Section - 199 - Companies Act, 1956

Section - 199 - Calculation of commission, etc., in certain cases

Calculation of commission, etc., in certain cases.

199. (1) Where any commission or other remuneration payable to any officer or employee of a company (not being a director

[***] or a manager) is fixed at a percentage of, or is otherwise based on, the net profits of the company, such profits shall be calculated in the manner set out in sections

[and

(2) Any provision in force at the commencement of this Act for the payment of any commission or other remuneration in any manner based on the net profits of a company, shall continue to be in force for a period of one year from such commencement; and thereafter shall become subject to the provisions of sub-section (1).