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. be kept at the registered office of the company; and
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 ).
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.
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.
Legal Commentary & Landmark Judgments: Section 119
Section 119 of the Companies Act, 2013 secures the statutory right of shareholders to inspect the minute-books of general meetings and obtain certified copies within seven days, empowering the NCLT to issue summary mandatory orders against non-compliant corporate officers.
Before instituting an oppression and mismanagement petition under Section 241, issue a formal written requisition under Section 119 demanding certified copies of contested general meeting minutes. If the management stonewalls or fails to provide copies within seven working days, file an application under Section 119(4) before the NCLT; the management's refusal provides unimpeachable evidence of oppression and intentional suppression of statutory rights.