Section - 177, Companies Act, 2013 Audit Committee. 177. (1) The Board of Directors of and such other class or classes of companies, as may be prescribed, shall constitute an Audit Committee. (2) The Audit Committee shall consist of a minimum of three directors with independent directors forming a majority: Provided that majority of members…...
Defects in appointment of directors not to invalidate actions taken . Section – 176, Companies Act, 2013
Section - 176, Companies Act, 2013 Defects in appointment of directors not to invalidate actions taken . 176. No act done by a person as a director shall be deemed to be invalid, notwithstanding that it was subsequently noticed that his appointment was invalid by reason of any defect or disqualification or had terminated by virtue of…...
Passing of resolution by circulation . Section – 175, Companies Act, 2013
Section - 175, Companies Act, 2013 Passing of resolution by circulation . 175. (1) No resolution shall be deemed to have been duly passed by the Board or by a committee thereof by circulation, unless the resolution has been circulated in draft, together with the necessary papers, if any, to all the directors, or members of the…...
Quorum for meetings of Board. Section – 174, Companies Act, 2013
Section - 174, Companies Act, 2013 Quorum for meetings of Board. 174. (1) The quorum for a meeting of the Board of Directors of a company shall be one-third of its total strength or two directors, whichever is higher, and the participation of the directors by video conferencing or by other audio visual means shall also…...
Meetings of Board. Section – 173, Companies Act, 2013
Section - 173, Companies Act, 2013 CHAPTER XII MEETINGS OF BOARD AND ITS POWERS Meetings of Board. 173.(1) Every company shall hold the first meeting of the Board of Directors within thirty days of the date of its incorporation and thereafter hold a minimum number of four meetings of its Board of Directors every year…...
[Penalty. Section – 172, Companies Act, 2013
Section - 172, Companies Act, 2013 [Penalty. 172. If a company is in default in complying with any of the provisions of this Chapter and for which no specific penalty or punishment is provided therein, the company and every officer of the company who is in default shall be liable to a penalty of fifty thousand…...
Members’ right to inspect. Section – 171, Companies Act, 2013
Section - 171, Companies Act, 2013 Members' right to inspect. 171. (1) The register kept under sub-section (1) of ,— (a) shall be open for inspection during business hours and the members shall have a right to take extracts therefrom and copies thereof, on a request by the members, be provided to them free of cost…...
Register of directors and key managerial personnel and their shareholding. Section – 170, Companies Act, 2013
Section - 170, Companies Act, 2013 Register of directors and key managerial personnel and their shareholding. 170. (1) Every company shall keep at its registered office a register containing such particulars of its directors and key managerial personnel as may be prescribed, which shall include the details of securities held by each of them in the…...
Removal of directors. Section – 169, Companies Act, 2013
Section - 169, Companies Act, 2013 Removal of directors. 169. (1) A company may, by ordinary resolution, remove a director, not being a director appointed by the Tribunal under , before the expiry of the period of his office after giving him a reasonable opportunity of being heard: [Provided that an independent director re-appointed for second term…...
Resignation of director. Section – 168, Companies Act, 2013
Section - 168, Companies Act, 2013 Resignation of director. 168. (1) A director may resign from his office by giving a notice in writing to the company and the Board shall on receipt of such notice take note of the same and the company shall intimate the Registrar in such manner, within such time and in…...