Minutes of Meetings
M inutes is the recording of the proceedings of meeting. Minutes, also known as minutes of meeting, protocols or, informally, notes, are the instant written record of a meeting or hearing. They typically describe the events of the meeting and may include a list of attendees, a statement of the issues considered by the participants, and related responses or decisions for the issues depending upon the Law they are governed under.These minutes are proof of happening of a specific event in a company and whenever, the documents of company are demanded by any department, the very first is generally minutes of the Company so drafting of minutes should be as per provisions of the act otherwise such Non Compliance of these provisions lead to hefty fine on the company and in some cases Directors may be personally liable for such non compliances.
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Minutes need to be prepared for :
1. Board of Directors Meeting.
2. Annual General Meeting
3. Extra ordinary General Meeting
4. Committee Meeting
Minutes should include the following details:
- Date/ Time/ Place of the meeting called to order
- Agenda of the meeting
- Whether a quorum is present or not
- Names of every member of the meeting either present or absent
- Corrections and amendments to previous meeting minutes
- Any amends in the agenda of the meeting
- Resolutions/ Motions passed or rejected
- Type of Voting and outcome of the vote
- Steps to be taken after meeting
- Items to be held over or adjourned for some reason
- New business
- Open discussion or public participation
- Next meeting date and time
- If Adjourned (Time of adjournment)
Maintenance of Minutes:
1.A distinct Minutes Book should be maintained for each type of Meeting
2. Minutes of other Meetings, if maintained in loose-leaf form, should be bound periodically depending on the size and volume. There should be proper locking device to ensure security
3. The pages of the Minutes Books should be consecutively numbered
4. Minutes should not be pasted or attached to the Minutes Book, or tampered with in any manner
Entries in Minutes Book:
| Period of entry of minutes | Within 30 days from the date of conclusion of the Meeting either original or adjourned | The date of entry of Minutes should be recorded by a Director or the Secretary. |
| Alteration | Minutes once entered should not be altered except grammatical or minor corrections. | I(f major alteration is needed it must be taken by express approval in the subsequent Meeting. |
Signing & Date:
1. Minutes of the Meeting of the Board should be signed and dated by the Chairperson of the Meeting or the Chairperson of next Meeting.
2. Such Minutes may be signed by the Chairperson of the Meeting at any time before the next Meeting is held.
3. Minutes of a General Meeting should be signed and dated by the Chairperson of the Meeting or in the event of death or inability of that Chairperson, by the Vice-Chairperson or any Director who was present in the Meeting and duly authorized by the Board for the purpose, within thirty days of the General Meeting.
4. The Chairperson should initial each page of the Minutes, sign the last page and the date on which he has signed the Minutes should be mentioned by him.
Benefits of Minutes of Meeting:
1. Minutes offer legal protection
Minutes are an official record of corporate business. They provide a record of action or evidence of interaction. Therefore, it is imperative that minutes are always considered a priority and recorded professionally.
2. Minutes help save time and money
Meeting minutes provide a written record of what was discussed and agreed at a meeting, so you and your colleagues will have the same recollections from the meeting and the same ideas about what was agreed. With good meeting minutes, you make sure everyone knows what was decided and what needs to be achieved by what date.
3. Meeting minutes state ownership
When votes are recorded and individual names are listed alongside each vote, it serves multiple purposes. It tells the Board and leadership team who voted for what. If one particular Board member abstained on the decision, or voted against the majority, it can be easily recognised.
4. Minutes provide action plans
The minutes provide a record of decisions made and who is responsible for taking action. There is an increased chance that these actions will be carried out. Without a record, the attendees might not remember who is responsible for the next step of the action plan and disputes might arise.
5. Minutes help in avoiding repetition of actions
Meetings are productive. Everyone leaves with a plan in mind, fully aware of the work required in between meetings. Just by recording what’s discussed and disseminating that information, silly time-wasting situations be easily avoided
6. Minutes open communication for those who were not present in the meeting
The absentees of the previous meeting can refer the minutes and get to know what has happened in the meeting which they have failed to attend and this way can stay updated about the proceedings.
7. Minutes meeting serves as reference
Unfortunately, human memory is fallible. Some attendees of the meeting are likely to have selective memories and forget whatever doesn’t substantiate their viewpoint, particularly for controversial issues.
8. Meeting minutes act as a measuring stick
Minutes record meeting decisions, which makes them a useful review document when it comes time to measure progress. They also act as an accountability tool because they make it clear who’s duty it was to perform which action
