Board Meetings for Pvt Ltd: Quorum, Frequency, and Minutes

A private limited company must hold at least four board meetings in a calendar year, with not more than 120 days between two meetings. Quorum is one-third of the total number of directors or two directors, whichever is higher. Certain matters can be decided only at a board meeting and not by circulation: approval of financial statements, borrowings above the prescribed limit, appointment of KMP, and approving contracts in which a director is interested. Minutes must be prepared and signed within 30 days. The minutes book can be kept physically or in electronic form with timestamp and tamper-evidence. Video conferencing is allowed for board meetings, except for items that cannot be discussed virtually.