Updated on: Oct 12th, 2021
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6 min read
In common English parlance the word minute means -an official record of the proceedings of a meeting. The word “Minute” has been derived from the latin word “minuta scriptura” meaning small notes. The minutes have to be drafted in such a manner so as to reflect a clear and correct summary of the events that take place in a meeting.
The simplicity of the minutes should be maintained all throughout the meetings, which shall ensure understandability by any person at any point in time. The minutes of meeting format is standard one provided under the Companies Act.
Latest Update
Update as on 15th June 2020
The time limit for companies to hold EGM through VC or OAVM or transact items through postal ballot is extended upto 30th September 2020. Read more about the procedure here.
Minutes of Meeting Format – Sample
A standard minutes of meeting format consists information about date of meeting, persons present in the meeting, mention every item in the agenda of the meeting along with the decision taken, vote of thanks and signed by the Chairman.Before we dive into the nitty-gritties,let us understand which are the various meetings being conducted by the companies.
It is important to note, The Board is required to call for the meeting within a period of 21 days and hold the meeting within 45 days from the date of receiving the requisition. Failure to call upon the same by the Board will give the members the right to call for the meeting within 3 months from the date of requisition.The expenses incurred by the requisitionists will have to be reimbursed by the company.
Meeting by tribunal:In case it is found impracticable to call for a meeting other than the AGM, the tribunal either on its own or on application made by any director/member who would be entitled to some decision at the meeting, call upon a meeting and conduct it in a manner as he/she/they think is necessary.
The word 'Minute' derives from 'minuta scriptura', referring to small notes. Minutes must reflect the meeting's events accurately. Companies must hold AGMs within 6 months following the financial year, with exceptions. EGMs can be called by the board or requisitionists. Meetings must be conducted transparently, and minutes maintained meticulously to avoid penalties.