Minutes And Statutory Registry

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What is Prepare Board Resolutions/ Minutes of Meetings / Maintain Statutory Registry?

Every Private & Public company incorporated in India has to compulsorily prepare board resolutions, minutes of meeting and also maintain Statutory Registry. The statutory records are kept in the registered office of the company. All the members of the company have the rights to inspect the records. If the company fails to maintain any record, penalties are charged. The records must be up to date and if in case of any change, necessary adjustments must be made.

Overview

Board resolution
Board Resolutions are an accurate record of the decision made in the board meeting. It helps the company to identify the role of corporate offices.
Minutes of the meeting
It is helpful as a reference for the one who was not able to attend the meeting. Minutes of the meeting acts as proof that a meeting took place. It is also helpful because it describes the events that happened in the meeting, including the list of participants and all the other issues discussed and decided by the members in the meeting.
Statutory Registers
The members are familiar with the promotion & formation of the company. It is essential for the shareholders too as they get particulars related to money transaction, shares taken up, contracts entered into, charges created and preliminary expenses incurred.

Rules applicable for board resolution/minutes of meeting/Statutory register

Board resolution
The resolution shall be deemed to be passed if it is approved by the majority of the directors entitled to vote on the resolution. Interested directors cannot vote on such a resolution. A maximum of 7 days shall be given to a Director from the date of circulation of draft Resolution to either assent or dissent. The Board resolutions shall be written in the present tense along with the applicable provisions
Minutes of the meeting
1. Minutes shall be written in clear, concise & understandable language
2. Minutes shall be written in third person & past tense, not in present or future.
3. Minutes need not be an exact transcript of the proceedings at the Meeting.
Statutory Registers
What are registers? One of the rules for Statutory Register is that every company limited by shares shall maintain a register of members of the company in Form No. MGT.1 from the date of its registration. Different types of register

How can we help you?

Submit a service request by clicking here
Our team will connect with you, to understand your requirements, based on which we shall provide you with a simple checklist.
Once you fill-up the checklist, we shall prepare the documents as required
We can help you with:
Preparation of Board resolutions along with notice & agenda
Prepare minutes & attendance sheet
Maintain statutory registers
Also, advice on company law related matters

FAQs

a. How long is board resolution valid?

Board resolutions are valid for a period of 10 years

b. How many types of board resolution are there?

There are types of board resolution namely special resolution & ordinary resolution

c. Can a shareholder propose a resolution?

Yes, shareholders having 5% of shares can propose a resolution but it is not agreed within 28 days then is not accepted.

d. Which statutory registers are mandatory to maintain under the act?

» Register of members indicating separately for each class of equity and preference shares held by each member residing in or outside India;

» Register of debenture-holders; and

» Register of any other security holders.

e. Can anyone ask for a copy/extract of the statutory register?

Any such member, debenture-holder, other security holder or beneficial owner or any other person may ask. Fees are charged if they ask for a copy of the register.

f. Consequences if a company fails to maintain the Statutory Register?

Non-maintenance of such a register may attract the penalty on the Company and every Officer in Default of not less than ₹ 50,000/- which may extend up to ₹ 3 lacs. Also, a penalty of ₹ 1,000/- per day if the default continues.

g. Still, have doubts?

Speak to our experts who shall solve all your doubts.

Call us at 77380 66334 or

Mail us at info@indiacompanyincorporation.com

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