Query Regarding Board Meeting.

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This query is : Resolved

Guest

Guest (Querist)

11 May 2010 Query Regarding Board Meeting :

ABC Private Limited had board meeting on 23.01.09.

Thereafter, the company had the next board meeting on 21.05.09.

Query :

Is it that the company had to hold board meeting in the month of April 2009, as Section 285 says the Board to meet at least once in every three calendar months ?

I may await EXPERTS' views on the matter.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

11 May 2010 1) As per departments clarification issued in 1973 , 21/05/2009 is o.k.
2) As per SEBI's suggestion issued in 2003, 21/05/2009 is o.k.
3) As per ICSI's note issued in connection with listing agreement, 21/05/2009 is o.k.
4) But I am against the above three answers and follows that 'a period of three months should be taken to be a unit and meetings should be so held that there should not be a gap exceeding three months between any two consecutive meetings'. I prefer ../04/2009 instead of ../05/2009.

Guest

Guest (Querist)

11 May 2010 Sir,

I am convinced with your views.

In fact, after I have fixed a board meeting on '30.04.09' for reviewing the operations of the company in order to comply with 'every three calendar months'.

Before I complete the work, I wanted to hear your views and hence, I posted here as well as to your mail id.

Thank you once again Sir.

CS Richa Sharma

CS Richa Sharma (Expert)

18 May 2010 Secretarial Standard-1 issued by ICSI says 'The Board should meet at least once in every three months,with a maximum interwal of 120 days between any two Meetings such that at least four Meetings are held in each year."

So in my opinion BM held on 23.01.09 & 21.05.09 are comply with SS-1.

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