Introduction: The Institute of Company Secretaries of India (ICSI) has recently announced significant revisions to Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2). This update, approved by the Central Government under Section 118(10) of the Companies Act, 2013, aims to align the standards with the latest legal amendments.
Detailed Analysis
1. Background and Applicability The existing version of SS-1 and SS-2 has been in effect since July 1, 2015, with a revised version applied from October 1, 2017. The ICSI has recognized the need for further revisions due to legal amendments related to the Companies Act, 2013.
2. Alignment with Companies Act, 2013 The revisions by ICSI aim to bring SS-1 and SS-2 in alignment with the provisions of the Companies Act, 2013, and the associated rules. This ensures that the standards remain up-to-date and reflective of the current regulatory landscape.
3. Government Approval The Central Government has given its approval for the revised SS-1 and SS-2 under Section 118(10) of the Companies Act, 2013. The Ministry of Corporate Affairs (MCA) communicated this approval through a letter dated January 2, 2024.
4. Availability and Accessibility The Revised SS-1 and SS-2 documents are now accessible on the ICSI website at the following link: ICSI Revised Secretarial Standards. Company secretaries, professionals, and stakeholders can refer to these standards for comprehensive guidance.
5. Effective Implementation The ICSI has declared that the Revised SS-1 and SS-2 will be effective from April 1, 2024. This implementation date allows companies and professionals adequate time for preparation and adaptation to the updated standards.
Conclusion: The announcement of the revised Secretarial Standards (SS-1 and SS-2) by the Institute of Company Secretaries of India marks a significant step towards ensuring professional excellence in corporate governance. By aligning with the Companies Act, 2013, these revisions enhance the relevance and applicability of the standards. The approval from the Central Government further solidifies the legitimacy of these standards. Stakeholders in the corporate sector are encouraged to explore and implement these updates for seamless compliance and effective governance.
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THE INSTITUTE OF
Company Secretaries of India
IN PURSUIT OF PROFESSIONAL EXCELLENCE
Statutory body under an Act of Parliament
(under the jurisdiction of Ministry of Corporate Affairs)
Announcement
Revised Secretarial Standards
on
Meetings of the Board of Directors (SS-1) and General Meetings (SS-2)
(Revised by the Institute of Company Secretaries of India (ICSI) and approved by the Central Government under Section 118(10) of the Companies Act, 2013)
Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) were made applicable from 1st July, 2015 and revised version thereof were made applicable from 1st October, 2017 (“Existing version”).
Considering the legal amendments on the subject, SS-1 and SS-2 have been revised further by the ICSI to bring them in alignment with the provisions of the Companies Act, 2013 and Rules made thereunder (“the Act”).
The ICSI is pleased to announce that the approval of the Central Government for specification of the Revised SS-1 and SS-2 under Section 118(10) of the Act was accorded vide Ministry of Corporate Affairs (MCA) letter dated 2nd January, 2024.
The Revised SS-1 and SS-2 are available on the ICSI website at the link https://www.icsi.edu/ssb/home
The Revised SS-1 and SS-2 shall be effective from 1st April, 2024.
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