This section is for ensuring that a company's minute-books of general meetings are available for inspection by its members and providing penalties for non-compliance.
What the section says
In plain terms
(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 company's minute-books of general meetings and resolutions passed by postal ballot must be kept at its registered office and be available for inspection by members during business hours without charge for at least 2 hours a day.
(1)(a)be kept at the registered office of the company; and
(1)(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).
Members can request a copy of the minutes within 7 working days and get it on payment of a prescribed fee.
(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.
If a company refuses inspection or fails to provide a copy of the minutes within the specified time, it will be liable for a penalty of 25,000 rupees and each defaulting officer will be liable for 5,000 rupees.
(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.
The Tribunal can order immediate inspection or direct the company to send a copy of the minutes to the member if the company refuses or defaults.
The right-hand column is written from the section text, not quoted from it, and it has no legal force. Where the two differ, the left-hand column is the law.
Reproduced from the official India Code print for reference. Check the current text on India Code before you rely on it, and read the section alongside its Rules. Nothing here is legal advice.