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of <h1>Public companies with 5 crore capital must form an Audit Committee; two-thirds non-managing directors required. Non-compliance penalties apply.</h1> Every public company with a paid-up capital of at least five crores rupees must establish an Audit Committee consisting of at least three directors, two-thirds of whom must be non-managing directors. The committee operates under written terms from the Board, elects its chairman, and its composition is disclosed in the annual report. Auditors and financial directors attend meetings but cannot vote. The committee reviews financial statements, ensures compliance, and can investigate matters with full access to company records. Its recommendations are binding unless the Board provides reasons for non-acceptance. Non-compliance can result in fines or imprisonment.
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