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