Minutes of the Meetings

Overview

The minutes of the meeting is nothing but a summary of proceedings of the meeting in a fair and correct manner. It contains the details regarding attendance, resolution proposed, resolution passed, voting, taking note of reports and financial statement of the company, etc. Minutes is required to be prepared for every meeting of the company.

Types of Minutes

Types of minutes are:

• 1. Minutes of Narration: This minutes generally includes the items or events which does not required passing of resolution to establish them. These includes the following:
  a. Signing of minutes of previous meeting.
  b. Attendance of the meeting.
  c. Recording of leave of absence.
  d. Taking note of reports and financial statements of the company.
  e. Taking note of notice of interest from directors.
• 2. Minutes of Resolution: Under this decision of meeting or resolution passed in the meeting is to be recorded.

Types of Meeting

There are different types of meeting in the company but minutes is required to be prepared for every type of meeting.

• Board meeting.
• Annual general meeting.
• Extra ordinary general meeting.
• Class meeting.
• Meeting of creditors.
• Meeting convened by court.
• Meeting of debenture holder.

Time Limit of Recording Minutes

The minutes of the meeting shall be entered in the Minutes book within 30 days from the date of conclusion of the meeting. Each page of Minutes book shall be initialed and last page of it shall be signed and dated by the chairman of the meeting (or by authorized director, in certain specified case).

Process of Entering Minutes into the Minutes Book

• STEP-1: During meeting of the company take notes of proceedings of the meeting.
• STEP-2: After the conclusion of meeting prepare draft minutes of the meeting.
• STEP-3: Draft minutes of meeting should be sent to the directors or chairman of the meeting for their information and comments.
• STEP-4: After consultation with chairman/ MD finalise minutes of meeting and should enter it within 30 days of conclusion of meeting in the Minutes book.
• STEP-5: Pages of Minutes book shall be consecutively numbered and initialed by the chairman of the meeting. Whereas last page of the Minutes book shall be signed and dated by the chairman.

Content of Minutes of the Meeting

Following information shall be included in the minutes of the meeting:

• Day, date, time and venue of the meeting.
• Resolution passed in the meeting.
• Name of persons who have attended meeting and name of absentees to whom leave of absence is granted.
• Agenda and agenda items of the meeting.
• Task which is decided to be done and name of the person who is assigned to complete that task/action.

Preservation of Minutes Book

The Minutes book of general meeting shall be kept at the registered office of the company and should be preserved permanently by the company.

The Minutes book of board meeting shall be kept at the registered office of the company or such other place as may decide and shall be preserved permanently by the company.

The Minutes Book of the company shall be kept in the custody of CS of the company or any of the authorized director.