Directors are the persons duly appointed by the Company to lead and manage its affairs and their legal position.
(i) Directors as Agents: A company as an artificial person, acts through directors who are elected representatives of the shareholders and who execute decision made for the benefit of shareholders. Hence directors share a relationship of an agent and a principal with the company.
(ii) Directors as Managing partners: The management of a company is vested in the hands of many executives. So, the directors are virtuals managing partners and the Directors elected by shareholders are like partners to the shareholders.
(iii) Directors as trustees: Directors are trustees of the company's money and property and they have to safeguard them and use them for the sake of the company and on behalf of the company.
(iv) Directors as employees: Directors are professionals who manage the company for the benefit of themselves and for the benefit of the shareholders. However, if a director accepts employment in the same company under a separate contract of service, then, in addition to the directorship, he is also treated as an employee or servant of the company.
(v) Directors as officers: "Officer" includes any director, manager or key managerial personnel or any person in accordance with the directions or instructions the Board of Directors or any one or more of the directors who are or are accustomed to act. Therefore Director is treated as officers of a company.

(i) Regulation of Stock Exchanges
The first objective of SEBI is to regulate stock exchanges so that efficient services may be provided to all the parties operating there.
(ii) Protection to the Investors
(a) The capital market is meaningless in the absence of the investors.
(b) The protection of the interests of the investors means protecting them from the wrong information given by the companies in their prospectus, reducing the risk of delivery and payment, etc.
(iii) Checking the Insider Trading
(a) Insider trading means the buying and selling of securities by directors Promoters, etc.
(b) Who have access to some confidential information about the company and who wish to take advantage of this confidential information.
(c) This affects the interests of the general investors and is essential to check this tendency.
(iv) Control over Brokers
(a) It is important to supervise/ check the activities of the brokers and other middlemen in order to control the capital market.
(b) To regulate their activities, it was necessary to establish the SEBI.

Forms of Privatization:
(i) Contraction (minimisation) of public sectors: The number of industries reserved for public sector was reduced from 17 (as per 1956 policy) to only 8 industries viz, Arms and Ammunition, Atomic Energy, Coal and Lignite, Mineral oils, Mining of ores, Mining of copper, lead, zinc etc., Minerals for atomic energy and Railways.
(ii) Sales of shares of public sectors to the private sector: Indian Govt. started selling shares of PSUs to public and financial institution. Now the private sector will acquire ownership of these PSU's.
(iii) Memorandum of Undersatanding: MOU system was introduced in 1991to raise the productivity and performances of PSUs. It strengthens the relationship between PSUs and administrative departments.
(iv) Disinvestment in PSUs: The Govt has started the process of disinvestment in those PSUs which had been running into loss. It means that Govt. has been selling out these industries to private sector. So disinvestment is a system of privatizing government enterprises.

The management concept can be understood from its profound characteristic features as follows:
1. Body Knowledge:
(i) Management has now developed a specialised body of management theory and philosophy.Management literature is growing in all countries.
2. Management Tools:
Tools of management have been developed such as, accounting, busines law, psychology, statistics, econometrics, data processing, etc.
3. Separate Discipline:
Management studies in many universitis and institutions of higher learning are recognised as a separate discipline.
4. Specialisation:
There is a growing tendency to select and appoint highly qualified, trained and experienced persons to manage the business in each functional area of management.
5. Code of Conduct:
Enlightened businessmen have recognised that business management is a social institution and it has social responsibilities to be fulfilled - towards customers, employees, and the public or community.
 

(i) These are the functions which help or facilitate in the transfer of goods and services from the producer to the consumer.
(i) They are not directly connected with the transfer of goods, under this category the following functions are included.
(i) Financing:
a. Long-term finance
b. Medium term finance
c. Short- term finance
(ii) Risk bearing:
a. Time risk
b. Place risk
c. Competition risk
d. Risk of change in demand
e. Risk arising from natural calamities
f. Human risks
g. Political risks
(iii) Market Information:
According to Clark and Clark market information means "all the facts, estimates, opinions and other information used in marketing of goods".
(iv) Standardization:
Standardization means establishment of certain standards based on intrinsic qualities of a commodity.
The quality may be determined on the basis of various factors like size, colors, taste, appearance, etc.
(v) Grading:
Grading means classifications of standardised products in to certain well defined classes.
(vi) Branding:
Branding means giving a name or symbol to a product in order to differentiate it from competitive products.
(vii) Packing:
Packing means wrapping and crating of goods before distribution.
Goods are packed in packages or containers in order to protect them against breakage, leakage, spoilage and damage of any kind.
(viii) Pricing :
Pricing is perhaps the most important decision taken by a businessman. It is the decision upon which the success or failure of an enterprise depends to a large extent.
Therefore, price must be determined only after taking all the relevant factors into consideration.

(i) Aggrieved by the orders issued by the District Consumer Rehearsal Forum appeal, petition can be filed before State Consumer Dispute Redressal Commission within 30 days from the date of receipt of orders.
(ii) Aggrieved by the orders issued by the State Consumer Dispute Redressal Commission appeal petition can be filed before National Consumer Dispute Redressal Commission within 30 days from the date of receipt of orders.
(iii) Aggrieved by the orders issued by the National Consumer Dispute Redressal Commission appeal petition can be filed before Supreme Court of India within 30 days from the date of receipt of orders.
(iv) No fee is charged for registering an appeal petition before State / National Consumer Dispute Redressal Commissions.
(v) The appeal petition has to be filed with the grounds for appeal with copies of orders of the lower redressal agencies and registering procedures are same, as is being done in the case of registering complaint.

(i) Coachin Method: In the coaching method of training, the superior teaches or guides the new employee about the knowledge and skills relevant to a given job. In this method superior plays the role of coach or guide and an instructor.
ii) Mentoring method : Mentoring is the process of sharing knowledge and experience of an employee. Mentoring is always done by senior person, it is also one-to-one interaction, like coaching. It is mostly used for managerial employees.
(iii) Job Rotation Method : Job rotation is an important method for broadening the knowledge of executives. Under this method, a trainee is periodically shifted from one work to another work and from one department / division to another department / division for a particular period of time.
(iv) Job Instruction Techniques : In this method, a trainer superior gives some instructions to an employees to how to perform his job and its purpose.
(v) Apprenticeship Training Method : The apprentice or trainee learns the job knowledge and skills from the trainer or superior or senior worker. Generally, the apprenticeship training is given to , the technical cader like that Mechanics, Electricians, Craftsmen, Welders, Fitter etc.

(i) Numerical Reasoning Test : Numerical reasoning test provides information about candidate's numerical aptitude.
(ii) Verbal Reasoning Test: It measures the candidate's ability to comprehend the written text and ability to arrive at factual conclusion from the written test.
(iii) Inductive Reasoning Test: Inductive test is one of the psychometric tests conducted in the selection process to measure the problem solving abilities and ability to apply logical reasoning.
(iv) Mechanical Reasoning Test: This test measures the engineering student's ability to apply engineering concepts in actual practice.
(v) Diagrammatic Reasoning Test : This test measures the candidate's ability to understand the shapes, abstract ideas and ability to observe and extract values from illustrations and apply them to new samples.
(vi) Spatial Reasoning Test : The test measures the candi ate's ability to clearly manipulate and remember the shapes, still images, and find out pattern which govern the sequence