Substitution of section 19.

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....ecutive Committee of the Board shall exercise such powers as the Board may entrust to it. Investment Committee. 19A.The Board may, for such functions relating to investment of the funds of the Corporation as the Board may entrust, constitute an Investment Committee of the Board, consisting of the Chief Executive and not more than seven other directors, of which a minimum two shall be directors other than directors appointed under clause (a) or clause (b) of sub-section (2) of section 4: Provided that the officers of the Corporation heading the functions dealing with finance, risk, investment and law as well as its Appointed Actuary shall be invited to every meeting of the Committee and shall have a right to be hea....

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....nd independence of a director to be appointed under clause (e) or clause (f) or clause (g) of sub-section (2) of section 4 and recommend the same to the Board; (ii) in accordance with the criteria referred to in clause (i), identify individuals who are qualified to be appointed as such a director: Provided that while identifying individuals, the Committee shall have due regard to the requirements under the proviso to sub-section (1) of section 19C; (iii) give its recommendations to the Board regarding appointment and removal of such an individual, and carry out evaluation of his performance; and (iv) recommend to the Board a policy relating to the sum payable as sitting fees to a director nominated or app....

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....rmance of the auditors, and the effectiveness of the audit process; (c) examination of financial statements and auditor's report thereon; (d) prior approval of transactions of the Corporation with related parties: Provided that the Audit Committee may make omnibus approval for related party transactions proposed to be entered into by the Corporation subject to the conditions specified in sub-section (3): Provided further that in case of transaction other than transactions referred to in section 4C, and where the Audit Committee does not approve a transaction, it shall make its recommendations to the Board: Provided also that in case any transaction involving any amount not exceeding one crore rup....

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.... (i) the details regarding the name of the related party and the nature, period and the maximum amount of the transactions that shall be entered into; (ii) the details regarding indicative base price or current contracted price, along with the formula, if any, for variation in the price; and (iii) such other conditions as the Audit Committee may deem fit: Provided that where the need for related party transaction cannot be foreseen and the said details are not available, the Audit Committee may grant omnibus approval for such transactions subject to their value not exceeding one crore rupees per transaction; (d) the Audit Committee shall review on a quarterly basis, the details of related party transa....