Minutes serve as a record of the proceedings of the meetings

Minutes should be maintained in such manner and format as prescribed under Section 118 of the Companies Act, 2013.

The minutes serve as a record of the proceedings of the meetings and provide transparency in the decision-making process.

Minutes should be printed on prescribed minutes book papers, should be consecutively numbered and should be properly bound in a Minutes Book prescribed under the Companies Act, 2013.

Under the Companies Act 2013, minutes are a legal record of a company’s meeting proceedings. They are a summary of the decisions, discussions, and actions taken at the meeting.

What are the requirements for minutes?

• Minutes must be a fair and accurate summary of the meeting
• They must include the names of directors present and any who dissented
• They must include appointments made at the meeting
• They must be kept in a book with consecutively numbered pages
• They must be kept within 30 days of the meeting

Who is responsible for minutes?

• The Company Secretary or an authorized official of the company should record the proceedings
• The Company Secretary or an authorized director should be responsible for the custody of the minute books

Why are minutes important?

• Minutes can be used as legal evidence
• They help to understand the deliberations and decisions made at the meeting
• They can help to avoid non-compliance issues

What are the consequences of tampering with minutes?

• Imprisonment for up to two years
• A fine of at least 25,000 rupees, but up to 1 lakh rupees