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Board minutes refers to instant notes or take away pointers of any meeting or a hearing in court. Events or protocols are recorded (either on a computer, paper, or even on audio) to be referred upon at a later stage. A board minute is to be treated as a legal and official record of the meeting, attended by all the board members of a company. Board members are a group of individuals that are elected to represent the company, and take decisions on major company issues.

Latest update as on 20th March 2020

1. MCA has announced the exemption of physical Board Meetings of the companies until 30th June 2020 for the matters such as the approval of financial statements, Board report, restructuring, etc.

2. Companies and LLPs are advised to implement ‘Work from Home’ policy till the 31st of March 2020, at the headquarters and the field offices across India. Staggered timings may be followed to reduce any physical interactions among the essential staff on duty.

3. A simple web form CAR 2020 is advised to be submitted by the authorised signatory of every company/LLP starting from the 23rd of March 2020 on the MCA website. Know more about the filing process by reading our article on ‘All about CAR 2020’

 
 

Board minutes should be accurate and can be considered as a legal evidence in the court of law. It has to be transcripted (written down) or worded in a simple manner. Some of the companies even audio-record board minutes for accuracy. Notes of a board meeting can be used to solve issues in a company and to deploy better management skills for the betterment of any company.

The details that a board minutes should capture are:

  • Precise mention of the date and time of the meeting
  • If it was a special meeting (to discuss a particular subject) or a regular, periodic meeting
  • If the notice of the meeting was given to all the board members
  • The names and details of all the board members attending
  • Names of guests attending the meeting
  • If the agenda of the meeting was established
  • If the board members departed or re-entered the meeting
  • All the board actions (to capture all the approvals, delegations of authority, directives from the meeting)
  • If the voting in meeting was done in fair manner and if all the members present exercised their vote
  • If all the alternatives, decisions, and directives of the issue were considered
  • All the action plan, resolved issues, and future plans are discussed in the meeting
  • Summary of important points
  • If all the members of the board were present at the meeting
  • And other important actions of the meeting