Q.Explain the statutory provisions regarding Board meetings under Section 173 of the Companies Act, 2013.

Directors exercise their management powers collectively at Board meetings, and the Companies Act, 2013 fixes a minimum frequency and notice period for these meetings. …

Section 173 of the Companies Act, 2013 lays down the statutory framework for how often, and how, a company's Board of Directors must meet:

• First meeting: every company must hold its first Board meeting within 30 days of the date of its incorporation.
• Minimum frequency: thereafter, the Board must meet at least four times in every calendar year.
• Maximum gap: the interval between any two consecutive Board meetings must not exceed 120 days.
• Notice: not less than 7 days' notice in writing must be given to every director at his address registered with the company, either by hand, post, electronic means, or any other mode approved by the Board.
• Shorter notice: a meeting may be called at shorter notice to transact urgent business, provided that at least one independent director, where the company is required to have one, is present at the meeting; if no independent director is present, decisions taken must be circulated to all directors and are final only on ratification by at least one independent director. …

Students frequently state the gap limit incorrectly (confusing it with the 15-month AGM gap) — the Board meeting gap is 120 days, a comp …