Section 177 of CA 2013 : Section 177: Audit Committee
CA 2013
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Explanation using Example
Imagine XYZ Corp is a publicly listed company on the National Stock Exchange of India. In compliance with Section 177(1) of the Companies Act, 2013, XYZ Corp's Board of Directors establishes an Audit Committee to oversee financial reporting and audits.
The Audit Committee of XYZ Corp consists of five directors, as per Section 177(2), three of whom are independent directors, and the Chairperson is an expert in financial matters, capable of understanding financial statements.
Following a recent IPO, XYZ Corp is reviewing its financial controls. The Audit Committee, acting under Section 177(4)(vii), evalu...
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