Revised Secretarial Standards


Revised Secretarial Standards
on
Meetings of the Board of Directors (SS-1) and General Meetings (SS-2)
                                                                                                     
  
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 10th April, 2015 and were published in the Gazette of India Extraordinary Part III -Section 4 on 23rd April, 2015 vide ICSI Notification No. (1) SS of 2015, making them effective from 1st 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 14th 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. 1st 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 1st 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 30th September, 2017.

Secretarial Standard
Applicability Period
Note:
Existing SS-1
July 01, 2015 to September 30, 2017
The Revised Secretarial Standards (SS-1 and SS-2) shall apply to Board Meetings and General Meetings, in respect of which Notices are issued on or after 1st October, 2017
Existing SS-2
July 01, 2015 to September 30, 2017
Revised SS-1
October 01, 2017 onward
Revised SS-2
October 01, 2017 onward

Why there was a need to revise Secretarial Standard:

As per ICSI notification, the existing Secretarial Standards which was effective from July 01, 2015 was not inconsistent with Act as Companies Amendment Act, 2015, Exemptions relating to Private Companies and many of the recent amendments were not covered in the existing Secretarial Standards.

Accordingly, 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 5th 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

Revised Secretarial Standards can be accessed from following link:
SS - 1 - Secretarial Standard on hte Meeting of the Board of Directors. 
SS- 2 - Secretarial Standard on General Meeting

For more details on Secretarial Standard you can click here.

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