Following is the statement of profit and loss of Target Ltd. for the year ended 31st March, 2015: ₹ I. Revenue from operations 40,25,360 II. Other income Subsidy received from government 2,32,560 Interest on investments

Following is the statement of profit and loss of Target Ltd. for the year ended 31st March, 2015: ₹ I. Revenue from operations 40,25,360 II. Other income Subsidy received from government 2,32,560 Interest on investments 15,640 Transfer fees 720 Profit on sale of machinery 25,000 2,73,920 III. Total Revenue (I+II) 42,99,280 IV. Expenses Administrative, selling and distribution expenses 8,22,540 Donation to charitable funds 25,500 Directors' fee 66,760 Interest on debentures 31,240 Compensation for breach of contract 42,530 Managerial remuneration 2,85,350 Depreciation on fixed assets 5,22,540 Provision for taxation 12,42,500 General reserve 4,00,000 Investment revaluation reserve 12,500 34,51,460 V. Profit for the period (III-IV) 8,47,820 VI. Profit brought forward from the last year's statement 5,72,360 VII. Profit carried forward (V+VI) 14,20,180 Additional information: Original cost of machinery sold was ₹55,000. The written down value as on the date of sale was ₹30,000. Depreciation on fixed assets as per Schedule II of the Companies Act, 2013 was ₹4,75,340. You are required to calculate and comment on managerial remuneration in the following cases in accordance with the provisions of the Companies Act, 2013 if: (i) there is only one whole-time director; (ii) there are two whole-time directors; and (iii) there are two whole-time directors, a part-time director and a manager.