Question

Explain the following term/concept.

Minutes.

Answer 1

(1) Minutes are a written record (a statutory record) of the business transacted, decisions taken and resolutions passed in. a meeting. The minute serves as an authentic proof of the decisions taken in a meeting. They are accepted as evidence in a court of law. Therefore, it is necessary to draft the minutes in a proper format. The details such as day, date, time, place, type of meeting, Chairman of the meeting, Directors, and members present in the meeting are recorded in the minutes. All resolutions passed in the meeting must be, recorded systematically in the minutes.

(2) As per the provisions made in the Companies Act, 20 13, the minutes of a different classes of meetings should be prepared by the Secretary within 15 days of a meeting. Minutes are prepared by the Secretary, confirmed by the members or Directors. Signed by the Chairman and countersigned by the Secretary. It is always prepared in the past tense and recorded in the minute’s book.