Increase in the responsibility of Company.

Video conferencing in board meeting. It must be noted that all other requirements for board meetings to be held by video conference including recording of the proceedings have to be complied with by the company. MCA vide its notification dated March 19 2020 notified the Companies Meetings of Board and its Powers Amendment Rules 2020 allowing companies to hold Board Meetings through video conferencing or other audio visual means till June 30 2020 in accordance with Rule 3 of the Companies Meetings of Board and its Powers Rules 2014. Financial Statement of 2020-21 and onwards can be approve in Board Meeting through video conferencing.

The Complete process for conducting of Board Meeting through video conferencing is prescribed under Rule 3 of the Companies Meetings of Board and its Powers Rules 2014 read with Secretarial Standard 1. Since it enables the boardroom participants to see one another visually there may be less uncertainty than in traditional board gatherings. Participation in board meetings through video conferencing saves time and cost and allows one to convert the energy used for distant travels for meeting into a more productive venture.

Dated 15062021 has notified the Companies Meetings of Board and its Powers Amendment Rules 2021 which seeks to amend the Companies Meetings of Board and its Powers Rules 2014 wherein Rule 4 providing for restriction on matters not to be dealt with in a meeting through video conferencing as specified in Rule 4 of the Act has been omitted. The notice of the meeting shall inform the Directors regarding the option available to them to participate through video conferencing mode. However its not all plain sailing.

Meeting of Board through video conferencing and other audio visual means is the one where the participation of directors in a board meeting may be either in person or through video conferencing or other audio visual means which are capable of recording and recognizing the participation of the directors and of recording and storing the proceedings of such meetings along. Video conferencing has become an important a part of board get togethers. Finding a boardroom video conferencing solution that plays well with third-party devices can be crucial for meetings that involve clients customers or guest callers that might not be programmed into your cloud.

Financial Statement of 2020-21 and onwards can be approved in Board Meeting through video conferencing. A Company can hold Board Meeting through video conferencing for any matter includes approval of financial statement on or after 15 th June 2021. Professionalism is no less important in the video conference meeting space than it is in the corporate board room.

The draft minutes of the board meeting within 15 days of completion of board meeting shall be circulated to all the directors in writing or in electronic mode as decided by the board. To balance the situation and as a measure to ease compliance requirements the Ministry of Corporate Affairs has allowed companies to conduct board meetings through video conferencing and other audio visual means for all matters including those. This technology allows people in different places to connect straight using online video equipment.