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of <h1>Central Govt Approval Not Needed Under Sec 297 for Director Contracts if Approved Under Sec 269, 294AA, or 314(1B.</h1> The circular addresses the requirement for Central Government approval in contracts involving directors of companies with a paid-up capital of Rs. 1 crore or more, specifically regarding employment contracts for directors as managing directors. It clarifies that when approval is sought under sections 269, 294AA, or 314(1B) of the Companies Act, which are specific in nature, separate approval under the general provisions of section 297 is unnecessary. This decision aims to streamline administrative processes and reduce the need for multiple applications when the facts and circumstances necessitate approval under the specific sections mentioned.
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