The Institute of Company Secretaries of India (ICSI) had vide ICSI Notification No.1 (SS) of 2015 dated 23rd April, 2015, as published in the Gazette of India Extraordinary Part III Section 4, issued the Secretarial Standards on ˜Meetings of the Board of Directors™ [SS-1] and ˜General Meetings™ [SS-2] [collectively referred to as the Secretarial Standards]. These Secretarial Standards shall come into effect from 1st July, 2015.
The Ministry of Corporate Affairs (MCA), in exercise of its powers conferred by clauses (a) and (b) of Section 462 (1) and (2) of the Companies Act, 2013 (the Act) issued Notifications No. G.S.R. 463(E), G.S.R. 464(E), G.S.R. 465(E), G.S.R. 466(E) (hereinafter referred to as “the MCA Notification (s)”) all dated 5th June, 2015, has directed that certain provisions of the Act shall not apply or shall apply with such exceptions, modifications and adaptations as specified in the MCA Notification (s) to Government companies, Private Companies, Nidhis and Section 8 (NonProfit) Companies respectively.
The Scope of the Secretarial Standards as laid down in SS-1 and SS-2 is as under: This Standard is in conformity with the provisions of the Act. However, if due to subsequent changes in the Act, a particular Standard or any part thereof becomes inconsistent with the Act, the provisions of the Act shall prevail.
Accordingly, if due to MCA Notification (s) referred to herein above, a particular standard or any part thereof becomes inconsistent with any of the provisions of the Act, such corresponding provisions of the Act read with the MCA Notification (s) shall prevail.
The Secretarial Standard 1 and 2 as notified can be accessed at the link given below.
