The provisions of the company act regarding the Managing Director are as follows. 1. Only a person can be appointed as managing director, no firm or organization can be appointed.2. Managing Director and Manager cannot be appointed at the same time according to the Company's provision.
3. Managing Director can be appointed for five years at a time.
4. Appointments will be done by the Board of Directors and the terms of appointment will be decided in that.
5. The acceptance of the appointment of the managing director is subject to approval at the company's general meeting.
6. There can be no redefining in advance at the end of the appointment period of the Managing Director.
7. If the appointment has been made personally, then the central government has to get permission.
8. In the 60 days of the appointment of the Managing Director, the company registrar (Form MRI) has to be told.
9. The Managing Director can work as a director in more than two companies (it is necessary to pass the resolution to act.)