22

Companies Act 1956: Management of the Company

Learning Objectives

In this chapter, the students are exposed to the basic knowledge on the part of the Companies Act, 1956 covering the following aspects:

  • Directors and their position.

  • Qualification and disqualification of directors.

  • How directors are appointed?

  • Resignation and removal of directors.

  • Managing directors-manager.

  • Remuneration of directors.

  • Schedule XIII.

22.1 DEFINITION OF A DIRECTOR

Section 2(13) of the Companies Act, 1956 defines a ‘director’ as including ‘any person occupying the position of a director by whatever name called’.

Thus, it is not the name by which a person is called but the position he occupies and the functions and duties which he discharges that determine ...

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