387 Remuneration of manager

The manager of a company may, subject to the provisions of section 198, receive remuneration either by way of a monthly payment, or by way of a specified percentage of the "net profits" of the company calculated in the manner laid down in sections 349, and 350, or partly by the one way and partly by the other :

Provided that except with the approval of the Central Government such remuneration shall not exceed in the aggregate five per cent of the net profits.