Guidance note on Revised Secretarial Standards - (SS -1 and SS-2)
The “Secretarial Standard on Meetings of the Board of Directors” (SS-1), 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. Adherence to SS-1 is mandatory in terms of sub–section (10) of
Section 118 of the Companies Act, 2013 (Act).
The first version of SS-1 was applicable to Meetings of the Board of Directors and its Committees, in respect of which Notices were issued between 1st July, 2015 to 30th September, 2017. The revised version of SS-1 applies to Meetings of the Board of Directors and its Committees, in respect of which Notices are issued on or after 1st October, 2017.
SS-1 prescribes a set of principles for convening and conducting Meetings of the Board of Directors and matters related thereto. Guidance Note sets out the explanations, procedures and practical aspects in respect of the provisions contained in revised SS-1 (effective from 1st October, 2017) to facilitate compliance thereof by the stakeholders.
With the introduction of revised SS-1, there was a need for a detail guidance note on the applicability of Secretarial Standards. Keeping in mind the need of the same, ICSI has issued Guidance note on Meetings of the Board of Directors.
Same way, revised SS-2 which applies to all types of General Meetings, in respect of which Notices are issued on or after 1st October, 2017. SS-2 prescribes a set of principles for convening and conducting General Meetings and matters related thereto. Guidance Note sets out the explanations, procedures and practical aspects in respect of the provisions contained in revised SS-2 (effective from 1st October, 2017) to facilitate compliance thereof by the stakeholders. Accordingly, ICSI has released GUIDANCE NOTE ON GENERAL MEETINGS.
To know more about Secretarial Standards, its applicability and FAQ, click here
Attachments:
1) Guidance note on Meetings of the Board of Directors
2) Guiadance Note on General Meeting
The first version of SS-1 was applicable to Meetings of the Board of Directors and its Committees, in respect of which Notices were issued between 1st July, 2015 to 30th September, 2017. The revised version of SS-1 applies to Meetings of the Board of Directors and its Committees, in respect of which Notices are issued on or after 1st October, 2017.
SS-1 prescribes a set of principles for convening and conducting Meetings of the Board of Directors and matters related thereto. Guidance Note sets out the explanations, procedures and practical aspects in respect of the provisions contained in revised SS-1 (effective from 1st October, 2017) to facilitate compliance thereof by the stakeholders.
With the introduction of revised SS-1, there was a need for a detail guidance note on the applicability of Secretarial Standards. Keeping in mind the need of the same, ICSI has issued Guidance note on Meetings of the Board of Directors.
Same way, revised SS-2 which applies to all types of General Meetings, in respect of which Notices are issued on or after 1st October, 2017. SS-2 prescribes a set of principles for convening and conducting General Meetings and matters related thereto. Guidance Note sets out the explanations, procedures and practical aspects in respect of the provisions contained in revised SS-2 (effective from 1st October, 2017) to facilitate compliance thereof by the stakeholders. Accordingly, ICSI has released GUIDANCE NOTE ON GENERAL MEETINGS.
To know more about Secretarial Standards, its applicability and FAQ, click here
Attachments:
1) Guidance note on Meetings of the Board of Directors
2) Guiadance Note on General Meeting
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