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audit committee
if all independent directors tenure is over in the month of feburary 2019, then does it will cause non compliance with sec 177 of audit committer for the financial year 2018-19?
Replies (3)
Not for the financial year , but if on expiry of tenure of Independent directors in feb 2019, if they are not reappointed or new independent directors are not appointed
then there will be non compliance of section 177 from march 2019 onwards since audit committee should comprise of 3 directors with independent directors forming majority.
as per section 177 of compay Act, 2013 majority director should be independent, if any such director or say called member has retired or vacation under any section then there will be reappointment of such director in such period as required to appoint independent director for the company.
Refer Section 177 of the Companies Act 2013.
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