Inspection of minute-books of general meeting
📚 Law Minded summary
Members can inspect the minute books of general meetings free of charge during business hours, and ask for copies within seven days on payment.
Refusing inspection carries a penalty, and the Tribunal can order the inspection or the copy to be provided immediately.
The right covers general meetings, not board meetings — board minutes are not open to members.
books of general meeting.—
(1) The books containing the minutes of the proceedings of any general meeting of a company or of a resolution passed by postal ballot, shall—
(a) be kept at the registered office of the company; and (b) be open, during business hours, to the inspection by any member without ch arge, subject to such reasonable restrictions as the company may, by its articles or in general meeting, impose, so, however, that not less than two hours in each business day are allowed for inspection.
(2) Any member shall be entitled to be furnished, within seven working days after he has made a request in that behalf to the company, and on payment of such fees as may be prescribed, with a copy of any minutes referred to in sub-section (1).
(3) If any inspection under sub -section (1) is refused, or if an y copy required under sub-section (2) is not furnished within the time specified therein, the company shall be liable to a penalty of twenty -five thousand rupees and every officer of the company who is in default shall be liable to a penalty of five thousand rupees for each such refusal or default, as the case may be.
(4) In the case of any such refusal or default, the Tribunal may, without prejudice to any action being taken under sub-section (3), by order, direct an immediate inspection of the minute-books or direct that the copy required shall forthwith be sent to the person requiring it.