(1)The total managerial remuneration payable by a public company or a private company which is a subsidiary of a public company, to its Directors and its [* * *][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 [and 350] [Substituted by Act 65 of 1960, Section 56, for Section 198 (w.e.f. 28.12.1960). ], except that the remuneration of the Directors shall not be deducted from the gross profits.[* * *] [ Proviso omitted by Act 53 of 2000, Section 85 (w.e.f. 13.12.2000).]
