ICSI releases revised Secretarial Standards 1 and 2

Revised Secretarial Standards  on  Meetings of the Board of Directors (SS-1) and General Meetings (SS-2)

 (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 (SS-1) and General Meetings (SS-2) were approved by the Central Government under Section 118(10) of the Companies Act, 2013 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. (1) SS of 2015, making them effective from 1^st July, 2015.

SS-1 and SS-2 have now been revised by ICSI and the same have been approved by the Ministry of Corporate Affairs (MCA) vide its letter No. 1/3/2014-CL.I dated 14^th June, 2017.

The revised SS-1 and SS-2 shall be applicable to all the companies (except the exempted class of companies) w.e.f. 1^st October, 2017 and accordingly all Board Meetings (including meetings  of committees of Board) and General Meetings in respect of which Notices are issued on or after 1^st October, 2017 need to comply with the revised SS-1 and SS-2. The existing SS-1 and SS-2 will be applicable to the Board Meetings and General Meetings held on or before 30^th September, 2017.

 

Need for Revision in the Secretarial Standards

Revisions in Secretarial Standards (SS-1 & SS-2) have been made considering the following:

• Companies (Amendment) Act, 2015 and amendments to the Rules notified by MCA
• Exemption Notification(s) issued by MCA dated 5^th June 2015
• Relaxations aimed to further ease of doing business
• Feedback received from members on  practical difficulties that emerged during the  first time  implementation of Secretarial Standards
• To remove the interpretation issues
• Issues/suggestions received from different stakeholders

 

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Download Revised Secretarial Standard on Meetings of Board of Directors (SS-1) 

Download Revised Secretarial Standard on General Meetings (SS-2)