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of <h1>Directors' Associates Need Special Resolution for Office of Profit under Section 314, Companies Act 1956</h1> Section 314 of the Companies Act, 1956, prohibits directors and their associates from holding an office or place of profit in the company or its subsidiaries without the company's consent via a special resolution. This includes partners, relatives, firms, or private companies connected to the director. Exceptions exist for managing directors, managers, bankers, or debenture trustees. If such positions are held without compliance, the individual or entity must vacate the position and refund any remuneration received. The company cannot waive recovery of such sums without Central Government approval. Certain pre-existing appointments are exempt from these restrictions.
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