Audit Committee. — (1) The Board of Directors of 1 [every listed public company and such other class or class… — THE COMPANIES ACT, 2013

Audit Committee. — (1) The Board of Directors of 1 [every listed public company] and such other class or classes of companies, as may be prescribed, shall constitute an Audit Committee.

177. Audit Committee. — (1) The Board of Directors of 1 [every listed public company] and such other class or classes of companies, as may be prescribed, shall constitute an Audit Committee. (2) 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 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-section (2). (4) Every Audit Committee shall act in accordance with the terms of reference specified in writing by the Board which shall, inter alia, include, — (i) the recommendation for appointment, remuneration and terms of appointment of auditors of the company; (ii) review and monitor the auditor's independence and performance, and effectiveness of audit process; (iii) examination of the financial statement and the auditors’ report thereon; (iv) approval or any subsequent modification of transactions of the company with related parties:

Section 177