Frequently Asked Questions(FAQ) Auditguru

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Jaspreet Singh SinghJaspreet Singh asked 2 months ago

sir, section 177 states that audit committee should consist of min 3 directors with independent directors forming the majority while regulation 18 states that audit committee should consist of min 3 directors with 2/3rd directors being independent director.
Incase of a listed co., if a company has 15 directors then the audit committee should have 10 directors as per regulation 18 while as per section 177,8directors should be independent directors in the committee. will regulation 18 prevail or sec. 177?

Also, I asked a question regarding the resignation of auditor iro which there is an amendment in May 20 but how do i reply under that thread since no such option is available?

2 Answers
RaviRavi Staff answered 2 months ago

if 2 laws talk about same thing stricter law will get applicable 
so requirement of 10 independent directors will get applicable

RaviRavi Staff answered 2 months ago

there is option to comment on each answer

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