Managerial remuneration approval exemption when profits are absent; Schedule XIII compliance and salary cut condition allow payment without approval. Central Government approval is unnecessary for managerial remuneration during loss or inadequate profits if the appointment adheres to Schedule XIII and the general meeting resolution provides for the salary cut required by paragraph 2 of Part III of Schedule XIII; if remuneration is commission only under paragraph 2(ii) of Part II (Commission) of Schedule XIII, no remuneration is payable in case of loss.