As per the Companies Act, the Meeting of the Board of Directors of a particular Company is a crucial aspect of every limited or private limited company in the country of India.
As per the Companies Act, 2013, it is a norm that the first meeting of the Board of Directors has to be held within 30 days of the incorporation of the company and from then onwards at least 4 Board Meetings are to be held each year.
The Board Meetings should be scheduled in such a way that there should not be more than 120 days gap between two consecutive Board Meetings.
In addition to the statutory requirements for holding of the board meetings, a Board Meeting can be called for getting into a final decision on considering certain matters.
Here is a brief on the matters which require a company’s board approval.
The above list of the matters is to be delegated by the Board of Directors of the Company to a committee of Director, Officer of the Company or Managing Director of the Company by passing a unanimous resolution.
The Board Meeting of a Company can be convened by a Company Secretary or a Director of the company as per the directions of the Managing Director (MD). The overall process of convening the Board Meeting of a particular company is mentioned in the Articles of Association of the Company.