The Committee shall be appointed by the Board from amongst the Directors of the Company and shall consist of not less than three (3) members. The appointment terminates when a member ceases to be a Director.
The members of the Committee must be majority of Independent Directors.
No Alternate Director shall be appointed as a member of the Committee.
The members of the Committee shall elect a Chairman from amongst their number.
In the event of any vacancy in the Committee resulting in the number of members being reduced to below three (3), the Board shall, within 3 months fill the vacancy.
The Board shall have the discretion as it deems fit to rescind and/or revoke the appointment of any person(s) in the Committee.
Members of the Committee may relinquish their membership in the Committee with prior written notice to the Company Secretary.