Purpose: Discuss and decide on matters requiring the attention of the Board of Directors; Review and approve financial statements, annual reports, and other important reports; Evaluate business strategies and operations;Discuss and approve policies and procedures;Ensure compliance with legal and regulatory requirements
Timeline: As per the Companies Act, 2013, a company is required to hold at least four Board meetings in a calendar year, with a maximum gap of 120 days between two consecutive meetings.
Exemption: The Ministry of Corporate Affairs (MCA) may grant exemptions to companies from holding Board meetings within the prescribed time limits in certain exceptional cases.
Penalty: Failure to hold Board meetings within the prescribed time limits can result in penalties and fines for the company and its directors.
Reporting Authority: Minutes of the subsequent Board meeting are required to be prepared and maintained as per the Companies Act, 2013. The Registrar of Companies (RoC) must be informed of any changes made during the meeting regarding the company's management, shareholding structure, or other significant changes.
