First Board Meeting of the year within 120 days

[CS Alpesh Dhandhlya]

Dear Experts,

Section 173 of the CA, 2013 provides that; 

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.

Hence, can we hold the first Board meeting of the year within 120 days from the date of 1st April ? OR

Whether it is mandatory to hold the first Board meeting within the first quarter only ?

[Deepesh Nayak]

Dear Alpesh Ji,

According to the language of section 173, there is no need to hold board meeting in  each and every quarter.  In earlier section, this requirement was clearly mentioned but in new act the only requirement is not more than 120 days between two BM and at least 4 board meetings in a year.

Now, what is the meaning of year is again debatable.

other views are solicited.

CS Deepesh Nayak

Thanking you,

*CS Deepesh Kumar Nayak*
 Company Secretary

 *Mob. 097134-80215*
*csdeepe...@gmail.com*

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[CS Alpesh Dhandhlya]

Dear Deepesh Ji,

Thank you so much for guiding

In sub Section (5) of Section 173 of the CA, 2013 i.e. relating to the OPC, it is written as a Calender year. Further that under CA, 1956 the minutes were also drafted in accordance with the calender year.

Further that, Section 2 (41) define the Financial year and no where the year has been defined. Here the word used is year and not a financial year.

So can we draw conclusion that it may be calender wise ?

[Deepesh Nayak]

Yes, it may be calender year. But, why calender year for 4 board meetings and why not financial year?? any logic??

Thanking you,

*CS Deepesh Kumar Nayak*
 Company Secretary

 *Mob. 097134-80215*
*csdeepe...@gmail.com*

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[sid]

As per the general clauses act year means "as per british calendar year" which is calendar year from 1st January to 31st December.

Thanks

[CS Alpesh Dhandhlya]

I am also not able to grasp the logic behind keeping the calender year only for Board Meetings and for others all transaction it is a Financial year ?

[csyogan .]

i think secretarial standards is clarifying this..