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Question
Explain the following Term/Concept:
Managing Director.
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Solution
(1) According to Section 2 (54) of the Companies Act 2013, Managing Director is a Director who has been entrusted with substantial powers of management under an agreement or by a resolution passed by the company at its general meeting or by the Board of Directors. Appointment 0' Managing Director is made for a term of 5 years. He is appointed by the Board of Directors.
(2) The managing director works under the superintendence, control, and direction of the Board of Directors. He is responsible for the implementation of the policies framed by the Board. He acts as a link between the Board and the staff of the company. He is responsible for the day-to-day administration of the affairs of the company.
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