Company law provisions related to Board and Board meetings

As you aware the capital of the company is contributed by the shareholders, but the responsibility of managing a company is handed over to a professional body of people called Board Of Directors. Board of Directors are appointed by the shareholders jointly.

Companies act contains several provisions for the appointment, remuneration, decision making process, removal etc of directors.

APPOINTMENT DIRECTORS (Sections 149-172)

149. Company to have Board of Directors

150. Manner of selection of independent directors

151.Appointment of director elected by SSD

152. Appointment of directors (R/D-NRD)

153. Application for allotment DIN

154. Allotment of Director Identification Number

155. Prohibition to obtain more than one DIN

156. Director to intimate DIN

157. Company to inform DIN

158. Obligation to indicate DIN

159. Punishment for contravention

160. Candidature for directorship

161. Appointment of additional director, alternate director and nominee director

162. Appointment of directors to be voted individually

163. principle of proportional representation

164. Disqualifications for appointment of director

165. Number of directorships

166. Duties of directors

167. Vacation of office of director

168. Resignation of director

169. Removal of directors

170. Register of directors and key managerial personnel

171. Members’ right to inspect

172. Punishment

MEETINGS OF BOARD (Sections 173-195)

173. Meetings of Board

174. Quorum for meetings of Board

175. Passing of resolution by circulation

176. Defects in appointment of directors not to invalidate actions taken

177. Audit Committee

178. Nomination and Remuneration Committee and Stakeholders Relationship Committee

179. Powers of Board

180. Restrictions on powers of Board

181. Company to contribute to charitable funds, etc.

182. political contributions

183. contributions to national defence fund, etc.

184. Disclosure of interest by director

185. Loan to directors, etc.

186. Loan and investment by company

187.Investments of company to be held in its own name

188. Related party transactions

189. Register of contracts or arrangements in which directors are interested

190. Contract of employment with MD/WTD

191. Payment to director for loss of office, etc., in connection with transfer of undertaking, property or shares

192. non-cash transactions involving directors

193. Contract by One Person Company