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of <h1>Section 177 of Companies Act, 2013: Audit Committees Required for Listed Public Companies, Must Include Independent Directors.</h1> Section 177 of the Companies Act, 2013 mandates that the Board of Directors of every listed public company and other specified classes of companies must establish an Audit Committee. This committee should comprise at least three directors, with a majority being independent, and members must be capable of understanding financial statements. The committee's responsibilities include recommending auditor appointments, monitoring auditor independence, reviewing financial statements, approving related party transactions, scrutinizing inter-corporate loans, evaluating internal controls, and monitoring fund usage. The committee can investigate relevant matters and has authority to obtain external professional advice. A vigil mechanism for reporting concerns must be established, ensuring protection against victimization.
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