Company has convened 3 Board meetings and one resolution by circulation?
will the requirement of sec 173, 4 board meetings in a year be satisfied?
will resolution by circulation under sec 175 be considered as conduct of one board meeting?
NO
Company can’t use Circular Resolution to escape the holding of Minimum Number of Board Meetings.
The Act requires certain business to be approved only at Meetings of the Board. However, other business that requires urgent decisions can be approved by means of Resolutions passed by circulation. Resolutions passed by circulation are deemed to be passed at a duly convened Meeting of the Board and have equal authority but it is not the subsitute of minimum no. of meeting
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