Audit Committee Policy
Composition, terms of reference and operating procedures of the Audit Committee, framed in line with Section 177 of the Companies Act 2013.
Constitution
The Audit Committee comprises a minimum of three directors, with a majority of independent directors. The Chairperson of the committee is an independent director. All members are financially literate and at least one member has accounting or financial-management expertise.
Terms of reference
Oversight of the company's financial reporting process and disclosure of financial information; review of internal controls and the adequacy of the internal audit function; recommendation of the appointment, terms and remuneration of statutory auditors; scrutiny of inter-corporate loans and investments; valuation of undertakings or assets where required; and approval of related-party transactions.
Meetings and quorum
The Committee meets at least four times a year, with a gap not exceeding 120 days between two consecutive meetings. The quorum is two members or one-third of the total members, whichever is higher, with at least two independent members present.
Reporting
The Committee's recommendations are placed before the Board. Material observations are disclosed in the Directors' Report; the constitution and meeting calendar are disclosed in the corporate governance report annexed to the Annual Report.
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