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TMI BlogMANAGEMENT AND CONTROL OF COMPANIES – III – MANAGING DIRECTOR, WHOLE-TIME DIRECTOR AND MANAGERX X X X Extracts X X X X X X X X Extracts X X X X ..... ny or of a resolution passed by the company in general meeting or by its Board of directors or, by virtue of its memorandum or articles of association, is entrusted with any powers of management which would not otherwise be exercisable by him, and includes a director occupying the position of a managing director, by whatever name called - Section 02(26) If a company wants to appoint a person as M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sions and department of Company. Liability Liable for any breach, whether willful or unintentional, of any duties and powers entrusted to him under the terms and conditions of his appointment. 2. WHOLE- TIME DIRECTOR/ EXECUTIVE DIRECTOR - Whole time Director is virtually Managing Director The terms whole- time director and executive directors are not specifically defined in Companies Act ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anies with a paid-up share capital and free reserves of Rs. 10 crore and above or turnover of Rs. 50 crore and above the Sitting fees not to exceed the sum of twenty thousand rupees. Whereas for Other companies Sitting fees not to exceed the sum of ten thousand rupees 3. MANAGER "Manager" means an individual (not being the managing agent) who, subject to the superintendence, control and directi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er or the managing director of any other company, except if he is the manager or managing director of one, and not more than one, other company. Compensation for loss of office not permissible except to managing or whole-time directors or to directors who are managers - Section 318 4. CHAIRMAN Unless the articles of the company otherwise provide, the members personally present at the meeting sh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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