1.The Board of Directors of every listed company and such other class or classes of companies, as may be prescribed, shall constitute an Audit Committee.
(i) All public companies with a paid up capital of ten crore rupees or more;
(ii) All public companies having turnover of one hundred crore rupees or more;
(iii) All public companies, having in aggregate, outstanding loans or borrowings or debentures or deposits exceeding fifty crore rupees
As existing on the last date of latest audited financial statements shall be taken into account