Section 178
Nomination and remuneration committee & share holders relationship
(i) Every listed company or
(ii) Such other class of companies – means –
a) All public companies with a paid-up capital or rupees 10 crore or more
b) All public companies having turnover of rupees 100 crore or more
c) All public companies, having in aggregate outstanding loans or borrowings
or debentures or deposits of rupees exceeding rupees 50 crore or more
Constitution of Audit Committee:
3 or more non-executive directors out of which not less than one-half shall be
independent directors.
Work to be performed:
It shall formulate the criteria for determining qualifications, positive attributes and
independence of a director and recommend to the Board a policy, relating to the
remuneration for the directors, key managerial personnel and other employees.
Commencement from 01-04-2014.

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