Under Chapter XIII of the Companies Act, 2013, which provision relates to the ceiling on managerial remuneration for public companies?
1
Managerial remuneration must not exceed 5% of the net profits for all managerial personnel combined.
2
Managerial remuneration must not exceed 10% of the net profits for all managerial personnel combined.
3
Managerial remuneration must not exceed 15% of the net profits for all managerial personnel combined, unless approved by the Ministry of Corporate Affairs.
4
Managerial remuneration must not exceed 11% of the net profits for all managerial personnel combined, unless approved by shareholders.
5
Managerial remuneration must not exceed 12% of the net profits for all managerial personnel combined.