Audit Committee shall act in accordance with the terms of reference specified in writing by the Board, which shall include the following:

• Recommendation for appointment, remuneration and terms of appointment of auditors of the company;
• Review and monitor the auditor’s independence and performance, and effectiveness of audit process;
• Examination of the financial statement and the auditors’ report thereon;
• Approval or any subsequent modification of transactions of the company with related parties;
• Scrutiny of Inter-Corporate Loans and Investment;
• Valuation of undertaking or assets of the company, wherever it is necessary;
• Evaluation of internal financial controls and risk management systems;
• Monitoring the end use of funds raised through public offers and related matters;
• Calling comments of the auditors about internal control systems, the scope of audit, including the observations of the auditors and review of financial statement before their submission to the Board and Discussing any related issues with the internal and statutory auditors and the management of the company;
• Investigation into any matter in relation to the items specified above or referred to it by the Board and for this purpose committee shall have power to obtain professional advice from external source;
• Committee shall have access to information contained in the records of the Company;
• discussion with internal auditors of any significant findings and follow up there on;

consider and comment on rationale, cost-benefits and impact of schemes involving merger, demerger, amalgamation etc., on the listed entity and its shareholders