No, there is no requirement of holding the Board Meeting on the date of AGM. However, mostly adopt this matter to minimize the compliance expenses.
The directors and executives and auditors are called upon for the AGM and so they can also hold the Board Meeting on the day in order to save the travel expenses. The criteria of a meeting per quarter is also maintained with proper planning and arrangement.
This arrangement is made in case of family based private companies also. Here, again the purpose is to save the compliance expenses and the AGM is called on short notice with approval of all the members. Normally, in such companies, the directors and shareholders are same. Therefore, instead of discussing same matter in different meetings, the meetings are called on same day to save time of all.
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