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      Question

      An audit committee is required to be constituted by the

      Board of Directors of _________________
      A Every Listed Public Company Correct Answer Incorrect Answer
      B Public Companies having paid up share capital of ten crore rupees or more Correct Answer Incorrect Answer
      C Public Companies which have, in aggregate, outstanding loans, debentures and deposits, not exceeding fifty crore rupees Correct Answer Incorrect Answer
      D All a, b & c Correct Answer Incorrect Answer
      E Both a & b Correct Answer Incorrect Answer

      Solution

      Section 177. Audit Committee- (1) The Board of Directors of   every listed public company and such other class or classes of companies, as may be prescribed, shall constitute an Audit Committee, Companies (Meetings of Board and its Powers) Rules,2014: The Board of directors of every listed public company and a company covered under rule 4 of the Companies (Appointment and Qualification of Directors) Rules, 2014 shall constitute an ‘Audit Committee’ and a ‘Nomination and Remuneration Committee of the Board.

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