The objective of ss2 is to ensure good corporate governance and better accountability towards shareholders in all general meetings. Jul 01, 2015 secretarial standards approved by the central government. Companies act 20 1956 secretarial standards dokmart. Key amendments to secretarial standards background act. Ss provide a framework to bring uniformity, integrity and standardization in the secretarial practices followed by a corporate.
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. This standard shall come into effect from 1st january, 2018. 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. Icsi releases revised secretarial standards ss1 and ss2. Dec 01, 2017 suggestions invited on proposed amendments to secretarial standard on meetings of the board of directors ss1 by icsi feb 17, 2016. Dec 20, 2017 icsi secretarial standard on dividend effective from 01012018. Section 118 under the aegis of which the secretarial standards have been made mandatory has been made exempt in. Aug 31, 2017 the revised secretarial standard is made in line of companies act, 20 and ease of doing business. You have blocked the notification on recent updates. Scope this standard is applicable to the meetings of board of directors of all companies. Checklist for calling a board meeting as per secretarial.
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. Revised secretarial standard 1 shall be effective w. Checklist for calling a board meeting as per secretarial standard 1. Icsi releases revised secretarial standards on boardgeneral of directors ss 1 and general meetings ss2. The following is the text of the secretarial standard1 ss1 on meetings of the. Existing two secretarial standards revised the hindu. Role of secretarial standards set a unified code of secretarial practices and. 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. How many secretarial standard have been issued by icsi.
Secretarial standards are the set of principles or guidelines. Sep 05, 2017 comparison chart on revised secretarial standard slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. 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. Revised secretarial standards key amendments vinod kothari. India is the pioneer in having secretarial standards as no other country in the world has yet adopted the secretarial standards. 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. 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.
D21, block ep, sector v, salt lake city, kolkata700091 ph 93 400833859831402256 email. 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. 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. Adherence by a company to this secretarial standard is mandatory, as. 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. 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. If you continue browsing the site, you agree to the use of cookies on this website. Secretarial standard 1 ss1 and secretarial standard 2 ss2 with the changes in the provisions of the act brought by virtue of such. Secretarial standard 2 kl aggarwal associates klaggarwal. The uniform title standards will be kept to date by a continuing revision program. Guidance note on revised secretarial standards ss 1 and ss2.
Secretarial standard on general meetings following is the text of the secretarial standard 2 ss2 on general. 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. Revised secretarial standard on meetings of board of directors icsi. October, 2017 need to comply with the revised ss1 and ss2. 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. Have you got tired of juggling through various changes under companies act, 20, rules thereunder. 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. Adherence by a company to this secretarial standard is mandatory, as per the provisions of the companies act.
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. Considering this, the institute of company secretaries of india has revised the aforesaid secretarial standards issued in the year 2015. Revised secretarial standards on meetings of the board of. 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. The existing ss1 and ss2 will be applicable to the board meetings and general meetings held on or before 30th september, 2017. The board shall, every year, convene a meeting of its members called the annual general meetingagm. 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. Where the law is not clear or needs explicit spirit of the law, secretarial standards, provide clarity on them.
The revised standards provide that firm of company secretaryies in practice would also be included in the definition. The secretarial standard on meetings of the board of directors ss1 and secretarial. Considering the various changes brought in the companies act, 20, vide. Icsi secretarial standard on dividend effective from 01012018. Hold board meeting in every calendar quarter with maximum interval of 120 days. Icsi releases revised secretarial standards 1 and 2. Comparative chart on revised secretarial standard 1. 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. Meetings of the board of directors ss1 and general meetings ss2 at the hands of. The company secretaries institute has revised the existing two secretarial standards on meetings of the board of directors and general meetings.
Comparative chart on revised secretarial standard 1 taxguru. Secretarial standards tool for good corporate governance. 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. Checklist for calling a board meeting as per secretarial standard1 general 1. Secretarial standard 2 on general meetings convening a general meeting.
Revised drafts of secretarial standard 1 and 2 on meetings taxguru. 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. Secretarial standards approved by the central government cakart. 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. Board of directors, issued by the council of the institute of company secretaries.
Icsi releases revised secretarial standards 1 and 2 aug 30, 2017. Major amendment in secretarial standard 1 revised ss1. 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. Jul 22, 2015 secretarial standards are applicable on companies from 1st july, 2015. Secretarial standard 1 ss1 and secretarial standard 2 ss2 with the changes in the provisions of the act brought by virtue. The secretarial standards have been notified by the icsi in the official gazette and are effective from july 1, 2015. Icsi revises two secretarial standards etcfo cfo news. 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. Ss3 guidance note on meetings of the board of directors based on revised ss1 guidance note on general meetings based on revised ss2.
With the introduction of revised ss1, there was a need for a detail guidance note on the applicability of secretarial standards. The institute of company secretaries of india icsi has recently released the secretarial standard ss3 on dividend for its members. 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. 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. Revised secretarial standards, ss1 and ss2 to be applicable. We discuss the key changes made in this secretarial standard. Secretarial standard on report of the board of directors oct 31, 2018.
Thereafter, the revised ss1 and ss2 were made effective from 1st october, 2017. There are some alterations made in the revised ss1 in comparison. The text of the exposure draft of the following proposed revised secretarial standards is placed for public comments. 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. 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 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. Aug 20, 2017 the company secretaries institute has revised the existing two secretarial standards on meetings of the board of directors and general meetings. As per ssdividend includes interim dividend but bonus shares are not dividend.
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. 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. 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. Below is the major changes and comparison between secretarial standard 1 and revised secretarial standard 1.
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. Revised secretarial standard on general meetings icsi. Many of the practical difficulties of earlier standard have been tried to remove in the revised secretarial standard. 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. Revision of secretarial standard 1 and 2 by icsi cs harshita. 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.