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The Standard is applicable to the Meetings of Board of Directors of all companies incorporated under the Act except One Person Company (OPC) in which there is only one Director on its Board.
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.
Following is the text of the revised Secretarial Standard-2 (SS-2) on General Meetings, issued by the Council of the Institute of Company Secretaries of India and approved by the Central Government. Adherence by a company to this Secretarial Standard is mandatory, as per the provisions of the Companies Act, 2013.
The following is the text of the Revised Secretarial Standard-1 (SS-1) 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.
The revised SS-1 & SS-2 as approved by the Central Government under Section 118(10) of the Companies Act, 2013 shall be applicable for compliance by all the companies (except the exempted class of companies) w.e.f. 10 October, 2017
Scope:- This Standard is applicable to the Meetings of Board of Directors of all companies incorporated under the Act except One Person Company (OPC) in which there is only one Director on its Board. The principles enunciated in this Standard for Meetings of the Board of Directors are also applicable to Meetings of Committee (s) of the Board, unless otherwise stated herein or stipulated by any other applicable Guidelines,
In this Flash editorial, the author referring amendment i.e. Secretarial Standard -2 (here after referred as SS-2) issued on July, 1st, 2015 (here after referred as Old SS) and Revised version of SS-2 effective from 1st October, 2017 issued by issued by Institute of Company Secretary of India (ICSI) dated 30th August, 2017.
Section 118(10) of the Companies Act, 2013 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. Accordingly, the Secretarial Standards on Meetings of the Board of Directors (SS-1) and Secretarial Standards on General Meetings (SS-2), as approved by the Central Government, have been issued by the ICSI for observance by all companies (except exempted class of companies).
Revised Secretarial Standard shall be effective w.e.f. 1st October, 2017. There are some alterations made in the revised SS-1 in comparison to former SS-1.This Standard prescribes a set of principles for convening and conducting Meetings of the Board of Directors and matters related thereto.
F. No. ICSI/6/2017.—The Notification ICSI No.1 (SS) of 2015 dated 23rd April, 2015, published in the Gazette of India, Part III, Section 4, with regard to (i) SS-1: Secretarial Standard on Meetings of the Board of Directors and (ii) SS-2: Secretarial Standard on General Meetings, stands withdrawn* w.e.f. 30th September, 2017
