ABC Private Limited had board meeting on 23.01.09.
Thereafter, the company had the next board meeting on 21.05.09.
Query :
Is it that the company had to hold board meeting in the month of April 2009, as Section 285 says the Board to meet at least once in every three calendar months ?
11 May 2010
1) As per departments clarification issued in 1973 , 21/05/2009 is o.k. 2) As per SEBI's suggestion issued in 2003, 21/05/2009 is o.k. 3) As per ICSI's note issued in connection with listing agreement, 21/05/2009 is o.k. 4) But I am against the above three answers and follows that 'a period of three months should be taken to be a unit and meetings should be so held that there should not be a gap exceeding three months between any two consecutive meetings'. I prefer ../04/2009 instead of ../05/2009.
Guest
Guest
(Querist)
11 May 2010
Sir,
I am convinced with your views.
In fact, after I have fixed a board meeting on '30.04.09' for reviewing the operations of the company in order to comply with 'every three calendar months'.
Before I complete the work, I wanted to hear your views and hence, I posted here as well as to your mail id.
18 May 2010
Secretarial Standard-1 issued by ICSI says 'The Board should meet at least once in every three months,with a maximum interwal of 120 days between any two Meetings such that at least four Meetings are held in each year."
So in my opinion BM held on 23.01.09 & 21.05.09 are comply with SS-1.
CAclubindia
