Remuneration Committee

Mahendra Kumar (Finance Accounts & Taxation)   (45 Points)

20 November 2007  
I urgently need to know about applicability/requirement of constitution of Remuneration Committee for an Unlisted Indian Company.
Our company's closing data as as follows:
paid up capital 74001320.00,
Right Issue 41341320.00, 
Bonus Issue 22500000.00 as on 31.03.2007.
 
Should we constitute remuneration committee in this scenario, as per companies act?  If yes, then please mention reference link in answer.