Board meetings in small private company

Board meetings in small private company

A Pvt Ltd company having paid up capital 1 lakh and annual turnover 20 lakh can be considered as small company. It needs to have minimum two board meetings in year as per companies act 2013. Please reply following queries in this case.

1) Is it financial year (April-March) or calendar year (Jan-Dec)?
2) What should be minimum & maximum days gap between two meetings for small company?
3) Can AGM be considered as normal board meeting while calculating days gap?

Looking forward your positive reply.
Thank you.

Asked 8 years ago in Income Tax

will confirm you

Shyam Sunder Modani

CA, Hyderabad

1409 Answers

164 Consultations

Talk to Shyam Sunder Modani

Dear Sir,

1. The Relevant section uses the word Calender Year and it is to be considered as Jan-Dec.

2. The Minimum gap should be 90 days between 2 meetings but it does not restrict you to keep a meeting if you need to.

3. Does not include AGM.

Trust this clarifies your query.

Feel free to get back/ call back for any further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB - GEN, CERT. FAFP

Rohit R Sharma

CA, Mumbai

2104 Answers

95 Consultations

Talk to Rohit R Sharma

Dear Sir,

1. Its calendar year.

2. The Minimum gap should be 90 days. No maximum gap.

3. No, AGM cant be considered as normal board meeting. It is shareholders meeting and not of board's meeting.

Regards,

CA Abhishek Dugar

Abhishek Dugar

CA, Mumbai

3576 Answers

183 Consultations

Talk to Abhishek Dugar

Thanks a lot for the reply. Please clarify if following meeting schedule is fine.

1st meeting: 28/2/2015 
(normal meeting for review of business)

2nd meeting: 28/8/2015 
(approval and signing of financial statements, auditor report and director's report)

Asked 8 years ago

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