The uniform title standards will be kept to date by a continuing revision program. Jul 22, 2015 secretarial standards are applicable on companies from 1st july, 2015. Secretarial standard on report of the board of directors oct 31, 2018. Secretarial standard on meetings of the board of directors 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. Icsi releases revised secretarial standards 1 and 2 aug 30, 2017. The institute of company secretaries of india icsi has recently released the secretarial standard ss3 on dividend for its members. Secretarial standard on meetings of the board of directors the following is the text of the secretarial standard 1 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.
The company secretaries institute has revised the existing two secretarial standards on meetings of the board of directors and general meetings. 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, 2015. Aug 19, 2017 now, the secretarial standards have been revised by the icsi 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 objective of ss2 is to ensure good corporate governance and better accountability towards shareholders in all general meetings. If you continue browsing the site, you agree to the use of cookies on this website. Aug 21, 2017 according to a press release on the icsi website, the revised standards were given the green signal by the corporate affairs ministry on june 14 earlier this year. Thereafter, the revised ss1 and ss2 were made effective from 1st october, 2017. 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 ss1 and secretarial standard 2 ss2 with the changes in the provisions of the act brought by virtue. Below is the major changes and comparison between secretarial standard 1 and revised secretarial standard 1. Icsi releases revised secretarial standards 1 and 2. Pdf checklist for calling a board meeting as per secretarial.
Revised secretarial standards key amendments vinod kothari. Adherence by a company to this secretarial standard is mandatory, as. Ss3 guidance note on meetings of the board of directors based on revised ss1 guidance note on general meetings based on revised ss2. Secretarial standard 2 on general meetings convening a general meeting. Have you got tired of juggling through various changes under companies act, 20, rules thereunder.
Dec 20, 2017 icsi secretarial standard on dividend effective from 01012018. Scope this standard is applicable to the meetings of board of directors of all companies. The revised ss1 secretarial standards on meetings of the board of directors and ss2 secretarial standard on general meetings were notified in the gazette on august 17. 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. Comparative chart on revised secretarial standard 1 taxguru. Major amendment in secretarial standard 1 revised ss1. With the introduction of revised ss1, there was a need for a detail guidance note on the applicability of secretarial standards. Aug 25, 2017 now, the secretarial standards have been revised by the icsi 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. Jul 01, 2015 secretarial standards approved by the central government. The text of the exposure draft of the following proposed revised secretarial standards is placed for public comments. Revised secretarial standards on meetings of the board of directors ss1 and general meetings ss2 revised by the institute of company secretaries of india icsi and approved by the central government 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. If the board fails to convene its annual general meeting in any year, any member of the company may approach the prescribed authority, which may then direct the calling of the annual general meeting of the company.
Role of secretarial standards set a unified code of secretarial practices and. October, 2017 need to comply with the revised ss1 and ss2. 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 ss1 and general. The existing ss1 and ss2 will be applicable to the board meetings and general meetings held on or before 30th september, 2017. Aug 30, 2017 guidance note on revised secretarial standards ss 1 and ss2 october 10, 2017 the secretarial standard on meetings of the board of directors ss1, formulated by the secretarial standards board of the institute of company secretaries of india icsi and issued by the council of the icsi, has been approved by the central government. Secretarial standards approved by the central government cakart.
Icsi releases revised secretarial standards on boardgeneral of directors ss 1 and general meetings ss2. Meetings of the board of directors ss1 and general meetings ss2 revised by the institute of company secretaries of india icsi and approved by the central government. Section 118 under the aegis of which the secretarial standards have been made mandatory has been made exempt in. Revised secretarial standards, ss1 and ss2 to be applicable. You have blocked the notification on recent updates. Aug 30, 2017 icsi releases revised secretarial standards on boardgeneral of directors ss1 and general meetings ss2 icsi announcement revised secretarial standards on meetings of the board of directors ss1 and general meetings ss2. Revised drafts of secretarial standard 1 and 2 on meetings taxguru. There are some alterations made in the revised ss1 in comparison.
Revision of secretarial standard 1 and 2 by icsi cs harshita. Icsi secretarial standard on dividend effective from 01012018. Secretarial standard 2 kl aggarwal associates klaggarwal. The institute of company secretaries of india icsi on 15th april, 2020 has issued clarificationguidance on applicability of secretarial standards on meetings of the board of directors ss1 and general meetings ss2 due to covid19 outbreak and lockdown situation prevailing in the country, various provisions of the compani. Icsi revises two secretarial standards etcfo cfo news. Ss provide a framework to bring uniformity, integrity and standardization in the secretarial practices followed by a corporate. Checklist for calling a board meeting as per secretarial.
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 standard1 general 1. Adherence by a company to this secretarial standard is mandatory, as per the provisions of the companies act. Sep 05, 2017 comparison chart on revised secretarial standard slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Guidance note 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. The revised standards provide that firm of company secretaryies in practice would also be included in the definition. Revised secretarial standard on general meetings icsi. We discuss the key changes made in this secretarial standard.
As per ssdividend includes interim dividend but bonus shares are not dividend. Comparative chart on revised secretarial standard 1. Such notice shall also be given to the directors and auditors of the company, to the secretarial auditor, to debenture trustees, if any, and, wherever applicable or so required, to other. Aug 31, 2017 the revised secretarial standard is made in line of companies act, 20 and ease of doing business. Aug 21, 2017 now, the secretarial standards have been revised by the icsi 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. Secretarial standards tool for good corporate governance. Where the law is not clear or needs explicit spirit of the law, secretarial standards, provide clarity on them. Icsi issued 10 secretarial standards till date out of which secretarial standards on meeting 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 1. Revised secretarial standards key amendments vinod. 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. Accordingly, the secretarial standards board of the institute of company secretaries of india has brought out exposure drafts of revised secretarial standards 1,2 5 and 7 on general and board meetings. 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. Revised secretarial standard 1 shall be effective w. Dec 01, 2017 suggestions invited on proposed amendments to secretarial standard on meetings of the board of directors ss1 by icsi feb 17, 2016.
Checklist for calling a board meeting as per secretarial standard 1. D21, block ep, sector v, salt lake city, kolkata700091 ph 93 400833859831402256 email. Oct 10, 2017 guidance note sets out the explanations, procedures and practical aspects in respect of the provisions contained in revised ss1 effective from 1st october, 2017 to facilitate compliance thereof by the stakeholders. According to a press release on the icsi website, secretarial standards on board meeting ss1 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 do not form parallel conflicting regulatory framework relating to holding of board meeting general meeting, but they ensure smooth compliance of extant regulatory framework. Icsi releases revised secretarial standards ss1 and ss2. The definition of secretarial auditor meant a company secretary in practice, appointed in pursuance of the act to conduct the secretarial audit of the company. Hold board meeting in every calendar quarter with maximum interval of 120 days. The board shall, every year, convene a meeting of its members called the annual general meetingagm. Secretarial standard on meetings of the board of directors the following is the text of the secretarial standard 1 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. Secretarial standards are the set of principles or guidelines. Aug 30, 2017 the institute of company secretaries of india has announced that the secretarial standards on meetings of the board of directors ss1 and general meetings ss2 have been revised and the revised secretarial standards have received approval from the central government.
Companies act 20 1956 secretarial standards dokmart. Secretarial standard on general meetings following is the text of the secretarial standard 2 ss2 on general. Revised secretarial standard on meetings of board of directors icsi. Secretarial standard 1 ss1 and secretarial standard 2 ss2 with the changes in the provisions of the act brought by virtue of such. Considering this, the institute of company secretaries of india has revised the aforesaid secretarial standards issued in the year 2015. Many of the practical difficulties of earlier standard have been tried to remove in the revised secretarial standard. Meetings of the board of directors ss1 and general meetings ss2 at the hands of.
Revised secretarial standards on meetings of the board of. Aug 20, 2017 the company secretaries institute has revised the existing two secretarial standards on meetings of the board of directors and general meetings. India is the pioneer in having secretarial standards as no other country in the world has yet adopted the secretarial standards. How many secretarial standard have been issued by icsi. Considering the various changes brought in the companies act, 20, vide. The secretarial standards have been notified by the icsi in the official gazette and are effective from july 1, 2015.
The secretarial standard on meetings of the board of directors ss1 and secretarial. Secretarial standard on general meetings following is the text of the secretarial standard 2 ss2 on general meetings, issued by the council of the institute of company secretaries of india and approved by the central government. Board of directors, issued by the council of the institute of company secretaries. Aug 30, 2017 revised secretarial standards on meetings of the board of directors ss1 and general meetings ss2 revised by the institute of company secretaries of india icsi and approved by the central government 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. This standard shall come into effect from 1st january, 2018. The section and the bar are grateful for the use of these funds to help revise outdated standards and the creation of new standards to meet the changes engrafted by new statutory laws and court decision. Icsi releases revised secretarial standards on boardgeneral of directors ss1 and general meetings ss2 icsi announcement revised secretarial standards on meetings of the board of directors ss1 and general meetings ss2 revised by the institute of company secretaries of india icsi and approved by the central government. Revised secretarial standards applicability and why revised. Key amendments to secretarial standards background act. The following is the text of the secretarial standard1 ss1 on meetings of the. Existing two secretarial standards revised the hindu.
302 156 1686 1672 192 1578 194 790 1454 389 1440 1642 819 1396 1041 151 837 488 1492 363 488 582 691 1295 1424 591 112 1085 1281 659 373 489 899 710 1056