What is meant by Board Process? What are the major decisions to be taken as part of the Board Process leading to an in principle decision to go for an initial public offer?

Board Process: The Board process can be defined as the entire process leading to the decision-making by the Board of Directors with respect to any subject matter placed before them. Secretarial Standard - 1 (SS-1) plays a significant role in ensuring an effective board process, from the issuance of Notice to the recording of Minutes, and the deliberation and participation of members at the meeting. Major Decisions for an Initial Public Offer (IPO): In the case of an Initial Public Offer, the board must first: Finalise Capital Raising Programme: The board needs to determine the overall strategy and objectives for raising capital. Identify Internal Team/Committee: Preferably comprising the Managing Director, CFO, and Company Secretary, this team is responsible for providing a complete roadmap for the IPO. Formulate Sound Decision: The board relies on the committee's input to make informed decisions. Appoint Capital Market Intermediaries: It is necessary to appoint and avail the services of merchant bankers, bankers to the issue, legal advisors, underwriters, and registrars and share transfer agents. Specific Approval for IPO: Based on information and inputs from the capital raising committee, the board arrives at a decision to commence an initial public offer with specific approval for: The amount to be raised. The nature of security to be issued. The objects of the issue. The agencies involved. Thus, the board process must lead to a decision to make an initial public offer, and such a decision must be consistent with the objectives of the company and the applicable regulations.