Distinguish between the following: 'Key-managerial personnel' and 'Managing Director'.

Key-managerial personnel Managing Director As per section 2(51) of the Companies Act, 2013, 'key managerial personnel', in relation to a company, means- the Chief Executive Officer or the managing director or the manager; the Company Secretary; the whole-time director; the Chief Financial Officer; and such other officer as may be prescribed. According to section 2(54) of the Companies Act, 2013, 'managing director' means a director who, by virtue of the articles of a company or an agreement with the company or a resolution passed in its general meeting, 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. 'Key managerial personnel' (KMP) is a broader term and it includes managing director and other specified officers of a company. A Managing Director (MD) can be KMP but it is not mandatory that a KMP shall be MD. For being designated as KMP vesting of substantial power is not necessary. For example, a CFO or a Company Secretary may or may not have substantial power of management; still they may be designated as KMP. The Managing Director must have substantial power of management.