MINISTRY OF CORPORATE AFFAIRS: NOTIFICATION OF COMPANIES (MEETING OF BOARD AND ITS POWERS) AMENDMENT RULES 2018

The MCA vide its notification dated 7 May 2018 has amended Companies (Meeting of Board and Its Powers) Rules 2014 by the Companies (Meetings of Board and Its Powers) Amendment Rules 2018. Now any director may participate through video conferencing or other audio-visual means if there is quorum in a meeting through physical presence of directors. Further the Companies (Meetings of Board and Its Powers) Amendment Rules 2018 has substituted rule 13 which deals with Special Resolution. As per this amendment, a resolution passed at a general meeting in terms of sub-section (3) of section 186 to give any loan or guarantee or investment or providing any security or the acquisition under sub section (2) of section 186 shall specify the total amount up to which the Board of Directors are authorised to give such loan or guarantee, to provide such security or make such acquisition: Provided, that the company shall disclose to the members in the financial statement the full particulars in accordance with the provision of sub-section (4) of section 186. Source: http://www.mca.gov.in/Ministry/pdf/CompaniesBoardsPowersRules_07052018.pdf

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