Audit Committee Under Section 177 Of The Companies Act 2013

The applicability of the audit committee is governed by Section 177 of the Companies Act, 2013.
According to Section 177, the following companies are required to constitute an audit committee:

• All listed companies.
• Public companies with a paid-up share capital of 10 crore rupees or more.
• Public companies with a turnover of 100 crore rupees or more.
• all public companies, having in aggregate, outstanding loans or borrowings or debentures or
  deposits exceeding 50 crore rupees or more.

MEMBERS OF AUDIT COMMITTEE

• The Audit Committee shall consist of a minimum of three Directors with independent directors forming a majority:
• Provided that majority of members of Audit Committee including its Chairperson shall be persons with ability to read and understand, the financial statements.