A Managing Director is a director,
- by virtue of the articles of association of a company or
- by an agreement with the company or
- by a resolution passed in its general meeting of shareholders, or by its Board of Directors,
- is entrusted with substantial powers of management of the affairs of the company and
- includes a director occupying the position of managing director, by whatever name called.
- as a Director;
- as an Employee i.e. as a Manager.