Ashish Sharma (Service) 21 March 2014
Section 173 of CA 2013 says "Every company shall hold the first meeting of the Board of Directors within thirty days of the date of its incorporation and thereafter hold a minimum number of four meetings of its Board of Directors every year in such a manner that not more than one hundred and twenty days shall intervene between two consecutive meetings of the Board"
please let me know whether "every year" in above section means Jan to Dec or the year starts with incorporation month,
eg. if Company incorporated in Nov. then should I count every year from Jan to Dec or Nov to Oct. Second query is whether in first year minimum four meetings includes first board meeting or not, the confusion due to word line " and thereafter hold a minimum number of four meetings of its Board of Directors every year"
CAclubindia Online Learning offers a wide variety of online classes and video lectures for various professional courses such as CA, CS, CMA, CISA as well as various certification courses on GST, Transfer Pricing, International Taxation, Excel, Tally, FM, Ind AS and more. know more
C.A.SUNIL HUKKERI (CHARTERED ACCOUNTANT) 22 March 2014
the year is defied only for one person company, small company as calender year and for other companies it is silent.
In Companie Act-1956 it was calener year but in companies act-2013 the year is silent in section 173.
Seems aggarwal Sir is correct we need to consider calender year and not financial year.