As per s.173(1) there shall be at least 4 BM in every calendar year. and it also says that the gap between 2 consecutive meetings shall not be more than 120 days.
Now let's take an example:
ABC ltd held its board meetings for calendar year 2020 as follows:
1st meeting: 31st Jan 2020
2nd meeting:1st march 2020
3rd meeting: 1st April 2020
4th meeting: 1st May 2020
Now here in this example one condition of holding at least 4 BM is satisfied.
But my doubt is will there be a contravention of provision if no meeting is held during 2020 after 1st may 2020 and next BM is held on 1st Jan 2021 which pertains to Calendar year 2021
There will be no contravention
And yes the next board meeting can be held from January 2020
CAclubindia
