Gap between 2 meetings should not be more than 120 days that means 4 months
that means maximum gap can be 4 months
that means there is quarterly gap
at least 1 meeting will fall in each quarter
as we are having minimum 1 meeting in each quarter
it doesn’t matter which way you interpret it
same is case with BOD meeting
but yes as per secretarial standard 1, for BOD meeting it is calendar year
so we can take it as calendar year for Audit Committee also

from case point of view concept of gap not more than 120 days is more important