Managerial Personnel.
A company, being an artificial person, acts through human agency. Accordingly,
under the Act, it is necessary for every company to have a Board of Directors.
In addition to this, the following categories of managerial persorurel may be
appointed (s.197-A): (i) Managing Director; or (ii) Manager. But s.197A does
not prohibit the employment of other managerial personnel, such as executives
or whole time directors, which do not come within the term "managing
director" or "manager".
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