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of <h1>New Companies Bill Requires Audit Committees with Independent Directors to Strengthen Financial Oversight and Transparency</h1> Clause 177 of the Companies Bill, 2011 mandates that the Board of Directors of every listed company and certain other prescribed companies establish an Audit Committee. This committee must consist of at least three directors, with a majority being independent and capable of understanding financial statements. The committee's responsibilities include recommending auditor appointments, reviewing auditor independence, examining financial statements, approving related party transactions, and evaluating financial controls. It has the authority to investigate relevant matters and obtain external advice. Companies must also establish a vigil mechanism for reporting concerns, with protections against victimization and direct access to the committee chairperson.
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