TMI BlogAudit CommitteeX X X X Extracts X X X X X X X X Extracts X X X X ..... ith 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 statement. (3) Every Audit Committee of a company existing immediately before the commencement of this Act shall, within one year of such commencement, be reconstituted in accordance with sub- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibed;] 3 [Provided further that in case of transaction, other than transactions referred to in section 188, and where Audit Committee does not approve the transaction, it shall make its recommendations to the Board: Provided also that in case any transaction involving any amount not exceeding one crore rupees is entered into by a director or officer of the company without obta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of internal financial controls and risk management systems; (viii) monitoring the end use of funds raised through public offers and related matters. (5) The Audit Committee may call for the comments of the auditors about internal control systems, the scope of audit, including the observations of the auditors and review of financial statement before their submission to the Bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and where the Board had not accepted any recommendation of the Audit Committee, the same shall be disclosed in such report along with the reasons therefor. (9) Every listed company or such class or classes of companies, as may be prescribed, shall establish a vigil mechanism for directors and employees to report genuine concerns in such manner as may be prescribed. (10) The vigil mec ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
