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      Question

      What shall be the composition of an Audit

      Committee?
      A Minimum of three directors Correct Answer Incorrect Answer
      B Maximum of three directors Correct Answer Incorrect Answer
      C Minimum of three directors with no independent directors Correct Answer Incorrect Answer
      D Minimum of three directors with independent directors forming a majority Correct Answer Incorrect Answer
      E None of the above Correct Answer Incorrect Answer

      Solution

      Section 177. 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. 

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