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of <h1>Directors' Profit Positions Restricted: Section 314 Updates Monetary Limits for Company Consent and Government Approval.</h1> The circular addresses the prohibition against directors holding an office or place of profit within a company, as outlined in Section 314 of the Companies Act, 1956. It specifies that a director's partner, relative, or associated firm cannot hold such a position with a monthly remuneration of Rs. 3,000 or more without company consent via a special resolution. For remunerations of Rs. 6,000 or more, prior company consent and Central Government approval are required. Effective March 26, 1992, these monetary limits have been increased to Rs. 6,000 and Rs. 12,000 respectively, as per a recent notification.
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