Query Regarding Board Meeting.

This query is : Resolved

Guest

Guest (Querist)

11 May 2010 Query Regarding Board Meeting :

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 ?

I may await EXPERTS' views on the matter.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

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.

Thank you once again Sir.

Upgrade to CAclubindia Pro. Subscribe Now!

CS Richa Sharma

CS Richa Sharma (Expert)
Follow

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.