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Minutes Of First Board Meeting Of Financial Year

Minutes Of First Board Meeting Of Financial Year Template for India

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Minutes Of First Board Meeting Of Financial Year

"I need Minutes Of First Board Meeting Of Financial Year for my tech startup's board meeting scheduled for April 15, 2025, which will include discussion of our Series B funding round and approval of our first international subsidiary in Singapore."

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Document background
Minutes Of First Board Meeting Of Financial Year is a mandatory corporate document required under Section 118 of the Indian Companies Act, 2013. This document must be prepared for every company registered in India, whether private or public, and needs to be maintained at the registered office of the company. The meeting typically occurs within the first quarter of the new financial year (April-June in India) and covers crucial aspects such as approval of previous year's financial statements, compliance reviews, and strategic planning for the new year. The minutes serve as a legal record of board decisions and are subject to inspection by auditors, regulators, and in some cases, shareholders. The document must follow specific formatting and content requirements as prescribed by Secretarial Standard-1 and must be signed by the Chairman within 30 days of the meeting.
Suggested Sections

1. Meeting Details: Date, time, venue, and mode of meeting (physical/video conferencing)

2. Attendance Record: List of directors present (including mode of attendance), in attendance, invitees, and directors who sought leave of absence

3. Chairman: Recording of Chairman's appointment for the meeting as per Articles of Association

4. Quorum: Confirmation of quorum being present as per Section 174 of Companies Act, 2013

5. Notice and Agenda: Confirmation that proper notice was served and noting of agenda items

6. Previous Meeting Minutes: Confirmation and signing of minutes of previous board meeting

7. Action Taken Report: Review of actions taken on decisions of previous board meeting

8. Financial Matters: Review and approval of previous year's financial statements, auditor's report, and board's report

9. Statutory Compliance Review: Review of company's compliance with various statutory requirements

10. Business Plan Review: Discussion on business plan and budget for the new financial year

11. Closure: Vote of thanks and meeting conclusion time

Optional Sections

1. Committee Reports: Reports from various committees (Audit, Nomination & Remuneration, etc.) - include if committees exist

2. Dividend Consideration: Discussion on dividend recommendation - include if company is considering dividend distribution

3. Risk Management Review: Review of risk management framework - mandatory for top 1000 listed companies

4. Corporate Social Responsibility: CSR budget and activities review - include if company falls under CSR requirements

5. Related Party Transactions: Review and approval of related party transactions - include if such transactions exist

6. Subsidiary Companies Review: Performance review of subsidiary companies - include if subsidiaries exist

Suggested Schedules

1. Attendance Sheet: Detailed attendance record including signatures/digital confirmation of directors

2. Financial Statements: Copy of approved financial statements

3. Compliance Certificate: Certificate from Company Secretary regarding compliance status

4. Action Taken Report: Detailed report on actions taken on previous meeting decisions

5. Business Plan: Detailed business plan and budget documents presented in the meeting

6. Committee Reports: Copies of various committee reports presented

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Board of Directors
Financial Year
Quorum
Chairman
Company Secretary
Video Conferencing
Other Audio Visual Means
Leave of Absence
Related Party
Statutory Auditor
Internal Auditor
Committee
Independent Director
Articles of Association
Memorandum of Association
Financial Statements
Board's Report
Annual Return
Compliance Certificate
Resolution
Material Transaction
Subsidiary Company
Associate Company
Holding Company
Key Managerial Personnel
Conflict of Interest
Interested Director
Corporate Social Responsibility
Dividend
Internal Financial Controls
Relevant Industries

Banking & Financial Services

Information Technology

Manufacturing

Retail

Healthcare

Real Estate

Infrastructure

Telecommunications

Energy & Utilities

Professional Services

Education

Hospitality

Media & Entertainment

Automotive

Mining & Metals

Relevant Teams

Legal

Compliance

Corporate Secretarial

Finance

Corporate Governance

Internal Audit

Risk Management

Board Secretariat

Regulatory Affairs

Relevant Roles

Company Secretary

Chief Executive Officer

Chief Financial Officer

Board Director

Managing Director

Independent Director

Compliance Officer

Legal Counsel

Corporate Governance Officer

Audit Committee Chairman

Company Chairman

Corporate Secretary

Executive Director

Risk Management Officer

Industries
Companies Act, 2013: Primary legislation governing company operations in India, including provisions for board meetings (Section 173), minutes (Section 118), and general governance requirements
Secretarial Standard-1 (SS-1): Mandatory standard issued by ICSI that prescribes standards for conducting and documenting board meetings, including specific requirements for recording minutes
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: Applicable for listed companies, specifying additional requirements for board meetings and disclosures
Income Tax Act, 1961: Relevant for financial year-end matters, including approval of financial statements and tax compliance discussions
The Indian Accounting Standards (Ind AS): Standards to be considered while reviewing and approving financial statements during the first board meeting
Companies (Meetings of Board and its Powers) Rules, 2014: Specific rules regarding conduct of board meetings, including matters that must be discussed only at physical meetings
Companies (Accounts) Rules, 2014: Rules pertaining to financial statements and board's report which are typically discussed in the first board meeting of the financial year
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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