Competition success magazine Published this article they act as trustees of shareholders especially minority shareholders. they are expected to take an outsiders view and ensure checks and balances. under companies act 2013 o an id should not be a promoter or related to promoter of the company its subsidiary or associates. o an id must not have been an employee of the company. an id should also not have had any pecuniary relationship with the company in the two preceding financial years or in the current year. recommendations by the uday kotak panel regarding audit committee to provide requisite time to address matters beyond quarterly reporting it recommended at least 5 audit committee meetings. further the audit committee shouldo review the utilization of funds of the listed entity infused into unlisted subsidiaries including foreign subsidiaries. review the use of loans advances and investment by holding company if it exceeds rs. 100 crore regarding nomination & remuneration committee o in order to ensure the independence of the committee it shall have at least 23rd members as independent directors. o the committees role includes identifying persons who may be appointed in senior management and recommending to the board of directors their appointment and removal competition success review buy.
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