First board meeting in a year

I want answer to a basic question.

How 120 days u/s 173 of new Act is being calculate. To be specific:

a) Is it Financial Year or Calendar Year?

b) Whether first board meeting can be held at any date of June-2014?

For eg., last board meeting was held on 31-03-2014. Now next meeting (for MBP-1) may be held in June-2014, isn't it.

Thanks in advance