GAP BETWEEN TWO BOARD MEETINGS

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CA Raghavendra Chakka

Searching for job

95 Points Joined October 2014

whether consecutive gap of 120 days will be for that year itself or will continue to next year also

Eg: if last(4th) board meeting for the calendar year 2016
is held on 15th December
Is in the year 2017 first board meeting is to be held with in 120 days from 15th December 2016 or not????

Replies (4)

Sudhir Todkar

CS Professional

1021 Points Joined April 2017

The board shall meet at least once in every calender quarter, with a maximum interval of 120 days between any two consecutive board meetings.

Yes as SS 2 they should conduct board meeting within 120 days even if it Convey in previous calender year.

veena

Working in Consultancy Firm

46 Points Joined January 2009

Suppose the company did not conduct a BM within 120 days, what is the consequences? Is there any penalty or can they go for compounding? There was a delay of 5-6 days in holding the meeting

Yamini

SERVICE

28 Points Joined December 2008

Hi Veena

Going through the same problem. Can you please share your findings on the subject matter

Geetha Gupta

Accountant

325 Points Joined September 2014

Hi,

In the case of a small company, what if the gap between two consecutive meetings is less than 90days?

Two scenerios come to my mind though there may be more.

1) More than one meeting in the same calendar half. This can happen if the company has to take some important decisions and cannot wait. If so which meeting will taken up for counting the gap of ninety days when a subsequent meeting is held in the next calendar half? For example, a meeting in Jan, March, April, May, July , August & September.

2) Two meetings take place one in each calendar half, but they are less than 90days apart.

How will compliance with Revised SS-1, para 2.1 be achieved in each of these cases?

Regards,

Geetha