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: What is the quorum for
CS Executive · Company Law · PYQS · December 2019
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: What is the quorum for meetings and number of meetings to be held in a year by the audit committee ?
Answer & Explanation:
Para 2.2 of the Secretarial Standard-1 provides that Committee shall meet as often as necessary subject to the minimum number and frequency prescribed by any law or any authority or as stipulated by the board. Para 3.5 of the Secretarial Standard -1, unless otherwise stipulated in the Act or the Articles or under any other law, the Quorum for meeting of any Committee constituted by the Board shall be as specified by the Board. If no such Quorum is specified, the presence of all the members of any such Committee is necessary to form the Quorum. Accordingly, RPK Ltd. In case of unlisted public companies, minimum number of meetings and quorum may be decide by the Board of Directors.
Topics: Company Law / Secretarial Standards
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