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Time Limit for holding first Board Meeting of a Company
The Companies Act, 2013 or any
other laws does not specify any time limit within which the first Board meeting
of any Company is to be held.
However, in order to comply with the provisions of
Section 139(6) of the Companies Act, 2013, the
Board of Directors of a Company has to hold a Board Meetingwithin a monthfrom the
Date of Incorporation of the Company.
Section 139(6) of the Companies Act, 2013 makes it mandatory on every
companies to appoint first auditor(s) of the Company within a period of 1(one)
month from the Date of Registration i.e. date of incorporation of the company as approved by Registrar of Companies(ROC).
As a general practice, in that first Board
meeting the Board discusses, takes into note and approves various other
important items like appointment of chairman of the meeting, consider appointment of chairman of the board, taking note of certificate of incorporation, taking note of memorandum and articles of association, taking note of situation of registered office, confirming / taking note of appointment of first directors, fixing of financial year of the company, opening of bank accounts, authorisation for printing of share certificates etc. Secretarial Standard 1 (by ICSI) Secretarial Standard 1 (SS-1) i.e. Secretarial Standard on Meetings of the Board of Directors provides an exhaustive list of items which should be placed before the Board at its first meeting.
Provisions in Section 139(6) are not applicable on Government Company.
Section 139 of the Companies Act, 2013 came into effect from 1st April 2014. [MCA Notification dt. 26th March 2014]
Earlier similar provisions were prescribed under Section 224(5) of the Companies Act, 1956.