MANAGERIAL REMUNERATION

The maximum total managerial remuneration payable by a public company, to its directors, including managing director and whole-time director, and its manager in respect of any F.Y shall be eleven percent of the net profits of that company for that financial year computed in the manner laid down in section 198.

Provided that the company in general meeting may, with the approval of the Central Government, authorise the payment of remuneration exceeding eleven per cent of the net profits of the company, subject to the provisions of Schedule V.