Board Resolution Formats for Company Decisions: Founder’s Guide

A board resolution is the written record of a decision taken by a company’s board of directors, and under the Companies Act, 2013 it is the only form in which certain decisions can legally be made. Founders usually meet this requirement for the first time when a bank asks for one to open a current account, and after that it resurfaces at every allotment, director change and ESOP grant. Without a company secretary on the team, drafting, numbering and filing these correctly falls on the founder or a director. This guide sets out the format the Companies Act, 2013 and the Secretarial Standards actually require, gives ready-to-adapt specimen wording for the resolutions founders draft most often, and flags the filing steps a company without a CS is most likely to miss.

What is the format of a board resolution?

A board resolution is drafted on the company’s letterhead and opens with the meeting reference: company name, CIN, registered office, meeting number and date. It records the directors present, confirms quorum under Section 174, and states the decision as operative text beginning “RESOLVED THAT”, with further authorisations as “RESOLVED FURTHER THAT”. It closes with the chairperson’s signature and, for external use, a certified true copy.

When exactly does a company need a board resolution?

A company without a company secretary tends to discover the need for a board resolution one scenario at a time, usually when a bank, an investor or the ROC portal asks for one. The table below sets out the decisions that come up most often in an early-stage company’s first three years, mapped to the section that governs them, the ROC form (if any) that follows, and whether the matter can be handled by circulation or needs a meeting.

Decision	Governing provision	Follow-on ROC form	Meeting or circulation
Opening or modifying a bank account	Section 179 (general power)	None	Either
Allotment of shares (funding round, ESOP exercise, bonus issue)	Section 179(3)(c)	PAS-3, within 15 days	Meeting only
Approving an ESOP scheme (board stage, before shareholders)	Section 179(3)(c)	MGT-14 if the shareholder resolution is special	Meeting only
ESOP grants under an already-approved scheme	Delegated authority under the scheme	None, unless the scheme requires it	Either, if the scheme allows delegation
Appointing an additional director or filling a casual vacancy	Section 161	DIR-12, within 30 days	Meeting (conventional practice)
Noting a resignation or removing a director	Section 168 (resignation); Section 169 (removal)	DIR-12, within 30 days	Meeting
Approving a related party transaction	Section 188	MGT-14, if shareholder approval is also needed	Meeting (SS-1 excludes RPT from circulation)
Borrowing money and creating a charge	Section 179(3)(d); Section 77	CHG-1, within 30 days of creation	Meeting only
Authorising a signatory for contracts or filings	Section 179 (general power)	None	Either
Approving financial statements and the Board’s report	Section 134; Section 179(3)	AOC-4, filed after the AGM	Meeting only (video conference permitted)
Appointing a nominee director for an investor’s board seat	Section 161, read with the Articles	DIR-12, within 30 days	Meeting or circulation, per the Articles
Appointing a managing director, whole-time director or manager	Section 196	MGT-14 and DIR-12	Meeting only

Each row is its own resolution. A single omnibus resolution covering “banking and administrative matters” for the year does not hold up when a bank, an auditor or a diligence team asks which specific decision it was meant to authorise.

Board resolution vs shareholder resolution: get this distinction right first

The single most common drafting error in a company without a company secretary is using a board resolution where the Companies Act, 2013 actually requires a shareholder resolution, or vice versa. The two are passed by different bodies and carry different voting thresholds.

Section 179 sets out the powers the board can exercise on the company’s behalf. Section 114 governs resolutions passed by shareholders at a general meeting, an AGM or an EGM. A board resolution needs a simple majority of directors present and voting. A shareholder resolution is either ordinary (over 50 percent of votes cast) or special (at least 75 percent), and the Act specifies which applies to which decision.

Aspect	Board resolution	Shareholder resolution
Passed by	Directors, at a board meeting or by circulation	Shareholders, at an AGM or EGM
Governing provision	Section 179, Companies Act 2013	Section 114, Companies Act 2013
Voting threshold	Simple majority of directors present and voting	Ordinary (over 50 percent) or special (at least 75 percent)
Typical use	Bank accounts, share allotment, director appointment, authorised signatories, borrowings	Altering the MoA or AoA, approving an ESOP scheme, private placement under Section 42, removing a director
Can it be passed without a meeting	Yes, by circulation under Section 175, for permitted matters	Generally no, except by postal ballot for specified matters

A funding round is the clearest example of why this gets confused. The board passes a resolution under Section 179(3)(c) approving the issue of securities, and shareholders separately pass a special resolution under Section 42 authorising the private placement itself. One without the other leaves the allotment defective, and it is usually the shareholder resolution that gets forgotten.

The 10 elements a board resolution format must contain

A board resolution that a bank, auditor or ROC will accept without a query needs these components, in this order. Missing any one of them is the most common reason banks return resolutions for correction.

1. Company letterhead and identity. Company name as registered, CIN, and registered office address.
2. Meeting reference. The meeting number for the financial year (for example, “Fourth Meeting of the Board for FY 2026-27”), date, time and venue or video-conferencing details.
3. Directors present. Full names and DINs of every director who attended, and whether in person or by video conference.
4. Quorum confirmation. A statement that the quorum prescribed under Section 174 was present throughout.
5. Chairperson. The name of the director who chaired the meeting.
6. Agenda item heading. A short description matching the agenda circulated with the notice.
7. Operative text. The decision itself, beginning “RESOLVED THAT” in capitals, stating the action, the relevant section, and the person authorised to act.
8. Further authorisations. Consequential steps, recorded as “RESOLVED FURTHER THAT”, such as authorising a director to sign forms or file documents with the ROC.
9. Signature and certification. Signed by the chairperson. A certified true copy, marked “Certified True Copy” with a director’s signature, name and designation, is the version shared externally.
10. Minutes reference. A note that the resolution forms part of the minutes recorded under Section 118.

One list per section is not enough on its own, so a well-run board also numbers every resolution consecutively across the company’s life (Resolution No. 1, 2, 3 and so on, not restarting each meeting). This single habit, adopted from the first board meeting, is what makes a due diligence review of two years of resolutions take a day instead of a week.

Sample board resolution format: a complete specimen

The structure below is generic enough to adapt for most agenda items. Replace the bracketed fields and the operative clause with the specific decision.

[Company Name] Private Limited CIN: [XXXXXXXXXXXXXXXXXX] Registered Office: [Full registered address]

Certified True Copy of the Resolution passed by the Board of Directors at the [Nth] Meeting of the Board of Directors held on [DD/MM/YYYY] at [time] at [venue / via video conference]

Present: [Name 1], DIN [XXXXXXXX], Director; [Name 2], DIN [XXXXXXXX], Director In attendance: [Name], Chief Financial Officer (if applicable)

[Name of Chairperson] chaired the meeting. The Board noted that the requisite quorum under Section 174 of the Companies Act, 2013 was present throughout.

[Agenda item heading]

“RESOLVED THAT [state the decision precisely, citing the relevant section of the Companies Act, 2013 where applicable].”

“RESOLVED FURTHER THAT [name and designation] be and is hereby authorised to sign, execute and submit all documents, forms and undertakings and to do all acts necessary to give effect to this resolution.”

Certified True Copy For [Company Name] Private Limited [Signature] [Name], Director, DIN [XXXXXXXX] Date: [DD/MM/YYYY]

Specimen wording for the resolutions founders draft most often

Board resolution for opening a bank account

“RESOLVED THAT a current account be and is hereby opened with [Bank Name], [Branch], in the name of [Company Name] Private Limited, and that [Name], [Designation], be and is hereby authorised, singly, to operate the said account, including to sign cheques, make deposits and withdrawals, and avail net banking facilities on behalf of the company.”

“RESOLVED FURTHER THAT the specimen signature of the authorised signatory as annexed be treated as valid for all banking transactions until this resolution is revoked in writing.”

Board resolution for appointment of a director (casual vacancy or additional director)

“RESOLVED THAT pursuant to Section 161 of the Companies Act, 2013 and the Articles of Association of the company, [Name], holding DIN [XXXXXXXX], be and is hereby appointed as an Additional Director of the company with effect from [DD/MM/YYYY], to hold office up to the date of the next Annual General Meeting.”

“RESOLVED FURTHER THAT [Name], Director, be and is hereby authorised to file Form DIR-12 with the Registrar of Companies within the statutory timeline.”

Board resolution for allotment of shares

“RESOLVED THAT pursuant to Section 179(3)(c) of the Companies Act, 2013 and subject to the receipt of application money, [number] equity shares of face value Rs [X] each at a premium of Rs [Y] per share, aggregating Rs [total amount], be and are hereby allotted to [Investor Name / Names as per the list annexed].”

“RESOLVED FURTHER THAT the Register of Members be updated accordingly and that [Name], Director, be authorised to file Form PAS-3 with the Registrar of Companies within 15 days of allotment.”

Board resolution for an ESOP grant under an approved scheme

“RESOLVED THAT pursuant to the [Scheme Name] approved by the shareholders and subject to its terms, options be and are hereby granted to the employees listed in Annexure A, for the number of options, exercise price and vesting schedule set out against each name.”

Board resolution authorising a signatory for contracts

“RESOLVED THAT [Name], [Designation], be and is hereby authorised, for and on behalf of the company, to negotiate, finalise, execute and deliver [agreement type, for example, the lease deed / the vendor agreement] and any amendments thereto, and to do all acts incidental to give effect to this resolution.”

Board resolution taking a director’s resignation on record

“RESOLVED THAT the resignation letter dated [DD/MM/YYYY] tendered by [Name], DIN [XXXXXXXX], Director, be and is hereby taken on record with effect from [DD/MM/YYYY], and that [Name], Director, be authorised to file Form DIR-12 with the Registrar of Companies within 30 days.”

Board resolution approving a borrowing and creation of a charge

“RESOLVED THAT pursuant to Section 179(3)(d) of the Companies Act, 2013, the company do borrow a sum not exceeding Rs [amount] from [Bank / NBFC name] on the terms set out in the sanction letter dated [DD/MM/YYYY], and that a charge be created on [description of the asset secured] in favour of the lender to secure the said borrowing.”

“RESOLVED FURTHER THAT [Name], Director, be and is hereby authorised to execute the loan and security documents and to file the particulars of charge in Form CHG-1 with the Registrar of Companies within 30 days of creation of the charge, pursuant to Section 77 of the Companies Act, 2013.”

Board resolution approving a related party transaction

“RESOLVED THAT, the interest of [Name], Director, in the proposed transaction having been disclosed pursuant to Section 184 of the Companies Act, 2013 and the said director having abstained from voting on this resolution [or, for a qualifying private company, having voted after disclosure as permitted under the MCA exemption notification dated 5 June 2015, as amended], the Board approves the transaction between the company and [related party name] for [nature of transaction] on an arm’s length basis, on the terms set out in the agreement annexed, pursuant to Section 188 of the Companies Act, 2013.”

Board resolution appointing a nominee director on an investor’s board seat

“RESOLVED THAT, pursuant to the rights granted under the [Share Subscription Agreement / Shareholders’ Agreement] dated [DD/MM/YYYY] and Article [X] of the Articles of Association, [Name], holding DIN [XXXXXXXX], nominated by [Investor Name], be and is hereby appointed as a Nominee Director of the company with effect from [DD/MM/YYYY], and shall not be liable to retire by rotation.”

“RESOLVED FURTHER THAT [Name], Director, be authorised to file Form DIR-12 with the Registrar of Companies within the statutory timeline.”

These nine cover most of what an early-stage company without a CS needs in its first three years. Always state the exact amount, name, date or percentage rather than a general authorisation, since vague resolutions are what diligence teams flag first.

Can a board resolution be passed without a meeting?

Section 175 allows the board to pass a resolution by circulation instead of convening a meeting. The draft resolution and papers are sent to every director at their registered address, by hand, post, courier or email, and it is deemed passed once a majority of directors entitled to vote approve it. Most early-stage boards use this between formal meetings for routine matters, such as taking a new director’s consent on record.

Resolution by circulation cannot be used for every decision. Section 179(3) requires these powers to be exercised only through a resolution passed at a meeting of the board:

• Making calls on unpaid share capital
• Authorising buy-back of securities under Section 68
• Issuing securities, including debentures, whether in or outside India
• Borrowing monies
• Investing the funds of the company
• Granting loans, or giving a guarantee or providing security, in respect of loans
• Approving the financial statements and the Board’s report
• Diversifying the business of the company
• Approving amalgamation, merger or reconstruction
• Taking over another company, or acquiring a controlling or substantial stake in another company

Secretarial Standard-1 (SS-1), issued by the Institute of Company Secretaries of India, lists further items that should be placed before the board at a meeting rather than passed by circulation, including the approval of related party transactions under Section 188. A safeguard exists under the proviso to Section 175(1): if at least one-third of the directors ask for a circulated resolution to instead be decided at a meeting, the chairperson must place it before a meeting.

Can these Section 179(3) matters be approved over video conference, or does the board need to meet in person?

A meeting requirement is not the same as a physical-presence requirement. Rule 4 of the Companies (Meetings of Board and its Powers) Rules, 2014 used to bar five of the ten matters above, financial statements, the Board’s report, a prospectus, audit committee review of accounts, and amalgamation or merger, from being taken over video conference, forcing a physical meeting for those items alone. The Ministry of Corporate Affairs omitted Rule 4 in its entirety through the Companies (Meetings of Board and its Powers) Amendment Rules, 2021 (G.S.R. 409(E)), with effect from 15 June 2021. Every one of the ten Section 179(3) matters, including the five once restricted, can now be validly approved at a meeting held over video conferencing or other audio-visual means under Section 173.

A founder relying on an older guide or a template drafted before 2021 will often still see a note that financial statements or a merger need a physical board meeting. That restriction no longer exists. The only condition carried over from the pre-2021 rule is procedural: where quorum is met through directors physically present, any additional director may still join by video conference, and the recording and consent requirements under Section 173 continue to apply regardless of format.

Interested directors: disclosure and voting restrictions under Section 184

This is the trap that catches almost every two-founder company sooner or later, and it rarely shows up in generic board resolution guides, since it only matters once a company transacts with an entity a director is also connected to, a founder’s other venture, a family member’s firm, or an ESOP trust the founders also control.

Section 184(1) requires every director to disclose, in Form MBP-1, their concern or interest in any other entity, at the first board meeting of each financial year and whenever that interest changes. Section 184(2) goes further for a specific contract: an interested director cannot discuss or vote on it, and their presence does not count towards quorum for that item. A vote cast in breach of this is void.

Applied literally, this can leave a two-director private company unable to transact with a related entity at all, since one director stepping out drops the board below the minimum quorum of two under Section 174. The MCA addressed this for private companies that are not a subsidiary of a public company: under Notification GSR 464(E) dated 5 June 2015, as amended by GSR 583(E) dated 13 June 2017, an interested director in such a company may participate, vote, and be counted towards quorum, provided the interest is disclosed. The relief is conditional on the company not being in default on its Section 92 or 137 filings, the same condition that gates the MGT-14 exemption below.

What this means in practice for a founder-run board:

• Disclose first, every time. File Form MBP-1 at the first board meeting of the financial year and whenever a director’s outside interests change.
• Record the disclosure in the minutes, not just the resolution. A resolution reciting “interest disclosed” without minutes showing when and how is a weak record in diligence.
• Maintain the Section 189 register. Read with Rule 16 of the Companies (Meetings of Board and its Powers) Rules, 2014, this requires a register of contracts in which directors are interested, in Form MBP-4.
• Do not assume the private company relief applies automatically. It fails for a subsidiary of a public company, or where the company has defaulted on its Section 92 or 137 filings.

How to convene a valid board meeting

A resolution passed at a meeting is only as valid as the meeting itself. Before that: Section 173(1) requires the first board meeting within 30 days of incorporation, then a minimum of four meetings each calendar year, no more than 120 days apart. Small companies, OPCs and dormant companies need only two, six months apart. Section 173(1) carries no penalty of its own, so a shortfall falls under the residual penalty in Section 450: Rs 10,000 plus Rs 1,000 per day of continuing default, capped at Rs 2,00,000 for the company and Rs 50,000 per officer. ROC adjudication orders for exactly this, three meetings held instead of four, are on public record, so this is not a theoretical risk for a board that only meets when a decision happens to come up.

1. Give notice under Section 173. At least seven days’ written notice, stating date, time, venue or video-conferencing link, and agenda. Shorter notice is permitted with an independent director present or the consent of a majority of directors entitled to attend.
2. Circulate the agenda and supporting papers. Each item should carry enough background for a director to make an informed decision, particularly for related party transactions or borrowings.
3. Confirm quorum under Section 174. The minimum is one-third of the total number of directors, or two directors, whichever is higher. If quorum is not met, the meeting stands adjourned by law to the same day the following week, at the same time and place, unless the Articles provide otherwise.
4. Record attendance and discussion. Note who attended in person, by video conference, or not at all, and capture the substance of the discussion, not just the outcome.
5. Put the resolution to a vote. Record whether it passed unanimously or by majority, and note any dissent.
6. Draft, sign and certify. The chairperson signs the minutes within 30 days under Section 118. A certified true copy is prepared whenever the resolution needs to go outside the company.

Which board resolutions must be filed with the ROC in Form MGT-14?

This is the step a company without a CS is most likely to miss, since there is no one person tracking the 30-day filing clock. Form MGT-14, filed under Section 117, is how a company records certain resolutions with the Registrar of Companies.

Every special resolution requires MGT-14, regardless of company type. Section 179(3) separately lists board resolutions that would ordinarily require it, but private companies are exempt for these board-level matters under MCA notification GSR 464(E) dated 5 June 2015, as amended, provided the company has not defaulted on its Section 137 financial statements or Section 92 annual return.

Resolution type	MGT-14 required for private companies	Filing deadline
Special resolution (MoA/AoA change, ESOP scheme, Section 42 private placement)	Yes, always	30 days from passing
Board resolution under Section 179(3) (borrowing, investing, issuing securities, approving financial statements)	No, exempt if no default under Sections 92 or 137	Not applicable
Board resolution appointing/varying terms of managing director or whole-time director (Section 196)	Yes	30 days from passing
Board resolution approving related party transactions (Section 188)	Case specific; check if it also needs shareholder approval	30 days if filed

Missing an MGT-14 filing where it is actually required attracts a penalty under Section 117(2), as decriminalised by the Companies (Amendment) Act, 2020: Rs 10,000 plus Rs 100 for each day the default continues, capped at Rs 2,00,000 for the company and Rs 50,000 for each officer in default. This is separate from the additional filing fee under Section 403, which under the Companies (Registration Offices and Fees) Amendment Rules, 2022 (effective 1 July 2022) runs from 2 times the normal fee for a delay of up to 30 days, up to 12 times the normal fee beyond 180 days. Because the exemption for board-level Section 179(3) matters is conditional on the company being current with its Section 92 and 137 filings, a company that has fallen behind on its annual return quietly loses the exemption too, which is a trap most founders never learn about until an investor’s diligence team points it out.

Common mistakes that cost founders time and money

Treating a board resolution and a shareholder resolution as interchangeable. A private placement needs both a Section 179(3)(c) board resolution and a Section 42 special resolution. Passing only the board resolution leaves the allotment open to challenge and complicates a later PAS-3 filing.

Using vague authorisation language. “The Board authorises the CEO to manage banking matters” is not specific enough for most banks. State the bank name, branch, account type and exact powers granted, or the resolution gets bounced back.

Passing Section 179(3) matters by circulation. Borrowing money or approving financial statements by circulation email, because convening a meeting felt like overhead, invalidates the resolution. These ten matters must go through a meeting, physical or by video conference.

Skipping the Section 184 disclosure before an interested-party resolution. A two-director company approving a contract with a director’s other venture, without filing Form MBP-1 and recording the disclosure in the minutes, cannot rely on the private company exemption that would otherwise let that director vote and count for quorum. Without the disclosure on record, the resolution stays vulnerable to challenge even though the transaction itself may be entirely fair.

Restarting resolution numbering every year. Numbering resets to “Resolution No. 1” every financial year makes it harder to build a consolidated index during diligence, and can create duplicate reference numbers across years that confuse both auditors and investors.

Assuming the MGT-14 exemption is unconditional. As covered above, it lapses the moment a company defaults on its Section 92 or 137 filings, converting routine board minutes into filings the company did not know it owed.

In the MCA compliance engagements we have run at Treelife

In the MCA compliance engagements we have run at Treelife, the single most common gap in early-stage companies is not a badly drafted resolution, it is a missing one. A founder opens a bank account with a resolution, then makes three more banking decisions over the next year, an added signatory, a fixed deposit, a credit facility, without passing a fresh resolution for any of them. Banks eventually catch this at an account review and freeze operations until a current resolution is filed. We also regularly see companies pass a single omnibus resolution authorising “all future borrowings up to Rs [X]”, which does not satisfy most lenders once the facility crosses a few crore, since Section 179(3)(d) expects the board to approve the specific borrowing, not a standing ceiling. The fix is the same discipline both times: one resolution per decision, dated and numbered.

Board resolutions and fundraising due diligence

During a funding round, an investor’s legal counsel reviews board resolutions as closely as the cap table, since they are the paper trail proving every share issued, director appointed and ESOP granted was properly authorised. Diligence teams check most often: resolutions approving the ESOP pool and each grant, resolutions authorising every prior allotment, any MoA or AoA change, director appointments and resignations, and related party transactions under Section 188. A founder with consecutively numbered resolutions, MGT-14 filed where due, and certified copies in one folder turns a two-week back-and-forth into a same-week sign-off.

FAQ’s on Board Resolution Formats for Company Decisions

Q: Does passing a board resolution attract stamp duty or tax?
A: No. Stamp duty and tax, where they arise, attach to the underlying transaction, such as an allotment, not to the resolution itself.

Q: How often must a company actually hold board meetings, resolutions aside?
A: At least four times a calendar year, no more than 120 days apart, starting within 30 days of incorporation (Section 173(1)). Small companies, OPCs and dormant companies need only two, six months apart. Shortfalls are penalised under Section 450, not a provision specific to board resolutions.

Q: What does it typically cost to get board resolutions professionally drafted?
A: For a company without a CS, advisors usually price a standard set as a fixed fee per document or under a monthly secretarial retainer, since the drafting itself is quick once the decision is clear.

Q: How long does it take to go from a board decision to a certified copy a bank will accept?
A: Same-day if notice, quorum and wording are already in order. Add three to five working days if the Section 173 notice period still has to run.

Q: What documents should be attached to a board resolution file?
A: The notice, the agenda, any supporting papers, the attendance record, the signed minutes, and the certified true copy prepared for external use.

Q: Does a resolution authorising an overseas payment or ODI need FEMA-specific wording?
A: Yes, citing the relevant FEMA provision and the applicable RBI Master Direction, since the authorised dealer bank checks the resolution against that filing before processing the transaction.

Q: Can a company with only two founder-directors validly pass board resolutions?
A: Yes, provided quorum under Section 174 is met. With exactly two directors, both usually need to attend, so an urgent matter should go by circulation only if it is not one of the ten Section 179(3) items.

Q: Do DPIIT-recognised startups get any relaxation in board resolution requirements?
A: Not directly. The relief most early-stage companies actually use, the MGT-14 exemption on Section 179(3) matters and the option to pass an ESOP scheme by ordinary rather than special resolution, applies independent of DPIIT status.

Q: What happens if a board resolution is passed with a factual error, such as the wrong share count?
A: The board passes a fresh resolution rescinding or correcting the earlier one, referencing it by date and number, rather than a hidden overwrite.

Q: What do investors typically ask for beyond the resolution itself during diligence?
A: The signed minutes, the notice and attendance record, and, for allotments, the corresponding Form PAS-3.

Q: Does an NRI or foreign director change anything about the resolution format?
A: Not the format, but notice must reach their registered address abroad within the same timeline, and their attendance mode should be recorded accurately since it affects quorum.

Q: If a term sheet falls through after the allotment resolution is passed, does it need to be reversed?
A: If no shares were allotted and no PAS-3 was filed, the board can simply record it as lapsed. If shares were already allotted, unwinding it needs a buyback or transfer.

Q: Is a company secretary legally required to sign board resolutions for a private company?
A: No. The chairperson’s signature is enough until the company crosses the paid-up capital threshold that triggers mandatory CS appointment under Section 203.

Regulatory references

• Companies Act, 2013, Section 114 (ordinary and special resolutions)
• Companies Act, 2013, Section 117 (filing of resolutions and agreements, Form MGT-14)
• Companies Act, 2013, Section 118 (minutes of proceedings of general meeting, meeting of Board of Directors and other meeting and resolutions passed by postal ballot)
• Companies Act, 2013, Section 161 (appointment of additional director, alternate director and nominee director)
• Companies Act, 2013, Section 168 (resignation of director)
• Companies Act, 2013, Section 169 (removal of director)
• Companies Act, 2013, Section 173 (meetings of Board, including minimum meeting frequency under sub-section (1))
• Companies Act, 2013, Section 174 (quorum for meetings of Board)

External sources

• Ministry of Corporate Affairs
• Institute of Company Secretaries of India, Secretarial Standard-1
• Reserve Bank of India