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of <h1>Section 198 of Companies Act, 1956 caps managerial pay at 11% of net profits; requires approval for low-profit firms.</h1> The Companies Act, 1956, Section 198, outlines the limits on managerial remuneration for public companies and private subsidiaries of public companies. It sets a cap of 11% of the net profits for a financial year as the maximum remuneration payable to directors and managers. This percentage excludes directors' fees under Section 309(2). If a company has no profits or inadequate profits, remuneration to directors or managers requires prior approval from the Central Government, except for directors' fees. 'Remuneration' includes expenses for benefits like accommodation, insurance, and pensions provided to directors or managers.
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