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of <h1>Contracts for Managing Directors Before 1975: No Approval Needed Unless Modified or Renewed; See Section 297 Exceptions.</h1> The Central Government clarifies that for companies with a paid-up capital of Rs. 1 crore or more, contracts of employment involving directors as managing directors, entered before February 1, 1975, do not require approval under the Companies (Amendment) Act, 1974. However, if any modifications are made or if the contract is renewed after its original term, Central Government approval is necessary. This approval requirement applies to all transactions except those covered under sub-section (2) of section 297.
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