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Audit committee

sbhaktha (bcom + lawstudent @ present) (109 Points)

23 October 2018

What is the frequency of holding an audit committee meeting in case of unlisted company?

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9 Replies

Hitesh (Student) (3549 Points)
Replied 23 October 2018

There are no provisions related to frequency of holding AC meetings in companies act under 177. However SEBI LODR specifies the same. Hence in case of unlisted there are no provisions for frequency

meet chauhan (25 Points)
Replied 24 October 2018

If it is private company then section 177 is not applicable at all and if it is unlisted public company and falling under the criteria given under 177 then there is requirement of holding atleast 4 meeting in a year and gap shall not me more then 120 days

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Hitesh (Student) (3549 Points)
Replied 24 October 2018

But meet ji the frequency is nowhere mentioned in section 177. The frequency is mentioned in SEBI LODR which is applicable for listed company

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meet chauhan (25 Points)
Replied 24 October 2018

Send me your email i will send you the screenshot

Hitesh (Student) (3549 Points)
Replied 24 October 2018

hiteshjainalc @ gmail.com

meet chauhan (25 Points)
Replied 24 October 2018

I hope you received it

Hitesh (Student) (3549 Points)
Replied 24 October 2018

Yes received Meet ji. Thanks for sharing. But that is mentioned in SEBI LODR. Agar aap bare act mein padhe toh nothing is mentioned in 177. Aur ICAI study material bhi dekh lijiye nothing is mentioned.

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meet chauhan (25 Points)
Replied 24 October 2018

No issue hitesh ji as i am in CS Final we have to read Act as well as regulations and After LODR regulations 2015 company will have to comply this as well for good corporate governance and if unlisted public company is going in listing in future it will not be valid for listing unless they comply with the LODR regulation 2015 😊