You should prefer a representation before the superior officer than the Managing Director. Make a prayer to restore the entry made in your character roll because that entry has been converted or downgraded without your knowledge. When the concerned officer does not act on your representation within a month then you should file an original application before the Central Administrative Tribunal (CAT).
In Dev Dutt vs. Union of India (2008) 2 SCC 725 the Supreme Court has held that fairness and transparency in public administration requires that all entries (whether poor, fair, average, good or very good) in the annual confidential report of a public servant, whether in civil, judicial, police or any other State service (except the military), must be communicated to him within a reasonable period so that he can make a representation for its up-gradation.
The principle of non arbitrariness in State action as envisaged by Article 14 of the Constitution in our opinion requires such communication. Article 14 will override all rules or government orders. The State must be a model employer, and must act fairly towards its employees. Only then would good governance be possible.Dev Dutt vs. Union of India (2008) 2 SCC 725
If there is no reason behind such a downgrade entry in character roll it renders the action arbitrary. An arbitrary action is against the principle of equality therefore, violates the Article 14 of the Constitution of India.
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The Hon’ble High Court of Allahabad in Surendra Kumar vs. State of U.P. and others, 2006 (3) UPLBEC 2834 has held that not giving any reason for converting the entry in character roll violates the principles of natural justice and fair play and as such is not justifiable in law.
Therefore, you should file a representation as soon as possible. Your prayer to modify the entry in your character role from satisfactory to outstanding is well founded. After non-action or bad-action of the concerned officer regarding entry in your character roll, you should prefer an OA before the CAT.