Agenda of the First Board Meeting

Once the Company is incorporated, the compliances mandated by the Companies Act are applicable immediately from the date of incorporation. One of the very important compliance is to conduct Board Meeting wherein all the major decision are taken for the working of the Company. Every Company,  public or private limited company, needs to hold a Board meeting within the stipulated time period as specifically mentioned under the above Act and take a decision for the growth of the business. Pursuant to section 173 of the Companies Act, 2013, and the rules made thereunder, every company incorporated under this act is required to hold its first board meeting of the board of directors within a period of 30 days from the date of registration of the company.

Company while holding its board meeting also needs to comply with the provisions lay down under the Secretarial Standard. Things to be  taken care of for conducting a proper valid board meeting:

1. Notice to be issued to all the directors at least 7 days before the date of the board meeting
2. Notice of board meeting must accompany the detailed agenda item to be discussed at the meeting
3. Notes to agenda items need to be annexed with agenda

Let’s discuss a list of major items to be considered in the first board meeting:

1. To consider the Appointment of Chairman
2. To grant leave of absence, if any
3. Ascertain quorum
4. To take note of certificate of incorporation
5. To take note of the memorandum of association and article of association of a company
6. To take note the registered office of the company
7. To consider the appointment of the first director of the company
8. To read and record the Notice of Disclosure of Interest given by the First Directors
9. To consider the appointment of the first auditor of the company
10. To decide the financial year of the company
11. To maintain the statutory register of the company
12. To consider the issue of shares to the subscriber of the memorandum of association and article of association
13. To print share certificates
14. To approve and ratify the preliminary expenses incurred by the promoters
15. To maintain the minutes in loose leaf form
16. Authorization for making an application for registration with government authorities to fulfill the minimum business requirement Decide place for keeping Books of Account
17. To open a current bank account of the company
18. To give general authorization to take a decision in day to day affairs of the Company
19. To take any other item with the permission of the chairman

Conclusion:

Hope the reader gets the fair idea about the items to be considered in the first board meeting of any company. Further, the above list is only inclusive, other items may also be included subject to the requirement of the company. In case you need any further clarification or assistance with respect to above, a person may reach to us at our email complianceship@gmail.com and contact@complianceship.com