Constituion of audit committee and applicability of the sam
This query is : Resolved
Vijayalakshmi.
(Querist)
28 November 2017
The Paid up share capital of the company as at 31st March 2017 as per audited financials was below Rs.10 crore. In September, 2017 the paid up share capital has been increased above Rs.10 crore.
The Paid up share capital of the company as at 31st March 2017 as per the Last Audited Financials was below Rs.10 crore. In September, 2017 the paid up share capital has been increased from Rs.10 crore. to Rs.13 crore
As per section 177 of the Companies Act 2013 and Rule 6 and 7 of Companies (Meetings of Board and its Powers) Rules 201 deals with the Audit committee and As prescribed under Rule 6 of the Companies (Meetings of Board and its powers) Rule 2014 company shall constitute an Audit committee.
Is it Statutory to constitute the Audit Committee in the Board Meeting to be held in October 17/November17/December17 / Before March 2018 or should we wait for the Audited financials as at 31st March 2018 to have the increased paid up share capital above Rs.10 crore.
For the views please.
The Paid up share capital of the company as at 31st March 2017 as per the Last Audited Financials was below Rs.10 crore. In September, 2017 the paid up share capital has been increased from Rs.10 crore. to Rs.13 crore
As per section 177 of the Companies Act 2013 and Rule 6 and 7 of Companies (Meetings of Board and its Powers) Rules 201 deals with the Audit committee and As prescribed under Rule 6 of the Companies (Meetings of Board and its powers) Rule 2014 company shall constitute an Audit committee.
Is it Statutory to constitute the Audit Committee in the Board Meeting to be held in October 17/November17/December17 / Before March 2018 or should we wait for the Audited financials as at 31st March 2018 to have the increased paid up share capital above Rs.10 crore.
For the views please.
CS Mitesh Mehta
(Expert)
29 November 2017
You have to constitute audit committee as Paid up capital is Rs. 10 Cr as on the date of last audited financial statement
29 November 2017
Yes constituting audit committee is mandatory in your case. As paid up share capital has increased to 10 Lacs.
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