lakshmi (CA ) (54 Points)
20 September 2011What are the consequences if a company fails to hold board meeting within the statutory limit.what are the specific sectionsif any in the companys act which provides for penalty for non holding of board meetings.
Should internal audit report be considered by board of directors..what is the role of audit commitee in iit
devendra
(company secretary)
(59 Points)
Replied 20 September 2011
In case of failure to hold board meeting as per section 285 then the penalties provided in section 629A applies. It is Audit commitee which has to see the compliance of internal control system and make recommendtions on any matter relating to financial management including the audit report to the board and hence, the board has to consider these recommendations which are binding on the board. This is how the board deals with the internal audit report. please refer section 292A for duties of the board in this regard.
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