Meetings are an integral part of corporate governance and decision-making. They enable companies to keep running effectively while also being fair and transparent. According to the Companies Act of 2013, there are many kinds of meetings. Most importantly, there is the board meeting. Then, we have the Annual General Meeting (AGM) and the Extraordinary General Meeting (EGM), each serving one distinct purpose. this article would like to look at different kinds of meetings with their quorum requirements. This is only the beginning. When enterprises include the Board of Directors, investors and various committees, there are many meetings that they must conduct regularly. Such activities are necessary to ensure the orderly running of a business and conformance with regulations, ultimately contributing to the overall governance and prosperity towards a company
Mandatory Corporate Meetings under the Companies Act of 2013
Companies (except for One Person Companies) must hold the following meetings in order to ensure compliance and good corporate governance as prescribed by the Companies Act of 2013.
- Annual General Meeting (AGM): All companies, except a One Person Company, must hold an AGM once a year. The first AGM must be held within nine months of the close of the first financial year. Subsequent AGMs should be held in the following six months after that fiscal year closes, with a maximum gap of fifteen months between two consecutive AGMs. The primary purposes of these meetings are for the approval of financial statements, declaration of dividends, appointment or reappointment name and determination of their remuneration.
- Board Meetings: Companies must hold their first board meeting within thirty days of incorporation. Thereafter, not more than 120 days can elapse between one board meeting and the next; a minimum of four such meetings must be held annually since they are important in order for directors to talk about major policy or management decisions and carry them out as a group.
- EGMs (Extraordinary General Meetings): EGMs are called for urgent business that cannot be delayed until and addressed during the subsequent meeting of an AGM. They can be called by the Board or any individual director and can also be called if a resolution has been proposed in accordance with section 169(5), which will now require some shareholders representing at least one-tenth of issued share capital to take action over any such heinous actions as this.
- Committee Meetings: For an Audit Committee, Nomination and Remuneration Committees, Corporate Social Responsibility (CSR) Committee or other committees companies must hold meetings as required by law and in line with the company’s own procedures for the conduct of business.
Summary of Frequency of Meetings under Companies Act, 2013
| Section | Meeting type | Deadline for Holding Meeting | Exception  (if any) | Min Attendance requirements |
| Section 173, SS-1 | An initial meeting of the Board | under 30 days of incorporation | IFSC Public Companies, IFSC Private Companies, One Person Company (1 Director) | One-third of the total board strength, or two Directors, whichever is higher |
| Section 173 | Subsequent Board Meeting | Minimum 4 times a year, with a gap of no more than 120 days between meetings | IFSC Public Companies, IFSC Private Companies, Section-8 Companies, One Person Company, Small Companies, Dormant Companies, Start-up Private Companies, One Person Companies with 1 Director | One-third of the total board strength, or two Directors, whichever is higher |
| Section 173 | Subsequent Board Meeting | Minimum 2 times a year, with a gap of at least 90 days between meetings | Small Company, One Person Company (with more than 1 Director) | One-third of the total board strength, or two Directors, whichever is higher |
| Section 96 | Initial AGM | Under 9 months from the close of the initial  financial year | One Person Company | Minimum of five members present and entitled to vote (for public companies) or two members (for private companies) |
| Section 96 | Subsequent AGM | By September 30th (within six months from the close of the financial year), with a maximum interval of 15 months between two AGMs. | One Person Company | Minimum of five members present and entitled to vote (for public companies) or two members (for private companies) |
| Clause VII of Schedule IV, Companies Act 2013 & Clause 49 (II)(B)(6) of the Listing Agreement | Independent Directors meeting | At least one meeting each financial year, held  without the presence of non-Independent Directors or management | This is only applicable to companies that must appoint Independent Directors | No prescribed quorum; the presence of all Directors may be considered a quorum |
| Section 177 & Reg. 18 of LODR | Audit Committee Meeting | At least 4 times a year, with a gap of no more than 120 days between meetings | All companies, except listed companies, may hold meetings as necessary | A quorum as specified by the Board, or the presence of all members if no quorum is specified |
| Section 178 & Reg. 19 of LODR | Meeting of the Nomination and Remuneration | Min.  once a year | The meeting may be held as required by all companies | One-third of the committee’s total strength, or two members, whichever is higher |
| Section 178 & Reg. 20 of LODR | Stakeholders Relationship Committee Meeting | Min. once every year | Meetings may be held as required by all companies except the listed ones. | One-third of the committee’s total strength, or two members, whichever is higher |
| Reg. 21 of LODR | Risk Management Committee | At least twice a year | All companies except the listed ones | One-third of the committee’s total strength, or two members, whichever is higher |
| Section 135 | CSR Committee Meeting | As needed by the company | Applicable to companies with CSR obligations exceeding ₹50 Lakhs | No specific quorum is prescribed by law, but SS-1 suggests the presence of all committee members to form a quorum |
Conclusion
As the keystone of corporate governance, business meetings are necessary. They not only ensure decisions are taken openly and responsibly, but they also help to make policies effectively implemented. Provisions on different meetings are clear in the Companies Act. There are various types of meetings mentioned in the Companies Act, 2013, including shareholders’ general meetings (AGMs), Board Meetings and Extraordinary General Meetings (EGMs), as well as Committee Meetings. It helps a company to survive, operate lawfully and carry out duties promptly.
Annual General Meetings allow shareholders to check the financial statements, approve dividends, and decide which direction their company should go in next. Board Meetings, on it can also help in devising strategies for further progress. Extraordinary General Meetings ensure urgent questions do not remain unanswered while those meetings, which are mandatory in terms of audit, remuneration management and corporate responsibility, become state affairs at the town hall.
Committee by holding these meetings in earnest time periods and locations companies, can extend the stigma effect of their corporate governance life cycle. Abiding by these laws not only ensures that laws are obeyed but also serves to consolidate trust and credibility between businesses.
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