Remuneration ceiling for managerial persons set where company has no or inadequate profits; limits vary by effective capital.
Where a company has no profits or inadequate profits during a managerial person's tenure, it may pay salary, dearness allowance, perquisites and other allowances subject to a prescribed overall annual ceiling and corresponding monthly maxima. These limits are to be applied according to a scale linked to the company's effective capital, with progressive monthly caps across five capital bands substituted into para 1 of section II of Part II of Schedule XIII.

Remuneration cap for board meeting fees established by amendment; fee per director meeting now subject to statutory limit.
The amendment substitutes rule 10B to provide that, for the purposes of the first proviso to the relevant statutory provision, the amount of remuneration by way of fee for each meeting of the Board of directors or a committee thereof shall not exceed the prescribed maximum.