Section 314(1B)

314(1b) applies to all companies means private company & public company.

conditions:

1)any specified person is appointed at an opp (office or place of profit) at a monthly remmuneration exceeding rs 50000.

2) 314(1b) is attracted only if opp (office or place of profit) is held under the company.

3) if any specifed persons hold opp (office or place of profit) under the holding or subsidary company,section 314(1b) is not attracted.

4) specified person's: patner of dirctor/manager,relative of director/manger,firm in which director or manger or relative of either is a patner,private company in which director or manager or relative of either ia a director or member. 

5) CONCLUSION: SECTION 314(1B) DOES NOT SEEMS TO APLIES IN OUR CASE, ON CONDITION THAT HE IS NOT SPECIFIED PERSON.  (OR ) OTHERWISE ELSE APPLIES IN OUR CASE IF HE IS SPECIFIED PERSON.

Thank u Sir,

It means director can hold office of profit and take remuneration 3 lacs per month without approval of CG.