Managerial remuneration rules: Schedule XIII permits specified minimum pay in loss years without separate Central Government approval. Amendment to Schedule XIII effective 1 February 1994: where a company has adequate net profits, remuneration of managerial personnel is governed by section 1 of Part II allowing payment within prescribed percentage ceilings; where profits are absent or inadequate, section 2 of Part II prescribes minimum remuneration and ceilings (with certain perquisites excluded from the ceiling). Remuneration under section 2 is admissible in such years without separate Central Government approval; excess pay must be recovered or regularised by approval, and remuneration must be adjusted if effective capital falls.