How many board meetings should be held in a year __?
25.1 The requirement of the Companies Act, 1956, to hold a meeting every three months and at-least 4 meetings in a year should continue. The gap between two Board Meetings should not exceed four months.
What is the maximum number of directors that a company can have as per provisions of Companies Act?
A private company needs to have at least two directors, and a public company must have at least three directors. A company can have a maximum of 15 directors. A person appointed as a director will perform all the duties and functions of a director as per the provisions of the Companies Act, 2013 (“Act”).
Who can inspect Board minutes?
1 The Minutes of Meetings of the Board and any Committee thereof can be inspected by the Directors. A Director is entitled to inspect the Minutes of a Meeting held before the period of his Directorship.
Can we hold board meeting on Sunday?
A Meeting may be convened on any day as per the Gregorian calendar, including on a public holiday, unless the Articles provide otherwise. Sub–section (4) of Section 174 of the Act prohibits holding of Board Meetings adjourned for want of Quorum on National Holidays.
Can a company have 2 Managing Directors?
Unlike a managing director or whole-time director, a company cannot appoint more than one manager at a time. When a person is entrusted with either whole or substantially the whole of powers of the company, it is presumed that only one person can have the management of the whole or substantial powers.
What are the three method of allotment of shares?
to the public through prospectus (public offer) through private placement. through a rights issue or a bonus issue.
What is the difference between Companies Act 1956 and 2013 UPSC?
One Person Company: The Companies Act 2013 provides new form of private company, i.e., one person company. It may have only one director and one shareholder. The Companies Act 1956 requires minimum two shareholders and two directors in case of a private company.
Can shareholders see Board minutes?
Rights of all shareholders All company shareholders have the right to: Inspect company information, including the register of members (s. 116 Companies Act 2006) and a record of resolutions and minutes (s. 358) without any charge.
Can shareholders Access Board minutes?
Shareholder Access to Minutes Under s. 251B all companies must ensure that the minute books containing minutes of shareholders’ meetings are open for inspection by shareholders free of charge. Such inspection may be restricted [by the company] to where the minutes books are kept (as per s. 251A(5) above).
Who can remove director?
Provisions under the Act, 2013
- The company may remove a director through its shareholders, by ordinary resolution, other than one who has been appointed by the Tribunal under section 242 of the Act;
- Such removal should be done before the expiry of the period of office of the director sought to be removed;
Can any director call a board meeting?
The directors can call a meeting of the Board at any time, to transact any business within their powers. The directors’ meeting is called by the Chairman of the Board or on the requisition of the director(s).