Sec 314 of companies Act

the company is a limited company. currently managing director proposes to resign from the directorship as well as MD and seeks to be appointed as employee of the company with a remuneration of Rs 500000 per month while his wife is proposed to be appointed as MD of the company. kindly advice whether approval of  central government is required for such remuneration and if so please specify the ceiling limit and applicability of sec 314