CLAT PG Exam > CLAT PG Notes > Company Law > Committee Meetings
Committee Meetings | Company Law - CLAT PG PDF Download
| Table of contents |
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| Committee Meetings |
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| Committees Mandatory for Certain Companies |
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| Nomination and Remuneration Committee |
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| Stakeholders Relationship Committee |
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| Corporate Social Responsibility Committee |
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Committee Meetings
The Companies Act, 2013 mandates the formation of four key committees by the board of directors, which are:
- Audit Committee
- Nomination & Remuneration Committee
- Stakeholders Relationship Committee
- Corporate Social Responsibility Committee
Committees Mandatory for Certain Companies
Committees like the Audit, Nomination and Remuneration, Stakeholders Relationship, and Corporate Social Responsibility are required for specific companies based on criteria set in the Act.
Audi Committee
- Applicability: Mandatory for:Every listed companyPublic companies with:
- Paid-up share capital of Rs. 10 crore or more
- Turnover of Rs. 50 crore or more
- Aggregate outstanding loans, debentures, and deposits exceeding Rs. 50 crore
- Responsibilities: Include monitoring the auditor’s appointment, remuneration, and performance.
- Meeting Minutes: Must be noted in the Board of Directors' meeting and recorded in a separate minutes’ book.
- Chairman’s Role: The Chairman addresses shareholder concerns at the Annual General Meeting.
Question for Committee MeetingsTry yourself: Which committee is mandatory for every listed company and public companies with a paid-up share capital of Rs. 10 crore or more, turnover of Rs. 50 crore or more, and aggregate outstanding loans, debentures, and deposits exceeding Rs. 50 crore?View Solution
Nomination and Remuneration Committee
Applicability: Mandatory for:
- Every listed company
- Public companies with:
- Paid-up share capital of Rs. 10 crore or more
- Turnover of Rs. 100 crore or more
- Aggregate outstanding loans, debentures, and deposits exceeding Rs. 50 crore
Responsibilities: Ensure remuneration levels and composition are sufficient to attract, retain, and motivate qualified directors.
Stakeholders Relationship Committee
- Applicability: Required for companies with more than 1000 shareholders, debenture-holders, deposit-holders, or other security holders at any time during the financial year.
- Responsibilities: Address grievances of the company’s stakeholders.
Corporate Social Responsibility Committee
- Responsibilities: Make decisions regarding the company’s Corporate Social Responsibility (CSR) policy.
- Composition: Must consist of at least three directors, including at least one independent director.
The document Committee Meetings | Company Law - CLAT PG is a part of the CLAT PG Course Company Law.
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FAQs on Committee Meetings - Company Law - CLAT PG
| 1. What are the mandatory committees required for certain companies under the Companies Act? |  |
Ans. Under the Companies Act, certain companies are required to establish mandatory committees, including the Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, and Corporate Social Responsibility Committee. These committees help ensure better governance and accountability within the organization.
| 2. What is the role of the Nomination and Remuneration Committee? | |
Ans. The Nomination and Remuneration Committee is primarily responsible for identifying and recommending candidates for the Board of Directors and key managerial personnel. It also oversees the remuneration policies for directors and senior management, ensuring that compensation structures align with the company’s objectives and shareholder interests.
| 3. How does the Stakeholders Relationship Committee function? | |
Ans. The Stakeholders Relationship Committee addresses grievances and concerns from shareholders and other stakeholders. It ensures effective communication between the company and its stakeholders, facilitating the resolution of complaints related to share transfers, non-receipt of dividends, and other issues affecting stakeholders' interests.
| 4. What is the significance of the Corporate Social Responsibility Committee? | |
Ans. The Corporate Social Responsibility Committee is significant as it formulates and oversees the CSR policy of the company. It ensures that the company engages in sustainable practices and contributes to the social and environmental wellbeing of the communities in which it operates, thereby promoting positive corporate citizenship.
| 5. How often do committee meetings need to be held? | |
Ans. The frequency of committee meetings depends on the requirements set out in the company's terms of reference and the Companies Act. Generally, committees are expected to meet regularly to fulfill their responsibilities effectively, and the meetings should be documented in minutes to ensure transparency and compliance.
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