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. Icsi has issued ss3 secretarial standard on dividend. Where the law is not clear or needs explicit spirit of the law, secretarial standards, provide clarity on them. Section 205 1 confers power to the institute to issue secretarial standards.
Is the observance of secretarial standards issued by icsi mandatory. There are some alterations made in the revised ss1 in comparison. 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. Frequently asked question on revised secretarial standards ss 1 and ss2.
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. We have summarized these action points to get prepared for implementation of these standards without hassles. So far, the icsi has issued ten secretarial standards, viz. Revised ss 1 ss2 applicable from 1st october, 2017 in respect of boardsgeneral meetings. Secretarial standard on meetings of board of directors ss1. 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. 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. 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. Compliance of secretarial standards whether mandatory.
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. Mca has notified the secretarial standard 1 meeting of the board of directors vide letterno. Guidance note on revised secretarial standards ss 1. 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. Jun 30, 2015 in my earlier post here i have raised some issues related to issuance of secretarial standards. 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. Checklist for calling a board meeting as per secretarial standard1 general 1. 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. In the initial years, adherence by a company to this secretarial standard. 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.
Sep 04, 2016 mca has notified the secretarial standard 1 meeting of the board of directors vide letterno. 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. Revised secretarial standard on meetings of board of directors icsi. Hold meeting at any day, other than a national holiday. Secretarial standard 1 ss1 and secretarial standard 2 ss2 with the changes in the provisions of the act brought by virtue. 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. The secretarial standard 1 ss 1 on meetings of the board of directors, formulated by the secretarial standards board of the institute of. 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. Guidance note on secretarial standard 1 issued by icsi. 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. Adherence by a company to this secretarial standard is mandatory, as.
Icsi releases revised secretarial standards 1 and 2. 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. Where the law is not clear or needs explicit spirit of the law, secretarial standards. In my earlier post here i have raised some issues related to issuance of secretarial standards. The secretarial standard on meetings of the board of directors ss1 and secretarial standard on general meetings ss2 issued by the.
Revised secretarial standards key amendments vinod kothari. 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. 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. The existing ss 1 and ss2 will be applicable to the board meetings and general meetings held on or before 30 th september, 2017. Guidance note on revised secretarial standards ss 1 and ss2. 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. Apr 24, 2015 secretarial standard on meetings of the board of directors. In this post, i will discuss secretarial standards related to attendance at meetings under ss 1. 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. Secretarial standard 1 meeting of the board of directors. Revised drafts of secretarial standard 1 and 2 on meetings taxguru. Secretarial standard 1 ss 1 and secretarial standard.
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. Companies amendment act, 2015 and amendments to the rules notified by mca. Applicability of secretarial standards to private companies. 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. Ss with respect to general and board meetings specified by the institute of company secretaries of india. Secretarial standards tool for good corporate governance. Scope this standard is applicable to the meetings of board of. Issue iii september 2015 disclaimer this bulletin is for information purposes and should not be construed as legal advice.
Board meetings ss 1 shall be applicable to all companies incorporated under the act, except one person company opc and a company licensed. This is a novel requirement and is an addition to the. Inclusive list of contents have been mentioned in the ss1 that a minute should contain. The revised secretarial standards shall be applicable for compliance by companies except the exempted class of companies 1. Secretarial standard on meetings of the board of directors ss1. Board meetings under secretarial standard and company law. Revision of secretarial standard 1 and 2 by icsi cs harshita. Ss3 secretarial standard on dividend the compliance. Revised secretarial standards, ss1 and ss2 to be applicable. Revised secretarial standards key amendments vinod. 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. 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.
India is the pioneer in having secretarial standards as no other country in the world has yet adopted the secretarial standards. 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. You may bookmark this page for quick accessibility. The institute of company secretaries of india icsi has published the secretarial standards 3 on dividend ss3 on its website under secretarial standard board. 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. Adherence by a company to this secretarial standard.
Revised secretarial standard 1 shall be effective w. 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. This standard prescribes a set of principles in relation to the declaration and. This standard prescribes a set of principles for convening and conducting meetings of the board of directors and matters related thereto. Section 11810 confers on the institute power to specify secretarial standards with respect to general and board meetings. Section 11810 confers on the institute power to specify secretarial standards. 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.
Bss1 icsb institute of chartered secretaries of bangladesh. Revised secretarial standard on meetings of board of. Secretarial standard on meetings of the board of directors ss2. 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.
Just prepare your action plan and contribute in mission icsi in raising the. Below is the major changes and comparison between secretarial standard 1 and revised secretarial standard 1. Adherence by a company to this secretarial standard is mandatory. 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. There are some alterations made in the revised ss 1 in comparison to former ss 1. Secretarial standard on meetings of the board of directors ss 1. 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.
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. Checklist for calling a board meeting as per secretarial. Procedure for issuing secretarial standards the following procedure shall be adopted for formulating and issuing secretarial standards. It is notified that neither the presenter nor organization to which he belongs nor any other. Secretarial standard 1 meeting of board of directors. 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. 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. Such standards may become practice but may not necessarily have legal force for want of approval by government of india.
No other country of the world except india has yet adopted the secretarial standards. The standard comes into effect from january 1, 2018. Aug 30, 2017 faqs on revised secretarial standards ss 1 and ss2. The above insert in the revised version is only a reiteration of the earlier position. Icsi releases revised secretarial standards ss1 and ss2. How many secretarial standard have been issued by icsi. Decoding secretarial standards attendance aishmghrana. Aug 30, 2017 companies were required to use the secretarial standards with effect from july 1, 2015. Checklist for calling a board meeting as per secretarial standard1. 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. No other country of the world except india has yet adopted the secretarial standards ss. Ss 1 is applicable on all the companies incorporated under the act, except one person company opc. Many of the practical difficulties of earlier standard have been tried to remove in the revised secretarial standard.
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. I continue my study of these secretarial standards. Frequently asked question on revised secretarial standards ss 1 and ss2 q 1. Icsi issues secretarial standards 3 on dividend effective. 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. With the introduction of revised ss 1, there was a need for a detail guidance note on the applicability of secretarial standards. 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. Major amendment in secretarial standard 1 revised ss1. Secretarial standard 1 on meeting of directors vinod kothari.
We discuss the key changes made in this secretarial standard. 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. 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. In this post, i will discuss secretarial standards related to attendance at meetings under ss 1 and ss 2. In accordance with the requirement of the section 11810 of the companies act, 20. Aug 25, 2017 section 2051 confers power to the institute to issue 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.
D2 1, block ep, sector v, salt lake city, kolkata700091 ph 93 400833859831402256 email. The guide is available as a webbased version and a pdf version at. The secretarial standards have been notified by the icsi in the official gazette and are effective from july 1, 2015. 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. Icsi issues secretarial standards 3 on dividend effective 1st. Nov 08, 2015 secretarial standards are recognised under section 11810 of the companies act,20. 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. 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 31, 2017 the revised secretarial standard is made in line of companies act, 20 and ease of doing business. Secretarial standard on the meetings of board of directors. All books are in clear copy here, and all files are secure so dont worry about it. 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.
Checklist for calling a board meeting as per secretarial standard 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. This presentation is based on our internal research. 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. Ss1 secretarial standard on meetings of the board of directors.
1162 741 1304 1326 465 665 392 388 680 1294 350 835 1266 86 680 1282 59 491 89 60 1257 682 647 291 1499 219 413 1160 1363 567 916 326 1013 1276