Section 173(1) of the New Act is reproduced below

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:

My query in this regards is as follows:

An Unlisted Company holds a board meeting on 29th March 2014. The next board meeting will be held on 24th July 2014 within 120 days of the previous meeting. (Note : There will not be any board meeting during the period April to June 2014). Will it be sufficient compliance of Companies Act, 2013.

Further as per above Section every company has to hold minimum number of four board meetings every year. Kindly clarify whether the words “every year” denotes financial year or calendar year.

With regards

Muralidharan