Every company shall hold the first meeting of the Board of Directors within thirty days of the date of its incorporation and thereafter hold a minimum number of four meetings of its Board of Directors every year in such a manner that not more than one hundred and twenty days shall intervene between two consecutive meetings of the Board. [Section 173(1)]
A One Person Company, small company and dormant company shall be deemed to have complied with the provisions if at least one meeting of the Board of Directors has been conducted in each half of a calendar year and the gap between the two meetings is not less than ninety days. [Section 173(5)]
However, nothing contained in this sub-section and in section 174 shall apply to One Person Company in which there is only one director on its Board.
[Section 173 & 174 and Rule 3 of the Companies (Meetings of Board and its Powers) Rules, 2014 read with SS–1 (Secretarial Standard on Meetings of the Board of Directors) issued by ICSI]