Dear 087980.....
You need to refer to the Payment of Bonus Act 1965.
and i quote:
"... was enacted to provide for the the payment of bonus on the basis of profits...."
So if the business is running at a loss, then as there are no profits, there is no bonus to be paid;
HOWEVER
The accounting practices of the business also matter greatly, again I quote:
"... Where in any accounting year, any amount has been carried forward and set ON or set OFF, then in calculating bonus for the succeeding accounting year the amount of set on or set off carried forward from the earliest accounting year shall first be taken into account...."
I suggest you take professional advice, make sure that any such advice is from a competent person or authority and, in writing, as the penalties are very high.
I hope this helps
Harsh