Provisions Regarding Maintenance of Minutes of Board Meetings and General Meeting under Companies Act, 2013

The 'Minutes Book' is an extremely important document for any company as it is a record of the meetings of the Board of Directors as well as the Extraordinary General Meetings that have taken place in the company. It contains the details of the resolutions passed and the decisions taken in these meetings. 

Section 118 of the Companies Act, 2013 

This Section deals with the Minutes of Proceedings of General Meeting, Meeting of the Board of Directors and Other Meeting and Resolutions Passed by Postal Ballot.

A detailed breakdown of the section is as follows:

Duty of the Company to prepare, sign and maintain Minutes

According to this Section, it shall be the duty of every company to prepare, sign and maintain the following minutes:

• every General Meeting of any class of shareholders or creditors
• every resolution passed by postal ballot
• every meeting of the Board of Directors
• every meeting of every committee of the Board

These minutes shall be prepared, signed and maintained within 30 days of the conclusion of every such meeting concerned, in books kept for such purpose, with their pages consecutively numbered.

The Doctrine of Lifting the Corporate Veil in Company Law

Although a company is an artificial juristic personality having separate legal entity, in reality the business is carried on by its member shareholders and key managerial personnel. The doctrine of lifting the corporate veil refers to the scenario when the court completely disregards the company and actually concerns itself with the natural persons running its day-to-day operations. However, the court lifts the corporate veil only in exceptional scenarios which are well settled. Let us take a look at these scenarios one by one:

Statutory Provisions

The Companies Act, 2013 itself contains statutory provisions which enjoin the court to lift or pierce the corporate veil to reach the real persons concerned. These provisions are reproduced, below:

Advantages and Disadvantages of a Corporate Form of Business in India

Lack of quality jobs and an increasingly virtual work culture brought about due to the COVID-19 pandemic has made many people to take the leap of starting their own business. Yet, first time entrepreneurs struggle with the question: should I start a company? What are the advantages of starting one? What would be my risk and liabilities if I start a company?

This article aims to answer all those questions and elaborates on the advantages and disadvantages of a corporate form of business in India.

Offer, Acceptance and Revocation in the Indian Contract Act, 1872

In the information age, with instantaneous modes of communication, we enter into and terminate numerous contracts on a daily basis. However, the need for a proper understanding of when the offer is initiated, how it is to be accepted, and when it is finally concluded, eludes most of the people even in the legal fraternity. This article aims to examine the scheme and essentials of offer, communication and acceptance provided for in the Indian Contract Act, 1872, which is the governing legislation on Contracts. 

What is an offer? 

The Indian Contract Act does not use the word ‘offer’. Instead, it uses the word ‘proposal’. Section 2(a) lays down that when one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtain the assent of the other to such act or abstinence, he is said to make a proposal. 

An Analysis of LinkedIn’s User Agreement

Every working professional is familiar with LinkedIn – the place where you highlight your ‘achievement’ of participating in a client call as “ability to effectively work in teams, coordinate and share responsibilities”. 😉 It is your digital resume and a place that you turn to when you are looking for or looking to switch jobs.

In its User Agreement, LinkedIn declares that its mission is to help professionals all over the world to be productive and successful. However, what are the terms and conditions under which LinkedIn offers this productivity and success? Let us take a look.