Amended and updated notes on section 378V of the Companies Act 2013 as amended by the Companies (Amendment) Act, 2020 and Company Rules made there under. Detail discussion on provisions and rules related to Meetings of Board and quorum.
Chapter XXIA PART-III (Sections 378O to 378Z) of the Companies Act 2013 (CA 2013) deals with the provisions related to management of producer company. Section 378V of CA 2013 provides for Meetings of Board and quorum.
Recently, we have discussed in detail section 378U (Committee of directors) of CA 2013. Today, we learn the provisions of section 378V of the Companies Act 2013.
In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2020 (29 of 2020), the Central Government appoints the 11th February, 2021 as the date on which the provisions of section 52 of the Companies (Amendment) Act, 2020 shall come into force.
Accordingly, the provisions of section 378V are effective from 11th February, 2021. You may refer Notification No. S.O. 644(E) dated 11-02-2021. In this article, you will learn detail of the provisions of section 378V the Companies Act 2013.
| Name of Act | The Companies Act 2013 |
|---|---|
| Enacted by | Parliament of India |
| Administered by | Ministry of Corporate Affairs (MCA) |
| Number of Chapters | 29 |
| Number of Sections | 484 (470-43+57) |
| Number of Schedules | 7 |
| You are reading: | |
| Chapter No. | XXIA (PART-III) |
| Chapter Name | Management of Producer Company |
| Section No. | 378V |
| Section Name | Meetings of Board and quorum |
| Monthly Updated Edition | Company Law PDF |
Section 378V: Meetings of Board and quorum
Section 378V(1) of Companies Act
A meeting of the Board shall be held not less than once in every three months and at least four such meetings shall be held in every year.
Section 378V(2) of Companies Act
Notice of every meeting of the Board of Directors shall be given in writing to every director for the time being in India, and at his usual address in India to every other director.
Section 378V(3) of Companies Act
The Chief Executive shall give notice as aforesaid not less than seven days prior to the date of the meeting of the Board and if he fails to do so, he shall be liable to a penalty of five thousand rupees:
Provided that a meeting of the Board may be called at shorter notice and the reasons thereof shall be recorded in writing by the Board.
Section 378V(4) of Companies Act
The quorum for a meeting of the Board shall be one-third of the total strength of directors, subject to a minimum of three.
Section 378V(5) of Companies Act
Save as provided in the articles, directors including the co-opted director, may be paid such fees and allowances for attendance at the meetings of the Board, as may be decided by the Members in the general meeting