RPK Ltd. is an unlisted company having ₹9 crore as paid up capital and ₹52 crore as long term loan. The directors of the company would like to know from you the answers for the following questions: Would the company be l

Section 177(1) of the Companies Act, 2013 read with Rule 6 of the Companies (Meetings of the Board and its Powers) Rules, 2014, provides that the Board of directors of following companies are required to constitute an Audit Committee of the Board- Every listed Public companies; All public companies with a paid up capital of ₹10 Crore rupees or more; All public companies having turnover of ₹100 Crore rupees or more; All public companies, having in aggregate, outstanding loans or borrowings or debentures or deposits exceeding ₹50 Crore rupees or more. Accordingly RPK Ltd. is liable to constitute the audit committee as its long term loan is more than the prescribed limit of ₹50 Crore.