Case breakdown: Movie Golmaal Returns
The scene that you saw, shows Bablu Pachisya (owner of Golden Fisheries) wanting to introduce the new Managing Director of the company. Gopal (played by Ajay Devgan) is expecting the new role while Bablu has planned it for Lucky (played by Tusshar Kapoor).
Who is the Managing Director?
The managing director is the executive who is part of the board of directors (Bod). He might also be called as chief executive of the company. He has certain roles and responsibilities as he devotes full-time to the company.
The managing director of the company can be appointed for a period of five years. This term can be extended for another five years before the expiry of the term. This can be done through various modes such as:
- Through an agreement with the company.
- Through the resolution passed by the company
- Through a memorandum of association
- Through articles of association
- Through a resolution passed by the board of directors.
His responsibilities include:
To provide guidance and strategies to the board about the relevant developments in the industry. He provides information about compliance-related and if adjustments in the company policies are required.
Maintain and oversee the marketing strategies for the company to promote their product and services.
To secure key contracts for the company, can act as a negotiator with various parties which can include government vendors and suppliers.
Develop and oversee the policies of the company that provide equal opportunity to employees.
Ensure effective procedures are in place so that the company works smoothly and efficiently.
Oversee the reporting process of the company. Ensure the work is smooth with annual reports and accounts in place.