CS Priya Raval
Section 118 of the Companies Act, 2013
- Minutes:-Record of the proceedings of a Meeting.
- Minutes should contain a fair and correct summary of the proceedings of the Meeting.
Rule 3 of Companies (Meetings of Board and its Powers) Rules, 2014
Draft Minutes of the Board Meeting shall be circulated to all Directors within 15 Days of the meeting (Registered Post/Speed Post/Email) and they shall confirm or give comments in that draft minutes within 7 Days.
Rule 25 of Companies (Management and Administration) Rules, 2014
Note: Resolutions passed by postal ballot shall be recorded in the minute book of general meeting.
Every Company shall prepare & keep minutes of proceedings of every meeting within 30 days of conclusion of meeting.
Signing Of Minutes [Rule 25 of Companies (Management and Administration) Rules, 2014]
Each page of every such book shall be initialed or signed and the last page of the record of proceedings of each meeting or each report in such books shall be dated and signed by……
In case of a IFSC Public Company/IFSC Private Company the minutes of every meeting of its Board of Directors or of every committee of the Board, to be prepared and signed in the manner as described above at or before the next Board or committee meeting.
Preservation of Minute book [Rule 25 of Companies (Management and Administration) Rules, 2014]
Note:
1. Every Company has to observe Secretarial Standards except IFSC Public Company and IFSC Private Company.
2. Section 8 company – The section shall not apply as a whole except that minutes may be recorded within thirty days of the conclusion of every meeting in case of companies where the articles of association provide for confirmation of minutes by circulation.
Section 119 of The Companies Act, 2013
Inspection
The Minute book of General Meeting …….
(a) Be kept at the registered office of the company and
(b) Be open, during business hours, to the inspection by any member without charge, subject to such reasonable restrictions as the company may impose.
Any member shall be entitled to be furnished, within seven working days after he has made a request in that behalf to the company, with a copy of any minutes of any general meeting, on payment of such sum as may be specified in the articles of association of the company, but not exceeding a sum of ten rupees for each page or part of any page.
Provided that a member who has made a request for provision of soft copy in respect of minutes of any previous general meetings held during a period immediately preceding three financial years shall be entitled to be furnished, with the same free of cost.
