Q.Who manages the company in modern time?

A modern company is managed by the Board of Directors, the elected representatives of the shareholders.

The shareholders own the company but are too numerous and scattered to run it themselves. So they elect a group of persons — the Board of Directors — to manage the company on their behalf. In modern practice:

• The Board of Directors takes policy decisions and is responsible for management and control.
• It is assisted by managing/whole-time directors, professional managers and other executives who look after day-to-day operations. …

As per the Companies Act, 2013, a director means a director appointed to the Board of a company.

Section 2(34) of the Companies Act, 2013 defines a director simply as "a director appointed to the Board of a company." The 'Board of Directors' (or Board), in turn, means the collective body of the directors of the company [Section 2(10)]. In substance, a director is an individual chosen by the members (or as otherwise provided) to be a member of the Board and to direct, manage and supervise the affairs of the company. Only an individual (a natural person) can be appointed as a director. This is the s …