Existing two secretarial standards revised the hindu. April 2015 effective from 1st july, 2015 second version revised. Icsi revises two secretarial standards etcfo cfo news. We all are aware that the secretarial standards ss has been.
What is tds on contractor i income tax and gst i ca satbir singh. Revised secretarial standard issued by icsi tax heal. Digital diploma a downloadable diploma in pdf format, immediately available to you when you complete your purchase. The secretarial standard on meetings of the board of directors ss1, 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. Revision of ss1 and ss2 by icsi all you need to know. Icsi secretarial standard on report of the board of directors ss4. How many secretarial standard have been issued by icsi.
Revision of secretarial standard 1 and 2 by icsi cs harshita. Announcement on revised secretarial standards by icsi. The revised secretarial standard is made in line of companies act, 20 and ease of doing business. Section 118 under the aegis of which the secretarial standards have been made mandatory has been made exempt in entirety to a section 8 company. The secretarial standards have been notified by the icsi in the official gazette and are effective from july 1, 2015. Revised secretarial standards applicability and why revised. A meeting may be convened at any time and place, on any day, excluding a national holiday. Checklist for calling a board meeting as per secretarial standard1. Secretarial standards and that such systems are adequate and operating effectively.
Now, the secretarial standards have been revised by the icsi and approval of the central government, as required, under section 11810 of the companies act, 20. Ss1 and ss2 have now been revised by icsi and the same have been approved by the ministry of corporate affairs mca vide its letter no. Secretarial standard 2 introduction the ministry of corporate affairs notified secretarial standard 2 ss2 on april 23, 2015 which came into effect from july 1, 2015. Secretarial standard on general meetings issued by the institute of company secretaries of india and approved by the central government under section 1181 0 of the companies act, 20 r evised version effective from october 1st, 2017. The existing ss1 and ss2 will be applicable to the board meetings and general meetings held on or before 30 th september, 2017. Revised secretarial standard on meeting of board of directors ss1 2017. Revised secretarial standards key amendments vinod.
Issue iii september 2015 disclaimer this bulletin is for information purposes and should not be construed as legal advice. Revised secretarial standards on meetings of the board of. According to a press release on the icsi website, the revised standards were given the green signal by the corporate affairs ministry on june 14 earlier. Notably, this policy applies t o scientific personnel at the doe laboratories and other nonfederal. The revised secretarial standards shall be applicable for compliance by companies except the exempted class of companies1 from october 1, 20172. The revised secretarial standards ss1 and ss2 shall apply to board meetings and general meetings, in respect of which notices are issued on or after 1st october, 2017 existing ss2 july 01, 2015 to september 30, 2017. Revised secretarial standard on meetings of board of. Srivats new delhi updated on january 09, 2018 published on august 20, 2017. No additions us 68 on basis of search on third party, if ao has not conducted any independent enquiry. The existing ss1 and ss2 will be applicable to the board meetings and general meetings held on or before 30th september, 2017. The revised secretarial standards shall be applicable for compliance by companies except the exempted class of companies 1 from october 1, 2017 2.
I dated 14 th june, 2017 the revised ss1 and ss2 shall be applicable to all the companies except the exempted class of companies w. The secretarial standards are formulated by the institute of company secretaries of india hereinafter referred to as icsi which was constituted under section 3. Icsi releases revised secretarial standards on boardgeneral of directors ss1 and general meetings ss2 administrator august 30, 2017 icsi no comments icsi releases revised secretarial standards on boardgeneral of directors ss1 and general meetings ss2. The following is the text of the secretarial standard1 ss1 on meetings of the. Major amendment in secretarial standard 1 revised ss1. Revised drafts of secretarial standard 1 and 2 on meetings taxguru. Ss1your directors states that they have devised proper systems to ensure compliance with theprovisions of all applicable. Revised secretarial standard 2 on general meetings an. Companies amendment act, 2015 and amendments to the rules notified by mca. The revised secretarial standard in substitution of the earlier version which was mandated for application from july, 1, 2015 has been released by the icsi after due approval of the central govt.
The revised secretarial standards shall be applicable for compliance by companies except the exempted class of companies from october 1, 2017. The standard prescribes principles for making disclosures in the report the companies act, 20, requires the report of board of directors of every company to be attached to the financial statements to be laid before the members at the annual general meeting. Icsi issued 10 secretarial standards till date out of which secretarial standards on meeting of the board of directors ss1 and general meetings ss2 were approved by the central government under section 11810 of the companies act, 20 on 1. Companies act 20 1956 secretarial standards dokmart. Note on revised ss2 secretarial standard on general meetings. Revised secretarial standard 1 shall be effective w. Ss1 secretarial standard on meetings of the board of directors3 minutes book means a book maintained in physical or in electronic form for the purpose of recording of minutes. Ss 1 secretarial standard on meetings of the board of directors issued by the institute of company secretaries of india and approved by the central government under section 1181 0 of the companies act, 20 r evised version effective from october 1st, 2017. Somany ceramics director report business standard news. Frequently asked question on secretarial standard 1 issued. The institute of company secretaries of india has issued revised secretarial standard1 which shall come into effect from 1st october, 2017 with approval of the central government. 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. Going through the revised text, it seems that the changes have been brought to align.
October, 2017 need to comply with the revised ss1 and ss2. The revised standards have come into force from 1 october 2017. Icsi releases revised secretarial standards ss1 and ss2. Responses to queries received on secretarial standard on general meetings ss2 ss old 01.
The secretarial standards have been revised and are applicable w. Secretarial standards tool for good corporate governance. Thus general meetings of companies which are held latest by september,30, 2017 shall be governed by the. The indian company secretaries institute has recently revised two existing secretarial standards on meetings of the board of directors and general meetings, which will come into force halfway into this financial year on october 1, 2017. Summary of major changes in revised secretarial standard 1. Revised secretarial standard on meetings of board of directors icsi.
The revised ss1 and ss2 shall be applicable to all the companies except the exempted class of companies w. According to a press release on the icsi website, secretarial standards on board meeting ss1 and general meeting ss2 have been revised by the institute of company secretaries of india and approval of the central government, as required, under section 11810 of the companies act, 20 has been obtained for the revised ssl and ss2 vide ministry of corporate affairs letter no. The following is the text of the secretarial standard1 ss1 on meetings of the board of directors, issued by the council of the institute of company secretaries of india and approved by the central government. D21, block ep, sector v, salt lake city, kolkata700091 ph 93 400833859831402256 email. India is the pioneer in having secretarial standards as no other country in the world has yet adopted the secretarial standards. With the introduction of revised ss1, there was a need for a detail guidance note on the applicability of secretarial standards. Guidance note on revised secretarial standards ss 1.
There are some alterations made in the revised ss1 in comparison. Icsi issues secretarial standards approved by the central government that will be effective from july 1,2015. The central government has approved the same under section 11810 of the companies act, 20 the act. Revised secretarial standard on general meetings icsi. The secretarial standard on meetings of the board of directors. Icsi is the pioneer and the only institution in the world so far to have issued secretarial standards. Revised secretarial standards key amendments vinod kothari.
Icsi releases revised secretarial standards 1 and 2. Provisions of secretarial standards to be complied. Adherence by a company to this secretarial standard is mandatory, as per the provisions of the companies act. Adherence by a company to this secretarial standard is mandatory, as per the. Icsi secretarial standard on report of the board of. Guidance note sets out the explanations, procedures and practical aspects in respect of the provisions contained in revised ss1 effective from 1st october, 2017 to facilitate compliance thereof by the stakeholders. Now, the secretarial standards have been revised by the icsi and approval of the central government, as required, under section 11810 of the companies act, 20 has been obtained for the revised ssl and ss2 vide ministry of corporate affairs letter no. Accordingly, the secretarial standards board of the institute of company secretaries of india has brought out exposure drafts of revised secretarial standards1,2 5 and 7. The revised standards will be effective from october 1, 2017. Secretarial standard on general meetings following is the text of the secretarial standard2 ss2 on general meetings, issued by the council of the institute of company secretaries of india and approved by the central government. New tax audit limits i income tax i gst i ca satbir singh. Secretarial standards approved by the central government. Icsi home about secretarial standards board ssb list of ssb members 20112019 secretarial standards board.
Checklist for calling a board meeting as per secretarial. Secretarial standards on meetings of the board of directors ss1 and secretarial standards on general meetings ss2 as approved by the central government on april 10, 2015, have been issued by the institute of company secretaries of india icsi vide icsi notification no. Secretarial standard 3 dividend ss 3 preface to the secretarial standards secretarial standards board and its objectives the institute of company secretaries of india, icsi, recognising the need for integration, harmonisation and standardisation of diverse secretarial practices, has constituted the secretarial standards board ssb with the objective of formulating secretarial. Going through the revised text, it seems that the changes have been brought to align with the provisions of the act keeping in mind the recent changes thereon, though, certain things are still said to be remained unattended.
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