Adherence by a company to this secretarial standard. Secretarial standard 1 meeting of the board of directors. Secretarial standard on meetings of the board of directors the following is the text of the secretarial standard1 s s1 on meetings of the board of directors, issued by the council of the institute of company secretaries of india and approved by the central government. The guide is available as a webbased version and a pdf version at. Secretarial standards means the secretarial standards as issued by the institute of company secretaries of india constituted under section 3 of the company secretaries act, 1980 and approved by the central government. Ssb, in consultation with the council, shall determine the areas in which secretarial standards need to be formulated and the priority in regard to the selection thereof. Where the law is not clear or needs explicit spirit of the law, secretarial standards, provide clarity on them. Decoding secretarial standards attendance aishmghrana. We have summarized these action points to get prepared for implementation of these standards without hassles. Revised secretarial standards key amendments vinod.
Section 11810 confers on the institute power to specify secretarial standards. Secretarial standards under the act it is the boards responsibility to make out its report to the shareholders with reference to matters set out in the act and attach the said report to every balance sheet laid before the company at its annual general meeting. The secretarial standard 1 ss 1 on meetings of the board of directors, formulated by the secretarial standards board of the institute of. Many of the practical difficulties of earlier standard have been tried to remove in the revised secretarial standard. Every company shall observe secretarial standards with respect to general and board meetings specified by the institute of company secretaries of india constituted under section 3 of the company secretaries act, 1980, and approved as such by the central government. I continue my study of these secretarial standards. Secretarial standards on meetings of the board of directors ss 1 and secretarial standards on general meetings ss2 as approved by the central government on april 10, 2015, have been issued by the institute of company secretaries of india icsi vide icsi notification no. Guidance note on secretarial standard 1 issued by icsi. Icsi has issued ss3 secretarial standard on dividend.
In the initial years, adherence by a company to this secretarial standard. The following is the text of the secretarial standard1 ss1 on meetings of the board of directors, issued by the council of the institute of company secretaries of india and approved by the central government. Checklist for calling a board meeting as per secretarial standard1 general 1. The standard comes into effect from january 1, 2018. Secretarial standard 1 ss1 and secretarial standard 2 ss2 with the changes in the provisions of the act brought by virtue. Secretarial standard 1 meeting of board of directors. Mca has notified the secretarial standard 1 meeting of the board of directors vide letterno. The act mandates that every company shall observe secretarial standards specified by the institute of company secretaries of india and approved as such by the central government with respect to general and board meetings. The secretarial standard on meetings of the board of directors ss1 and secretarial standard on general meetings ss2 issued by the. You may bookmark this page for quick accessibility. Where the law is not clear or needs explicit spirit of the law, secretarial standards. With the introduction of revised ss 1, there was a need for a detail guidance note on the applicability of secretarial standards. Act imposes an obligation on companies to observe secretarial standards regarding general and board meetings as specified by the. Secretarial standard 3 dividend ss 3 preface to the secretarial standards secretarial standards board and its objectives the institute of company secretaries of india, icsi, recognising the need for integration, harmonisation and standardisation of diverse secretarial practices, has constituted the secretarial standards board ssb with the objective of formulating secretarial standards.
Board meetings under secretarial standard and company law. Applicability of secretarial standards to private companies. Apr 24, 2015 secretarial standard on meetings of the board of directors. Icsi issues secretarial standards 3 on dividend effective 1st. Nov 17, 2009 please find attach herewith the links for all 9 secretarial standard issued by the institute of company secretaries of india icsi for your ready reference. Checklist for calling a board meeting as per secretarial. Secretarial standards on meetings of the board of directors ss1 and general meetings ss2 were approved by the central government under section 11810 of the companies act, 20 on 10 th april, 2015 and were published in the gazette of india extraordinary part iii section 4 on 23 rd april, 2015 vide icsi notification no. Jan 28, 2018 icsi issued 10 secretarial standards till date out of which secretarial standards on meeting of the board of directors ss 1 and general meetings ss2 were approved by the central government under section 11810 of the companies act, 20 on 1.
Secretarial standard on meetings of the board of directors ss 1. Sep 04, 2016 mca has notified the secretarial standard 1 meeting of the board of directors vide letterno. Please find attach herewith the links for all 9 secretarial standard issued by the institute of company secretaries of india icsi for your ready reference. Below is the major changes and comparison between secretarial standard 1 and revised secretarial standard 1. There are some alterations made in the revised ss1 in comparison. There are some alterations made in the revised ss 1 in comparison to former ss 1. Section 118 under the aegis of which the secretarial standards have been made mandatory has been made exempt in entirety to a section 8 company. Secretarial standard 1 on meeting of the board of directors secretarial standard 2 on genaralmeetings v secretarial standard 1 on meetings of the board of directors,is issued by the council of the icsi and approved by the central government. The institute of company secretaries of india has issued revised secretarial standard 1 which shall come into effect from 1st october, 2017 with approval of the central government. Secretarial standard 2 introduction the ministry of corporate affairs notified secretarial standard 2 ss2 on april 23, 2015 which came into effect from july 1. Accordingly, the secretarial standards on meetings of the board of directors ss 1 and secretarial standards on general meetings ss2, as approved by the central government, have.
So far, the icsi has issued ten secretarial standards, viz. Revised secretarial standards key amendments vinod kothari. In this post, i will discuss secretarial standards related to attendance at meetings under ss 1. Revised secretarial standard on meetings of board of. It is notified that neither the presenter nor organization to which he belongs nor any other person related to him shall be responsible for any damage or loss of any action taken based on this presentation. Section 11810 confers on the institute power to specify secretarial standards with respect to general and board meetings.
Aug 30, 2017 icsi releases revised secretarial standards on boardgeneral of directors ss 1 and general meetings ss2 icsi announcement revised secretarial standards on meetings of the board of directors ss 1 and general meetings ss2. Adherence by a company to this secretarial standard is mandatory, as. Revision of secretarial standard 1 and 2 by icsi cs harshita. Secretarial standard 7 passing of resolutions by circulation ss 7 the following is the text of the secretarial standard 7 ss7 issued by the council of the institute of company secretaries of india, on passing of resolutions by circulation.
Revised secretarial standard on meetings of board of directors icsi. Secretarial standard on meetings of the board of directors ss2. Scope this standard is applicable to the meetings of board of. Icsi releases revised secretarial standards ss1 and ss2.
Is the observance of secretarial standards issued by icsi mandatory. Revised drafts of secretarial standard 1 and 2 on meetings taxguru. Issue iii september 2015 disclaimer this bulletin is for information purposes and should not be construed as legal advice. Oct 10, 2017 guidance note sets out the explanations, procedures and practical aspects in respect of the provisions contained in revised ss 1 effective from 1st october, 2017 to facilitate compliance thereof by the stakeholders.
Secretarial standards tool for good corporate governance. Adherence by a company to this secretarial standard is mandatory. Considering the various changes brought in the companies act, 20, vide barrage of notifications, clarifications and amendments, there was a need to align the current secretarial standards viz. What is secretarial standards on meetings of the board of directors ss 1 this standard prescribes a set of principles for convening and conducting meetings of the board of directors and matters connected to the convening and conduct of the meetings. Secretarial standards on meetings of the board of directors ss1 and secretarial standards on general meetings ss2 as approved by the central government on april 10, 2015, have been issued by the institute of company secretaries of india icsi vide icsi notification no.
Secretarial standard 1 ss 1 and secretarial standard. This standard prescribes a set of principles for convening and conducting meetings of the board of directors and matters related thereto. Companies amendment act, 2015 and amendments to the rules notified by mca. India is the pioneer in having secretarial standards as no other country in the world has yet adopted the secretarial standards. The institute of company secretaries of india has announced that the secretarial standards on meetings of the board of directors ss 1 and general meetings ss2 have been revised and the revised secretarial standards have received approval from the central government.
Secretarial standard on meetings of the board of directors the following is the text of the secretarial standard 1 s s 1 on meetings of the board of directors, issued by the council of the institute of company secretaries of india and approved by the central government. Icsi issues secretarial standards 3 on dividend effective. This is a novel requirement and is an addition to the. Procedure for issuing secretarial standards the following procedure shall be adopted for formulating and issuing secretarial standards. The above insert in the revised version is only a reiteration of the earlier position. The ministry of corporate affairs conferred its approval to secretarial standard 1 relating to board meeting and secretarial standard 2 relating to general meeting issued by the institute of company secretaries of india icsi. Aug 19, 2017 secretarial standards on meetings of the board of directors ss 1 and general meetings ss2 were approved by the central government under section 11810 of the companies act, 20 on 10 th april, 2015 and were published in the gazette of india extraordinary part iii section 4 on 23 rd april, 2015 vide icsi notification no. Ss3 secretarial standard on dividend the compliance.
Secretarial standard on the meetings of board of directors. The institute of company secretaries of india icsi has published the secretarial standards 3 on dividend ss3 on its website under secretarial standard board. Ss with respect to general and board meetings specified by the institute of company secretaries of india. Board meetings ss 1 shall be applicable to all companies incorporated under the act, except one person company opc and a company licensed. Faqs on revised secretarial standards ss 1 and ss2. Aug 31, 2017 the revised secretarial standard is made in line of companies act, 20 and ease of doing business. No other country of the world except india has yet adopted the secretarial standards. Compliance of secretarial standards whether mandatory. The existing ss 1 and ss2 will be applicable to the board meetings and general meetings held on or before 30 th september, 2017. How many secretarial standard have been issued by icsi. Section 205 1 confers power to the institute to issue secretarial standards. Secretarial standard 4 registers and records ss 4 preface to the secretarial standards secretarial standards board and its objectives the institute of company secretaries of india, icsi, recognising the need for integration, harmonisation and standardisation of diverse secretarial practices, has constituted the secretarial standards board ssb with the objective of formulating secretarial. Aug 30, 2017 faqs on revised secretarial standards ss 1 and ss2. Major amendment in secretarial standard 1 this standard prescribes a set of principles for convening and conducting meetings of the board of directors and matters related thereto.
All books are in clear copy here, and all files are secure so dont worry about it. Meetings of the board of directors ssl and general meetings ss2 revised by the icsi and approved by the central government secretarial standards on meetings of the board of directors ss 1. May 18, 2016 the ministry of corporate affairs conferred its approval to secretarial standard 1 relating to board meeting and secretarial standard2 relating to general meeting issued by the institute of company secretaries of india icsi. The following is the text of the secretarial standard 1 ss 1 on meetings of the board of directors, issued by the council of the. Inclusive list of contents have been mentioned in the ss1 that a minute should contain. The following is the text of the secretarial standard 1 ss 1 on meetings of the board of directors, issued by the council of the institute of company secretaries of india and approved by the central government. As per the latest academic updates issued by the institute of company secretaries of india for december 2015 examinations, secretarial standards ss1 and ss2 are applicable along with. Secretarial standard 1 ss1 and secretarial standard 2 ss2 with the changes in the provisions of the act brought by virtue of such notifications, amendments etc considering this, the institute of company secretaries of india has revised the aforesaid secretarial standards issued in the year 2015. Frequently asked question on revised secretarial standards ss 1 and ss2. This standard prescribes a set of principles in relation to the declaration and. In my earlier post here i have raised some issues related to issuance of secretarial standards. Aug 30, 2017 accordingly, the secretarial standards on meetings of the board of directors ss1 and secretarial standards on general meetings ss2, as approved by the central government, have been issued by the icsi for observance by all companies except exempted class of companies. Icsi issued 10 secretarial standards till date out of which secretarial standards on meeting of the board of directors ss 1 and general meetings ss2 were approved by the central government under section 11810 of the companies act, 20 on 1. Secretarial standard on meetings of board of directors ss1.
Ss1 secretarial standard on meetings of the board of directors. Hold meeting at any day, other than a national holiday. Guidance note on revised secretarial standards ss 1 and ss2. Just prepare your action plan and contribute in mission icsi in raising the. Icsi releases revised secretarial standards 1 and 2. Secretarial standards on meetings of the board of directors ss1 and secretarial standards on general meetings ss2 as approved by the central government on april 10, 2015. No other country of the world except india has yet adopted the secretarial standards ss. Revised secretarial standards, ss1 and ss2 to be applicable. Guidance note on revised secretarial standards ss 1. In this post, i will discuss secretarial standards related to attendance at meetings under ss 1 and ss 2.
Ss 1 is applicable on all the companies incorporated under the act, except one person company opc. Revised ss 1 ss2 applicable from 1st october, 2017 in respect of boardsgeneral meetings. Major amendment in secretarial standard 1 revised ss1. Frequently asked question on revised secretarial standards ss 1 and ss2 q 1. Jun 30, 2015 in my earlier post here i have raised some issues related to issuance of secretarial standards. Aug 30, 2017 companies were required to use the secretarial standards with effect from july 1, 2015. Nov 08, 2015 secretarial standards are recognised under section 11810 of the companies act,20. Checklist for calling a board meeting as per secretarial standard1. Aug 30, 2017 the existing ss 1 and ss2 will be applicable to the board meetings and general meetings held on or before 30 th september, 2017. Bss1 icsb institute of chartered secretaries of bangladesh. Board meetings ss1 shall be applicable to all companies incorporated under the act, except one person company opc and a company licensed under section 8 of the companies act, 20 or corresponding provisions of any previous enactment thereof.
Checklist for calling a board meeting as per secretarial standard 1. In accordance with the requirement of the section 11810 of the companies act, 20. Secretarial standard on meetings of the board of directors ss1. Aug 25, 2017 section 2051 confers power to the institute to issue secretarial standards. Revised secretarial standard 1 shall be effective w. According to a press release on the icsi website, secretarial standards on board meeting ss 1 and general meeting ss2 have been revised by the institute of company secretaries of india and approval of the central government, as required, under section 11810 of the companies act, 20 has been obtained for the revised ssl and ss2 vide ministry of corporate affairs letter no. The secretarial standards have been notified by the icsi in the official gazette and are effective from july 1, 2015. Secretarial standard 1 on meeting of directors vinod kothari.
The following is the text of the secretarial standard1 s s1 on meetings of the board of directors, issued by the council of the institute of company secretaries of india and approved by the central government. It is notified that neither the presenter nor organization to which he belongs nor any other. The revised secretarial standards shall be applicable for compliance by companies except the exempted class of companies 1. Hold board meeting in every calendar quarter with maximum interval of 120 days between 2 consecutive meetings, and at least 4 board meeting in a calendar year.
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