Minutes not defined under Companies Act, 2013 but according to Business Dictionary, it is Binder or bound book containing permanent and detailed record of the deliberations of, and resolutions adopted at, a Company’s official meetings. All incorporated or registered entities are required by law to maintain an up-to-date minute book which should be accessible to all members of the entity at the entity’s registered office or legal address.
Significant changes brought in by the new Companies Act, 2013:
All the provisions relating to minutes are basically contained under sections 118,119 & 120 and in Rules 25 to 30 of the Companies (Management and Administration) Rules, 2014.
These rules indicate that distinct minute books shall be maintained for General meetings of members, meetings of board, meetings of committees and meetings of creditors. Inclusion of a new class of creditors whose proceedings, if any held, are to be recorded in a minute book, further other important changes are listed below in points:-
If a request is made by any member for copies of minutes in electronic form in respect of 3 preceding general meetings, he shall be entitled to the same free of cost.
Penalty for defaults in keeping proper minutes:-
Keeping track of minute books are a vital part of a corporate legal assistant’s job. Whether minute books are maintained physically or electronically, maintaining them well and keeping accurate summary sheets can significantly increase efficiency. The ability to put your finger on basic information contained on the summary sheet with ease and confidence makes a legal assistant appear organized and knowledgeable. And, as we all know in the legal field, perception is everything.