Schedule xiii query

Aditya Jain (CS) (51 Points)

16 December 2013  

Dear All,

 
I need a little understanding of Schedule XIII:
 
1. where a Company is a loss making company
2. Paying remuneration of around Rs. 4,65,000/- collectively for 2 Directors
3 Effective capital is around 60 crores.
 
So, if i interpret Schedule XIII, it falls under Slab C of Section C of Part II, where it says if the effective capital is between 50 to 100 crores, monthly remuneration exceeds Rs. 3,50,000/-.
 
Now, my query is whether 3,50,000/- is the maximum we can pay or we can pay more than that subject to the fulfillment of the conditions as mentioned in the slab C (i.e., ceiling limit of Rs. 4,00,000/- per month or Rs. 48,00,000/- P.a.)