Government approval for director employment contracts required upon modification or renewal under the proviso to section 297, with exceptions. Contracts entered into before 1 2 1975 do not require approval under the proviso to sub section (1) of section 297, but any modification or renewal after the original period will require Central Government approval under that proviso; approval is necessary for all transactions within the proviso except those excluded by sub section (2) of section 297, and this applies to contracts of employment of a director as managing director in companies meeting the paid up capital threshold.