Government sanction for increased managing director remuneration required; appointments raising pay ineffective unless approved or compliant with schedule. In a public company, or a private company that is a subsidiary of a public company, any re-appointment or appointment after the commencement of the Act that purports to increase, directly or indirectly, the remuneration of a managing or whole-time director has no effect unless the increase is in accordance with the conditions of the applicable Schedule or is approved by the Central Government, and it becomes void to the extent disapproved by that Government.