CA. Dev is statutory auditor of FMCG giant Premium Ltd as well. Premium Ltd is a listed company and 47th largest company of India in terms of market capitalization. The promoter of the company is Mr. Hari but he doesn’t hold any management position in this company. His brother, Mr. Taari, is a non-executive chairman of Premium Ltd. There sits a total of 16 directors including Mr. Suyog on board of Premium Ltd. The BOD (Board of Directors) are considering to form an audit committee consisting of 9 directors. Mr. Taari seeks advice from CA Dev as to number of independent directors to be part of audit committee of this company.
 
In relation to Corporate Governance and in compliance of Regulations 17 and 17A, what should be the minimum number of independent directors on the board of Premium Ltd?
I beleive it to be 1/3 of total and thus answer should be 6 but ICAI gave 8