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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Board Approval Needed for Director-Related Contracts u/s 297(1) of Companies Act; Excludes Professional Services.</h1> Section 297(1) of the Companies Act mandates board approval for contracts involving a company and its directors or their relatives, especially when the company's paid-up share capital is at least Rs. 1 crore, requiring Central Government approval. However, professional services like legal expertise are excluded from this requirement. The provision does not apply to contracts for employing directors as managing or whole-time directors, as these roles are governed by specific regulations within the Companies Act and are distinct from service supply contracts. Directors are considered fiduciaries to the company, members, and creditors, maintaining their status despite additional management roles.
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