Waiver of central approval for high remuneration to professional managerial persons where companies lack profits, subject to eligibility. Amendment to Schedule XIII effective 14 July 2011 waives Central Government approval for payment of high remuneration by listed companies and their subsidiaries lacking profits or having inadequate profits to a professional managerial person who (a) held no direct or indirect interest in the company or its holding company during the two years before or on the date of appointment and (b) possesses a graduate-level qualification with expert and specialized knowledge; compliance with other general conditions in para (c) of Section II of Part II of Schedule XIII remains mandatory.