As per that, any member of company can apply for inspection or get records of minutes book of any general meeting on payment of a prescribed fee but not exceeding Rs. 10 per page. Member is also allowed to apply for electronic record of such minutes of any 3 preceding financial years free of cost.
Who can order an immediate inspection of the minutes book?
Sec 196 – Inspection of minute books of general meetings.
(4) In the case of any such refusal or default, the Company Law Board may, by order, compel an immediate inspection of the minute books or direct that the copy required shall forthwith be sent to the person requiring it.
Who can inspect the minutes book?
Shareholders, creditors, company directors, the general public (usually with the most restrictions), or any governing person (such as a chief executive officer or corporate secretary) in a corporation can generally inspect company information, but depending on which party it is, they may only have access to certain ...
Who can see minutes?
Simple Rule 1: A member of a group has a right to examine the minutes of that group. Plain and simple, Robert’s Rules says that the secretary of an organization has to (1) keep minutes and (2) make them available to members that ask for them.
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.
Who can inspect minutes of general meeting?
The Company Secretary in Practice appointed by the company , the Secretarial Auditor, the Statutory Auditor, the Cost Auditor or the Internal Auditor of the company can inspect the Minutes as he may consider necessary for the performance of his duties.
Which item Cannot be passed by way of circulation?
The following are the list of matters which are to be passed only at a duly convened Board meeting and not by circulation: Noting minutes of Meetings of Audit Committee and other Committees . Approving financial statements and the Board’s Report .
Whats included in a minute book?
A corporate minute book is essentially a collection of all important corporate records, including the articles of incorporation , which the corporation’s shareholders and creditors can access.
Can shareholders inspect books of accounts? The members of the company are not vested with any such right to inspect the books of account anywhere specifically in the Companies Act, 2013. However, the articles of the company can provide for such right of inspection for its shareholders and the timing for it.
Where should date of entry of the minutes be recorded?
Company Secretary shall record the date of entry of the Minutes in the Minutes Book and where there is no Company Secretary, it shall be entered by any other person duly authorised by the Board or by the Chairman. Minutes, once entered in the Minutes Book, shall not be altered.
Are AGM minutes public?
The minutes of a general meeting are usually made available to members (in the case of a charitable company they have to be) but do not have to be made available for public inspection unless the charity’s governing document requires this.
What should not be included in meeting minutes?
- 1 Don’t write a transcript. ...
- 2 Don’t include personal comments. ...
- 3 Don’t wait to type up the minutes . ...
- 4 Don’t handwrite the meeting minutes . ...
- 1 Use the agenda as a guide. ...
- 2 List the date, time, and names of the attendees. ...
- 3 Keep minutes at any meeting where people vote. ...
- 4 Stay objective.
Are minutes a legal document?
Minutes are legal documents that serve as a proof for future references regarding any discussions made in a meeting . The minutes should contain the title, time, date, place of meeting, names of attendees, apologies, visitors, items, actions required and date for next meeting.
The main documents of interest to shareholders will be the company’s annual report and accounts . Each shareholder has the right to receive these when they’re issued generally and on request. Shareholders also have the right to receive a copy of any written resolution proposed by either the directors or shareholders.
Companies are required to send a copy of its annual accounts and reports for each financial year to every shareholder of the company. ... Shareholders are not however entitled to receive or inspect copies of general a company’s financial records.
10. Can the shareholders overrule the board of directors? ... Shareholders can take legal action if they feel the directors are acting improperly . Minority shareholders can take legal action if they feel their rights are being unfairly prejudiced.
