Board meetings for producer companies must occur quarterly with specified notice, quorum and penalty rules. Section 378V requires producer company Boards to meet at least once every three months (minimum four meetings yearly). Written notice must be given to every director in India at his usual address; the Chief Executive must give notice at least seven days before the meeting and faces a penalty for non-compliance, though meetings can be called at shorter notice if reasons are recorded. The quorum is one-third of total directors, subject to a minimum of three. Directors including co-opted directors may be paid fees and allowances for Board attendance as decided by Members in general meeting.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Board meetings for producer companies must occur quarterly with specified notice, quorum and penalty rules.
Section 378V requires producer company Boards to meet at least once every three months (minimum four meetings yearly). Written notice must be given to every director in India at his usual address; the Chief Executive must give notice at least seven days before the meeting and faces a penalty for non-compliance, though meetings can be called at shorter notice if reasons are recorded. The quorum is one-third of total directors, subject to a minimum of three. Directors including co-opted directors may be paid fees and allowances for Board attendance as decided by Members in general meeting.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
