Managerial remuneration approval exemption where holding company consent and general meeting approval deem payment by holding company. Exemption from Central Government approval for managerial remuneration of a subsidiary of a listed company applies where the holding company's Remuneration Committee and board consent, the holding company's general meeting approves the remuneration as deemed paid by the holding company, all members of the subsidiary are bodies corporate, and remuneration fixed by the Board for Industrial and Financial Reconstruction is also excluded from approval requirements.