regulations. Additionally, they are responsible for making important business decisions, representing the company to stakeholders, and driving the company's growth and success.
| 2. What qualifications or educational background is required to become a Managing Director in the field of management and company law? | |
Ans. To become a Managing Director in the field of management and company law, a person usually needs a Bachelor's degree in Business Administration or a related field such as Commerce or Management. Additionally, having a sound understanding of company law and legal regulations is crucial. Some individuals may also pursue higher education, such as a Master's degree or a professional qualification like an MBA or a degree in Law, to enhance their knowledge and skills in this domain.
| 3. How does a Managing Director ensure compliance with company law? | |
Ans. A Managing Director ensures compliance with company law by staying updated with the latest legal requirements and regulations. They establish and implement internal policies and procedures that align with legal requirements, ensuring that the company operates within the boundaries set by the law. They also monitor and review the company's activities regularly to identify any potential legal risks or non-compliance issues and take appropriate measures to address them. In some cases, they may seek legal advice or consult with professionals to ensure compliance.
| 4. What are some common challenges faced by Managing Directors in managing companies from a legal perspective? | |
Ans. Managing Directors often face several challenges in managing companies from a legal perspective. Some common challenges include staying updated with ever-changing legal regulations, interpreting complex legal jargon and applying it to practical business situations, managing legal risks and liabilities, and resolving legal disputes or conflicts. Additionally, they may face challenges in ensuring compliance with multiple jurisdictions if the company operates globally. It is crucial for Managing Directors to have a strong understanding of company law and seek professional advice when needed to overcome these challenges.
| 5. How does a Managing Director contribute to the growth and success of a company in terms of management and company law? | |
Ans. A Managing Director plays a crucial role in the growth and success of a company in terms of management and company law. They provide strategic direction to the company, setting goals and objectives that align with the company's vision. They make important business decisions that drive growth and profitability while ensuring compliance with company law. They also establish effective management systems and processes, hire and develop talented teams, and foster a culture of innovation and excellence. By effectively managing resources, mitigating legal risks, and ensuring compliance, a Managing Director contributes to the overall growth and success of the company.
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