State the provisions of the Companies Act, 1994 as to appointment, terms and remuneration of Managing Directors

The managing director is a director who is “entrusted with any substantial power of Management”
 

The appointment of managing director:

The appointment of a managing director or of a whole time director can be made by any of the methods:

1. An agreement with the company
2. A clause in a memorandum or articles of the company
3. A resolution passed by a company in its general meeting
4. Resolution of the board of director
 

No company shall, after the commencement of this Act, appoint or employ any individual as its managing director for a term exceeding five years at a time.

Power and duties of a managing director:

 
The power and duties of a managing director are specified in

1. the agreement with the company by which he is appointed

2. in the memorandum or articles of the company

3. in a resolution passed by the company in general meeting

4.a resolution by its board of director