16 March 2011
In a unlisted company 6 directors are there one is MD one in independent and 4 are part time directors can it is possible to constitute Audit committee comprising of MD, Independent Director and One Part time Director.
17 March 2011
As per Section 292A, the Audit Committee should consist of not less than 3 directors of which two-thirds shall be directors other than MD / WTD.
Since your AC consist of 1 MD and 2 other non-Whole Time Directors, the constitution is perfect.
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