Audit Committee under the Companies Act, 2063: Formation, Functions, Duties and Powers

The Companies Act, 2063 (2006) provides for the formation of an Audit Committee under Section 164. A listed company having paid-up capital of NPR 30 million or more, or a company wholly or partially owned by the Government of Nepal, must establish an Audit Committee consisting of at least three members, chaired by a director who is not involved in the day-to-day operation or management of the…