Companies Act Section 119 — Inspection of minute-books of general meeting
CHAPTER VII MANAGEMENT AND ADMINISTRATION
Commercial / Corporate
Summary
Sub-section (1) requires that the books containing the minutes of any general meeting of a company, or of a resolution passed by postal ballot, must be kept at the company's registered office. These books must be open for inspection by any member during business hours without any charge, though the company may impose reasonable restrictions through its articles or in a general meeting. However, the company must allow at least two hours for inspection on each business day.
Under clause (a) of sub-section (1), the minute books must be kept at the registered office of the company.
Under clause (b) of sub-section (1), the minute books must be open for inspection by any member during business hours without charge, subject to reasonable restrictions imposed by the company, but at least two hours of inspection time must be allowed on each business day.
Sub-section (2) states that any member is entitled to receive a copy of any minutes referred to in sub-section (1) within seven working days after making a request to the company, and upon payment of such fees as may be prescribed.
Sub-section (3) provides that if an inspection under sub-section (1) is refused, or if a copy required under sub-section (2) is not furnished within the specified time, the company will be liable to a penalty of twenty-five thousand rupees. Additionally, every officer of the company who is in default will be liable to a penalty of five thousand rupees for each such refusal or default.
Sub-section (4) states that in the case of any such refusal or default, the Tribunal may, without affecting any action taken under sub-section (3), order an immediate inspection of the minute-books or direct that the required copy be sent forthwith to the person who requested it.
Official Text
(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 charge, 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 any 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.