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Board Resolution - Constitution of Audit Committee and their Term of references

Draft Board Resolution along with Preamble to constitute Audit Committee of the Company and to decide their terms of reference

Chapter: XII

Section: 177

Rule: The Companies (Meetings of Board and its Powers) Rules, 2014

Approximate Time Saving: 1 hour

Product Information

This document consist of draft Board resolution to constitute Audit Committee and to decide their term of reference along with Preamble in editable word format making it handy to use and save time and efforts of a professional.

Additional Information

Section 177

The Board of Directors of every listed company and such other class or classes of companies, as may be prescribed, shall constitute an Audit Committee.

The Audit Committee shall consist of a minimum of three directors with independent directors forming a majority.

Rule 6 

The Board of directors of every listed companies and the following classes of companies shall constitute an Audit Committee and a Nomination and Remuneration Committee of the Board-

(i) all public companies with a paid up capital of ten crore rupees or more;

(ii) all public companies having turnover of one hundred crore rupees or more;

(iii) all public companies, having in aggregate, outstanding loans or borrowings or debentures or deposits exceeding fifty crore rupees or more.

Explanation.- The paid up share capital or turnover or outstanding loans, or borrowings or debentures or deposits, as the case may be, as existing on the date of last audited Financial Statements shall be taken into account for the purposes of this rule.





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Constitution of audit committee and their term of reference