Suggestions invited on proposed amendments to secretarial standard on meetings of the board of directors ss1 by icsi feb 17, 2016. Further adoption of secretarial standards issued by the institute of company secretaries of indiaicsi help the corporates in better compliance management and is indeed an effective governance tool. The institute of company secretaries of india icsi which mandates various. Adherence to ss1 is mandatory in terms of subsection 10 of section 118 of the. Malaysian association of company secretaries to adopt the. This standard prescribes a set of principles in relation to the declaration and payment of dividend and matters related thereto. Whilst section 205 imposes the mandatory duty on the part of the cs to ensure that the secretarial standards issued by the icsi and approved by cg are complied with, section118 10 of the act mandates that every company shall observe the relevant standards in respect of matters covered under that section and approved by the cg. How secretarial standards help directors 0 bring in objectivity and integrity to the board processes thereby enhancing board governance 0 timely receipt of agenda assists each director in understanding and fulfilling his fiduciary duties, to apply reasonably well his business judgement on proposals placed for approval 0 empower the board with information, enable engagement of the.
Adherence to ss2 is mandatory in terms of subsection. Icsi secretarial standard on dividend effective from 01012018. The secretarial standards on meetings of the board of directors. Ssi and ss2 issued by icsi and approved by the ministry of corporate affairs mca, government of india are applicable to all. Scope and functions of the secretarial standards board the scope of ssb is to identify the areas in which secretarial standards need to be issued by the council of icsi and to formulate such standards. In this secretarial standard, the standard portions have been set in bold type. A comprehensive file containing secretarial standards 1 2 3 issued by icsi. 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. Ss3 secretarial standard on dividend the compliance. Overview the institute of company secretaries of india icsi on 15th april, 2020 has issued clarificationguidance on applicability of. Accordingly, the secretarial standards on meetings. Secretarial standards are recognised under section 11810 of the companies act,20. The institute of company secretaries of india icsi had vide icsi notification no. Secretarial standards strengthen board processes and general meetings, promote shareholders democracy, facilitate better interpretation of law and complement corporate governance needs.
The ministry of corporate affairs has approved a request of the malaysian association of company secretaries macs for adoption of the secretarial standards issued by the institute of company secretaries of india icsi as the benchmark in the. The secretarial standards on meetings 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 april 10, 2015 vide letter no. Council of icsi essence of secretarial standards mitigation of litigations better. The following is the text of the secretarial standard1 s s1 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. You may bookmark this page for quick accessibility. Revised secretarial standard issued by icsi tax heal.
Earlier these standards were recommendatory in nature. Shubham katyal is aspiring law graduate, bachelors in commerce and an associate member of icsi. The scope of ssb is to identify the areas in which secretarial standards need to be issued by the council of icsi and to formulate such standards, taking. Icsi issues secretarial standards 3 on dividend effective. Please find attach herewith the links for all 9 secretarial standard issued by the institute of company secretaries of india icsi for your ready reference. 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. Every company shall observe secretarial standards with respect to general and board meetings specified by the institute of company secretaries of india constituted under section 3 of the company secretaries act, 1980, and approved as such by the central government.
Guidance note on revised secretarial standards ss 1. Secretarial standard on dividend the following is the text of the secretarial standard 3 ss3 on dividend, issued by the council of the institute of company secretaries of india. D21, block ep, sector v, salt lake city, kolkata700091 ph 93 400833859831402256 email. The following is the text of the secretarial standard10 ss10 issued by the council of the institute of company secretaries of india, on boards report. No additions us 68 on basis of search on third party, if ao has not conducted any independent enquiry. Secretarial standards tool for good corporate governance. So far, the icsi has issued ten secretarial standards, viz. Icsi releases revised secretarial standards ss1 and ss2. Icsi auditing standards a guidance to the members in practice.
Therefore, the companies are required to ensure the observance of all the secretarial standards once these are issued by the institute of company secretaries of india and approved by the central government. The secretarial standards notified by the icsi have been in effect since 1 july 2015. Accordingly, the secretarial standards on meetings of the board of directors ss1 and secretarial standards on general meetings ss2, as approved by the central government, have been issued by the icsi for observance by all companies except exempted class of companies. Icsi issues secretarial standards vide icsi notification no. Is the observance of secretarial standards issued by icsi mandatory. 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. Secretarial standard 2 general meetings ss 2 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. As per section 11810 of the companies act, 20, every company shall observe secretarial standards with respect to general meetings and board meetings specified by the institute of company secretaries of india constituted under section 3 of the company secretaries act, 1980, and approved as such by the central government. Corporate governance through the eyes of secretarial.
The following is the text of the secretarial standard4 ss4 on registers and records, issued by the council of the institute of company secretaries of india. Secretarial standard 1 as issued by icsi corporate law. Secretarial standard on meetings of the board of directors ss1 secretarial standard on general meetings ss2 secretarial standard on dividend ss3 secretarial standard on registers and records ss4 secretarial standard on minutes ss5. Ssb will also clarify issues arising out of such standards and issue guidance notes for the benefit of members of icsi, corporates and other users. Secretarial standards on meetings 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 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. 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. India is the pioneer in having secretarial standards as no other country in the world has yet adopted the secretarial standards. Icsi releases revised secretarial standards 1 and 2. The following is the text of the secretarial standard3 ss3 on dividend, issued by the council of the institute of company secretaries of india. Icsi secretarial standards to come effect from 1st july 2015.
What is tds on contractor i income tax and gst i ca satbir singh. The principles set out herein relate to declaration and payment of dividend on equity as well as. How many secretarial standard have been issued by icsi. Secretarial standards about secretarial standards the institute of company secretaries of india csi is the first professional. The institute of company secretaries of india icsi is the first professional institution in the world to constitute a secretarial standards board ssb for developing secretarial standards. The paper on secretarial audit, compliance management and due diligence has been introduced. Icsi secretarial standard on dividend effective from 0101. Icsi has issued ss3 secretarial standard on dividend. Standards ss are a set of standards prescribed by the council of the institute of company secretaries of india icsi for holding board meetings and general meetings by companies. Prime minister narendra modi inaugurates golden jubilee. Council of the institute of company secretaries of india. In the initial years, adherence by a company to this secretarial standard will be recommendatory. Ss1 and ss2 issued by icsi and approved by the ministry of.
Secretarial standards means the secretarial standards as issued by the institute of company secretaries of india constituted under section 3 of the company. Secretarial audit as per provisions of section 204 of the companies act. The secretarial standards have been notified by the icsi in the official gazette and are effective from july 1, 2015. Origin of secretarial standards board and its objectives. Dear all please find attach herewith the links for all 9 secretarial standard issued by the institute of company secretaries of india icsi for your. No other country of the world except india has yet adopted the secretarial standards ss.
This standard shall come into effect from 1st january, 2018. Icsi releases revised secretarial standards 1 and 2 corporate law. Key amendments to secretarial standards background the companies act, 20 act states that companies shall observe secretarial standards issued by institute of company secretaries of india icsi with respect to board and general meetings. 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. Section 11810 of the companies act, 20 mandates the observance of secretarial standards on general and board meetings specified by 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. And such secretarial audit report as to be issued by company secretaries in practice under section 204 of companies act 20 he she has to ensure that company has complied with the applicable secretarial standards. Guidance note on general meetings 1 the secretarial standard on general meetings ss2, formulated by the secretarial standards board ssb of the institute of company secretaries of india icsi and issued by the council of the icsi, has been approved by the central government. Secretarial standards aim at integrating, harmonizing and standardizing diverse secretarial and governance practices being followed by companies. The said secretarial standards are slightly revised and new set of ss are now updated on the website of icsi. Notices are issued on or after 1st october, 2017 need to comply with the. Adherence to this secretarial standard is recommendatory. Revised secretarial standard on general meetings ss2 secretarial standard on meetings of the board of directors ss1 secretarial standard on general meetings ss2 guidance note on general meetings. The following is the text of the secretarial standard5 ss5 on minutes issued by the.
Likewise, the auditing standards issued by icsi also do not carry a legal. Secretarial standards issued by icsi on 23rd april, 2015 apr 24, 2015. The standard comes into effect from january 1, 2018. During the event, president, icsi, welcomed the honble prime minister with a. Icsi issued clarification on may 12, 2015 that ss1 and ss2 will apply to such. In short secretarial standards are issued by icsi to facilitate the corporate world and respective professionals. Secretarial standards issued by the icsi cs harshita.
As per ssdividend includes interim dividend but bonus shares are not dividend. Secretarial standard 1 ss1 and secretarial standard 2 ss2 with the changes in the provisions of the act brought by virtue. Revised secretarial standards on meetings of the board of directors. Effective date secretarial standard 4 on report of board of. Revised secretarial standards key amendments vinod. Faqs on secretarial standards issued by icsi effective from 1st july, 2015 jun 30, 2015. For the first time, the companies act, 20 has given statutory recognition to the secretarial standards on board and general meetings issued by the icsi. Ss1 limited revision of secretarial standard on meetings of the board of directors. The ministry of corporate affairs conferred its approval to secretarial standard1 relating to board meeting and secretarial standard2 relating to general meeting issued by the institute of company secretaries of india icsi.
Definitions for the purpose of auditing standards csas issued by the institute of company secretaries of india icsi, the following terms shall have the meaning attributed as below, unless specified otherwise. Section 11810 of the companies act, 20 mandates the observance of secretarial. This standard is issued by the council of the institute of company. Secretarial standard on report of board of directors. We discuss the key changes made in this secretarial standard. The institute of company secretaries of india icsi has issued revised draft secretarial standard on meetings of the board of directors ss1. All 9 secretarial standard issued by icsi students forum. Secretarial standard on the meetings of board of directors. Secretarial standards on meetings of shareholders ss2. Secretarial standard 1 meeting of the board of directors. The institute of company secretaries of india icsi has published the secretarial standards 3 on dividend ss3 on its website under secretarial standard board. Institute of company secretaries of india constituted under section 3 of the. Secretarial standards issued so far by the icsi the institute has so far issued the following secretarial standards. The institute of company secretaries of india icsi has recently released the secretarial standard ss3 on dividend for its members.
Approval of secretarial standards ss1 and ss2 under section 11810 of the companies act, 20. 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. Guidance note on meetings of the board of directors. Ss1 secretarial standard on meetings of the board of directors. Revised secretarial standards ss1 and ss2 shall apply to board meetings and general meetings, in respect of which notices are issued on or after october 1, 2017.
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