<Tr> <Td> </Td> <Td> This article needs additional citations for verification . Please help improve this article by adding citations to reliable sources . Unsourced material may be challenged and removed . (February 2011) (Learn how and when to remove this template message) </Td> </Tr> <P> Clause 49 of the Listing Agreement to the Indian stock exchange that came into effect from 31 December 2005 . It has been formulated for the improvement of corporate governance in all listed companies . </P> <P> In corporate hierarchy two types of managements are envisaged: </P> <Dl> <Dd> i) companies managed by Board of Directors; and </Dd> <Dd> ii) those by a Managing Director, whole - time director or manager subject to the control and guidance of the Board of Directors i.e., he is liable to the Board of Directors and the function of the corporate . </Dd> </Dl>

Audit committee under clause 49 of listing agreement