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Can a company have two Managing Directors?

Can a company have two Managing Directors?

No, As per third proviso to section 203 of the COMPANIES ACT, 2013.

“managing director” means a director who, by virtue of an agreement with the company or of a resolution passed by the company in general meeting or by its Board of directors or, by virtue of its memorandum or articles of association, is entrusted with substantial powers of management which would not otherwise be exercisable by him, and includes a director occupying the position of a managing director.

Sub-section (24) of the Section 2 of the Companies Act, 1956 reads as follows:

“ “manager” means an individual (not being the managing agent”) who, subject to the superintendence, control and direction of the Board of directors, has the management of the whole, or substantially the whole, of the affairs of a company, and includes a director or any other person occupying the position of a manager, by whatever name called, and whether under a contract of service or not;”

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