Which is better between having a Boss as a Director/MD and having a Boss as a Senior Manager ?

It is not good to have boss at any level. He will never be able to motivate, inspire or groom you. You should have a LEADER at all managerial levels. You will be inspired and grow with him. As I differentiate them as follows ;

Boss                                                           Leader

Drives Employees                                   Coaches Them

Says I                                                         Says We

Takes Credit                                             Gives Credit

Uses People                                            Develops People

Inculcates Fear                                        Generates Enthusiasm

Commands                                              Suggests and Asks

Blames for short comings                      Fixes Short comings

Depends on Authority                            Depends on Goodwill

Demands respect                                   Commands respect