15. Lockworth Safety Gears Private Limited pays remuneration to its Directors on yearly basis. Company has a Whole Time Director on Board. Currently they appointed Mr. X as a Managing Director of the Company.

Now Company has to keep in mind that overall remuneration to the Directors including Managing Director, Whole Time Director and Manager shall not exceed maximum limit mentioned under the Act. If there is more than one Managing Director/ Whole Time Director/ Manager, how much maximum remuneration is allowed in a financial year.

(a) 3 % of net profits;

(b) 5 % of net profits;

(c) 10 % of net profits;

(d) 11 % of net profits;























Ans: (c) 10 % of net profits;



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