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of <h1>Appointment of Sole Selling Agents as Office of Profit Requires Special Resolution per Section 314 of the Companies Act.</h1> The circular clarifies that the appointment of sole selling agents can be considered an office of profit under section 314 of the Companies Act. This applies to appointments involving a managing director, director, their relatives, or entities associated with them. Such appointments require a special resolution from the company to grant consent. This determination follows consultation with the Ministry of Law and aligns with previous guidance from an earlier circular. The requirement ensures compliance with section 314(1), mandating that companies pass a special resolution for these appointments.
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