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of <h1>Clarification on Section 314: Special Resolution and Govt Approval Needed for Directors' Roles in Companies Over Rs. 3,000.</h1> The circular addresses queries regarding the application of Section 314 of the Companies Act, particularly after its amendment in 1974. It clarifies that both public and private companies must obtain a special resolution and Central Government approval for directors or their relatives to hold positions with monthly remuneration of Rs. 3,000 or more. It exempts cases where prior approval under other sections has been obtained. The circular also explains that the provisions apply to private companies and certain professional retainers but not to legal appearances or selling arrangements, which are governed by different sections.
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