Provisions related to company Board meetings are specified in section 173 of Companies Act 2013. As per section 173, every company after incorporation shall hold the first meeting of the board of directors within 30 days from the date of registration.
After the first board meeting, company is required to hold a minimum number of 4 meeting of board of directors every year in such a manner that not more than 120 days shall intervene between two consecutive meetings of the board.
Please remember this provision is also applicable to a private limited company.
Under section 285 of old Companies Act 1956, a company was required to hold at least 4 meetings of board of directors in a year and at least once in every 3 months. Now this provision has been changed in new Companies Act 2013.
A notice of not less than 7 days in writing should be sent by hand delivery or by post or by electronic means to every director at his or her address registered with the company whether in India or outside India.
A shorter notice of less than 7 days can be given to transact urgent business subject to the condition that at least one independent director, if any, shall be present at the meeting. In case of absence of independent director, decisions taken at such meeting shall be circulated to all the directors and shall be final only on ratification thereof by at least one independent director, if any.
In case of One Person Company or OPC, small company and dormant company, at least 1 meeting of the Board of directors must be held in each half of a calendar year and the gap between the two meetings shall not be less than 90 days.
Above said provisions will not be applicable to a One Person Company in which there is only one director on its board.
As per section 173(4) of Companies Act 2013, every officer of the company whose duty is to give notice under section 173 and fails to do so shall be liable to a penalty of 25000 rupees.