Overall maximum managerial remuneration and managerial remuneration in case of absence or inadequacy of profits.

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....uneration payable by a public company or a private company which is a subsidiary of a public company, to its directors and its [2][* * *] manager in respect of any financial year shall not exceed eleven per cent of the net profits of that company for that financial year computed in the manner laid down in sections 349 [3][and 350], except that the remuneration of the directors shall not be deducte....

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....sive of any fees payable to directors under sub-section (2) of section 309], except with the previous approval of the Central Government.] Explanation. For the purposes of this section and sections 309, 310, 311, [6][* * *] 381 and 387, "remuneration" shall include,      (a) any expenditure incurred by the company in providing any rent free accommodation, or any other benefit....

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....] Substituted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 56, for section 198. [2] Omitted by the Companies (Amendment) Act, 2000 w.e.f. 13-12-2000. as provisions relating to managing agents, secretaries and treasures" had become redundant after abolition of system by Act 17 of 1969. [3] Substituted for ", 350 and 351" by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000....