Regulation of Salary

The managerial remuneration payable by a listed company and its subsidiaries to its directors is regulated under section 197 of the Companies Act, 2013 (the Act) read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. In terms of these provisions, the total managerial remuneration shall not exceed 11% of net profits of the Company for that financial year unless the Company, in a general meeting, with the approval of the Central Government, authorises payment of remuneration in excess of the above ceiling. Salaries of other personnel are not regulated under the Act.