Members of Audit Committee

A whole Time Director can be appointed as a member of Audit Commitee,as long as you comply with  sec 292A / clause 49 of the listing agreement as the case may be .

As per section 292A of Companies Act , every public Company having a paid up capital of not less than  Rs. 5 Crore shall constitute Audit Committee consisting of atleast 3 members of which two- third shall be the directors other than managing or whole time director.

In the case of listed Company, clause 49 states that:

1. The audit committee shall have minimum three directors as members.Two-thirds of the members of audit    committee shall be independent directors.

2. All members of audit committee shall be financially literate and at least one member shall have accounting or related financial management expertise.

For details, you can refer the listing agreement.

Hi Rakhee

Yes, a whole time director can be a member of audit committee if your company having more than two third director other than Managing Director or Whole time director i.e. two director should be independent/non-executive.

Regards

Ajay

It would be better if the answer is specific regarding Director (Finance)