The Institute of Company Secretaries of India (ICSI) clarifies that any relaxation granted by the Ministry of Corporate Affairs (“MCA”) due to Covid-19 outbreak from the compliance of provisions of Board and General Meetings under the Companies Act, 2013 (“Act”) will automatically and consequentially apply to Secretarial Standards as the case may be and the relaxed provisions of the Act will prevail to the extent applicable in terms of enforceability. In this regard, few provisions of the Secretarial Standards on General Meetings (“SS-2”) shall stand relaxed and should be construed in the light of the relaxations already granted by the MCA to facilitate compliance and continue to promote good corporate governance.
Further in context of COVID-19 situation, ICSI has also provided a guidance on certain provisions of SS-2, which is voluntary in nature and is in line with the relaxations given by the MCA and will be applicable only for the period of relaxation so extended by the MCA.
The complete clarification/Guidance issued by ICSI is attached herewith:
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