Minutes Of Meeting In Company Law: Section 118 & 119
Updated: Oct 3
What are the Minutes of Meeting?
Section 118 of the Companies acts 2013 deals with the Minutes of the meetings of the company. The term ‘Minutes’ means the official record of the meetings of a company. These are the summary of business transacted, decisions, and the resolutions arrived at the meeting.
Minutes are like a precis, not a narrative.
Put simply, Minutes are a legal document that contains a track record of proceedings of the meeting. It is all about maintaining a chronological record of business transacted, decisions made, and resolutions arrived at the intersection of a company.
Are the minutes of the meeting a legal document?
As mentioned earlier, the minutes are an official and legal record of the board meeting. In a legal field, meeting minutes are considered accurate and can be used as legal evidence of the facts they report.
What are the Types of Minutes of Meeting in Company Law?
a. Shareholders Meeting
b. Creditors Meeting
2. BOARD MEETING
a. Board Meeting
b. Committee Meeting
3. RESOLUTION PASSED BY POSTAL BALLOT
Rule 3 of the Companies (Meetings of the Board and its Powers) Rules, 2014
The Draft Minutes of the Board Meeting shall be circulated to all the Directors within 15 days of the meeting (Registered Post/Speed Post/Email), and they shall confirm or comment in that draft minutes within seven days.
[Companies (Administrative and Administrative Regulation) Regulation 25, 2014]
The beginning or signature of each page of each book and the final page of each meeting process or record of each report. Such books and signed by:
BOARD / COMMITTEE MEETING - Chairman of the said meeting or Chairman of the next Succeeding Meeting
GENERAL MEETING / POSTAL BALLOT - Chairman of the same meeting within 30 days or in case of his death or inability, by a director authorized by the board.
The minutes of each meeting of the Board of Directors or the Board of Directors of the IFSC Public Company / IFSC Private Enterprise shall be prepared and signed at the next Board or Committee meeting or as specified before.
MINUTES NOT TO BE ATTACHED BY PASTING OR OTHERWISE [Sec. 118]
Minutes of the proceedings of a meeting shall not be attached to any such book by pasting or otherwise.
It means that the minutes have to be written by hand.
LOOSE LEAF MINUTES: A company may keep its minutes of meetings in loose-leaf binders provided the following conditions are satisfied.
The pages containing minutes are duly typed and chronologically arranged.
Each page is entailed or signed, and the last page is dated and signed by the chairman.
The loose leaves are bound at a reasonable interval not exceeding six months.
The loose leaves are to be kept under safe custody.