Free Consultation by Expert
Many thanks to Setbharatbiz. We had an excellent experience working with its expert. They have a strong sense of professionalism when dealing with clients.
Mudassir CEO, Twinfinty DigiTech SolutionsWe would recommend Setbharatbiz incorporation services to any founder without a second doubt. The process was beyond efficient and shows Setbharatbiz founder's vision
Nagasrinivas Director,Prakash Nagasrinivas & Saradhy AssociatesI was searching for a company for assistance in the incorporation services. Then one of my friend tell me about Setbharatbiz and definitely the Setbharatbiz is the best.
Prakash Kakani Director, PNS EV HubOverview
Preparation of Minutes
Minutes are an official and legal record of the proceedings of meetings conducted by a company, including Board Meetings, General Meetings, and Committee Meetings. The preparation of minutes is governed by the Companies Act, 2013, and ensures transparency and proper documentation of decisions taken by the company’s management.
Minutes capture the essence of discussions, decisions, and resolutions passed during company meetings. They are vital for maintaining a legal record of company operations and provide clarity for stakeholders. As per Section 118 of the Companies Act, 2013, every company is required to prepare, maintain, and sign minutes of meetings within a specified time frame.
Important
1. Statutory Compliance : Ensures adherence to the Companies Act, 2013.
2. Legal Record : Serves as a legal document for decisions made during meetings.
3. Transparency : Provides stakeholders with insights into the company’s decision-making process.
4. Dispute Resolution : Acts as evidence in case of disputes or legal challenges.
5. Corporate Governance : Strengthens accountability and enhances governance practices.
Applicability
The preparation of minutes is required for
1. Board Meetings : Meetings of the Board of Directors.
2. General Meetings : Annual General Meeting (AGM) and Extraordinary General Meeting (EGM).
3. Committee Meetings : Meetings of Audit Committees, Nomination and Remuneration Committees, etc.
Documents Required
Features
Features & Benefits of Preparation of Minutes
Format and Content
Record Maintenance
Chairman’s Signature
Inspection Rights
Preparation of Minutes
Filing with ROC
Legally Binding
Penalty for Non-Compliance
Audit Ready
Focus on Confidentiality
Comparison with Related Services
| Feature | Preparation of Minutes | Board Resolutions | Annual Return Filing |
|---|---|---|---|
| Objective | Record meeting proceedings | Document specific decisions | Report corporate structure |
| Applicability | Board/General/Committee Meetings | Specific agenda items | Annual Compliance |
| Timeline | 15-30 days | Same day or within 7 days | Within 60 days of AGM |
| Regulatory Body | MCA | MCA | MCA |
| Penalty for Non-Compliance | High | Moderate | High |
| Inspection Rights | Yes (by stakeholders) | Limited | Limited |
Frequently Asked Questions
Who is responsible for preparing minutes of a meeting?
The Company Secretary or an authorized official is responsible for preparing minutes.
What is the timeline for preparing minutes?
Minutes of Board Meetings must be prepared within 15 days, and minutes of General Meetings within 30 days of the meeting.
Can minutes be maintained in electronic format?
Yes, companies can maintain minutes in electronic format, provided they meet the conditions prescribed under the Companies Act, 2013.
What is the penalty for not maintaining minutes?
Non-compliance can result in penalties up to ₹25,000 for the company and ₹5,000 for each officer in default.
Are minutes accessible to shareholders?
Yes, shareholders have the right to inspect minutes of General Meetings, but not Board Meetings unless authorized.
Do all resolutions need to be filed with the ROC?
Only certain resolutions, like special resolutions, need to be filed with the ROC using Form MGT-14.