{"id":6370,"date":"2020-04-08T19:04:57","date_gmt":"2020-04-08T13:34:57","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=6370"},"modified":"2022-11-16T12:59:57","modified_gmt":"2022-11-16T07:29:57","slug":"inspection-of-minutes-book-of-general-meeting","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/inspection-of-minutes-book-of-general-meeting\/","title":{"rendered":"Inspection of Minutes Book of General Meeting"},"content":{"rendered":"\n<p class=\"has-drop-cap\">A Company is a legal entity incorporated with due process of <a href=\"https:\/\/corpbiz.io\/company-registration\"><strong>company registration<\/strong><\/a> under the companies act, 2013.&nbsp; All the affairs of the company performed by Directors of the company, which act as the governing body of the company. Further, many statutory powers and rights are also given to stakeholders, members, and debenture holders of the company, along with other key managerial personnel.&nbsp; Where directors are given the responsibility to maintain financial records and registers of the company as per section 170 of the companies act, 2013, members are also given rights to check and inspect records, including minutes book of general meeting in order to maintain transparency and follow corporate governance provisions.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/inspection-of-minutes-book-of-general-meeting\/#What_are_the_minutes_books_and_how_can_we_define_it\" >What are the minutes&#8217; books,\nand how can we define it?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/inspection-of-minutes-book-of-general-meeting\/#What_does_Minutes_book_of_meeting_include\" >What does Minutes book of\nmeeting include?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/inspection-of-minutes-book-of-general-meeting\/#What_is_important_abstract_of_Minutes_book_of_general_meetings\" >What is\nimportant abstract of Minutes book of general meetings?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/inspection-of-minutes-book-of-general-meeting\/#Who_can_inspect_the_extracts_of_a_meeting\" >Who can inspect the extracts of a meeting?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/inspection-of-minutes-book-of-general-meeting\/#The_Companies_Management_Administration_Rules_2014\" >The\nCompanies (Management &amp; Administration) Rules, 2014:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/inspection-of-minutes-book-of-general-meeting\/#Conclusion\" >Conclusion:<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_minutes_books_and_how_can_we_define_it\"><\/span>What are the minutes&#8217; books,\nand how can we define it?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Minutes book of a meeting is official\nrecord of proceedings of a meeting as conducted by a company. These are\npresumed as a legal record of the meeting and can be taken as evidence to prove\nthe fact. The term &#8216;minute&#8217; has been defined under <strong>Section 118<\/strong> of the companies act, 2013 as:<\/p>\n\n\n\n<div class=\"shadow1\">\u201c[118. (1) Every company shall cause minutes of the proceedings of every general meeting of any grade of shareholders or creditors, and every resolution passed by postal ballot and every meeting of its Board of Directors or of every board of the Board, to be prepared and signed in such manner as may be prescribed and kept within thirty days of the windup of every such meeting concerned, or passing of resolution by postal ballot in books kept for that purpose with their pages consecutively numbered.]&#8221;<\/div>\n\n\n\n<p>Minutes book of any meeting conducted by\na company should mention a fair and accurate summary of whole proceeding of a\nmeeting. It normally covers the whole meeting in brief as to how, why, and till\nwhat conclusion have members of meeting have arrived w.r.t. Business\ntransactions or the agenda of the meeting. Further, every company needs to\nmaintain and preserve minutes of all meetings in its records as per prescribed\nrules and regulations.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_does_Minutes_book_of_meeting_include\"><\/span>What does Minutes book of\nmeeting include?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Once meeting is concluded, it is pertinent to make minutes book of meeting, and that shall include the following:<\/p>\n\n\n\n<ul><li>Details about a date, time and place of meeting conducted<\/li><li>Include meeting agenda<\/li><li>Quoram of the meeting<\/li><li>Details about present members or personnel in meeting<\/li><li>Any amendments to be made in previous minutes of meeting<\/li><li>Any resolution passed or to be passed or its rejection<\/li><li>Voting types and their outcome<\/li><li>Major steps to be incorporated after meeting<\/li><li>Adjournment of certain matters details<\/li><li>Incorporation or inclusion of any new business<\/li><li>Open discussion held <\/li><li>Date and timing of the next meeting<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_important_abstract_of_Minutes_book_of_general_meetings\"><\/span>What is\nimportant abstract of Minutes book of general meetings? <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Important extracts w.r.t. minutes of proceedings of the general meeting and other board meetings are described under Section 118 of the <strong><em>companies act, 2013<\/em><\/strong><sup><a class=\"text-primary\" href=\"https:\/\/www.mca.gov.in\/content\/mca\/global\/en\/acts-rules\/companies-act\/companies-act-2013.html\"><strong>[1]<\/strong><\/a><\/sup>. As per Section 110(10), every company needs to maintain secretarial standards in every general meeting as well as board meetings as prescribed and approved by central government. As per that certain provisions has been mentioned emphasizing Minutes book of a company as:<\/p>\n\n\n\n<ul><li>A company needs to maintain minutes of all general meetings conducted. And said minutes need to maintain and preserve as per prescribed provisions. <\/li><li>The minutes of every meeting is a summary of the entire meeting and should be fair and accurate.<\/li><li>Minutes should contain any appointment made during the said meeting<\/li><li>Minutes should contain information like name and details of every director present in the meeting. In case any resolution is being passed while meeting its description directors in favor or against such resolution<\/li><li>Abstracts of meeting should not contain any such incident which, as per opinion of chairman of meeting, is considered as defamatory for any person or immaterial or irrelevant as per meeting agenda or is pernicious to the interests of the company.<\/li><li>Chairman of the meeting&nbsp; have liberty to insert or remove any matter n the meetings as per provisions of subsection (5) of said section<\/li><li>Minutes to be regarded as legal evidence of meeting and can be submitted as evidence before any authority.<\/li><li>If the minutes&#8217; book of meeting as kept and recorded as per sub-clause (1), then meeting to consider as duly called and held unless proved contrary. All the resolutions passed, appointments made, or any other important emission to be regarded and deemed as valid.<\/li><li>Institute of Company Secretaries of India (ICSI) has specified certain secretarial standards that are approved by the central government. These standards need to be observed for every general meeting and board meeting.<\/li><li>In case of any default made by any company or its officers, then that company be liable to pay a penalty amount of Rs. 25000\/-.<\/li><li>Further, any defaulting officer found guilty shall be punished for a term which may extend till 2 years and further fine of Rs. 5000\/-, .which may extend to 1 lakh rupees.<\/li><\/ul>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/annual-general-meeting\/\">Know all about Annual General Meeting as Per Companies Act 2013\n<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_can_inspect_the_extracts_of_a_meeting\"><\/span>Who can inspect the extracts of a meeting?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"576\" height=\"345\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/04\/image-20.png\" alt=\"inspect the extracts of a meeting\" class=\"wp-image-6371\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/04\/image-20.png 576w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/04\/image-20-300x180.png 300w\" sizes=\"(max-width: 576px) 100vw, 576px\" \/><\/figure>\n\n\n\n<p>Provisions\nregarding inspection of minutes books under section 119 of the companies act,\n2013:<\/p>\n\n\n\n<p>The right to\ninspect minutes book of a general meeting has been mentioned under section 119\nof the companies act, 2013. As per said section, following provisions has been\nmade:<\/p>\n\n\n\n<ul><li>Every\ncompany is required to maintain minutes of meeting, whether general or postal\nballot, at registered office of a company. These records are open to members of\ncompany for inspection during normal business hours. In each business day at least\n2 hrs to be assigned for inspection purpose as per section 119 (1) of the\ncompanies act<\/li><li>Any\nmember can apply for and take a copy of the said records or extracts. That company is liable to furnish such record copies to\nthe person within 7 working days from the date of request of furnishing copies\nas per section 119(2) of the companies act, 2013.<\/li><li>In case a company\ndenies or fails to furnish such copies or extracts as requested, in that\nscenario, such company or can be penalized for amount of Rs. 25000. In case of\nany defaulting officer, he can be penalized for Rs. 5000 to each default or\nrefusal as per case under section 119(3) of the companies act, 2013.<\/li><li>Any person who is aggrieved by company\nor its officers and fails to furnish such a record can approach NCLT i.e.,\nNational Company Law Tribunal of the jurisdiction where companies registered\noffice is present. Concerned Tribunal may direct such company or defaulting\nofficer to furnish such records as required as per section 119(4) of the\ncompanies act, 2013.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Companies_Management_Administration_Rules_2014\"><\/span>The\nCompanies (Management &amp; Administration) Rules, 2014:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Certain\nprovisions w.r.t. The inspection of minutes of general meeting made as per the <strong>Companies (Management &amp; Administration)\nRules, 2014<\/strong>. As per that, any member of company can apply for inspection or\nget records of minutes book of any general meeting on payment of a prescribed\nfee but not exceeding Rs. 10 per page. Member is also allowed to apply for\nelectronic record of such minutes of any 3 preceding financial years free of\ncost.<\/p>\n\n\n\n<p>Any member shall be\nentitled to be furnished&nbsp;within 7\nworking daysafter he has made a request in that behalf to\nthe company with a copy of any minutes of any general meeting on payment of\nsuch sum as may be prescribed in the articles of the company but not exceeding\na sum of&nbsp;Rs. 10 per page or part\nof any page.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion:\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In order to maintain transparency to records of the company, this provision of companies act is very important under which members have the right to inspect and extract such records of minutes book of any general meeting of the company. Under the new companies act, 2013, many realistic provisions have been laid down in comparison to the old companies\u2019 act of 1956, which have played an important role in order to maintain transparency and maintain corporate governance in companies.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/shareholders-meeting-is-crucial-to-your-business\/\">Shareholders Meeting is Crucial to Your Business. Learn Why!<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Company is a legal entity incorporated with due process of company registration under the companies act, 2013.&nbsp; All the affairs of the company performed by Directors of the company, which act as the governing body of the company. Further, many statutory powers and rights are also given to stakeholders, members, and debenture holders of [&hellip;]<\/p>\n","protected":false},"author":21,"featured_media":6373,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[415,120],"tags":[468],"acf":{"service_id":"321"},"authorName":"Navdeep Kaur","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/03\/IMG_20190122_114933.jpg","authorDescription":"Navdeep is working as legal counsel in Enterslice group companies having more than 4 years of experience. She has expertise in legal, corporate and regulatory matters.","postViews":19853,"readingTime":5,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/6370"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=6370"}],"version-history":[{"count":20,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/6370\/revisions"}],"predecessor-version":[{"id":50729,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/6370\/revisions\/50729"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/6373"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=6370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=6370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=6370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}