COMPANIES ACT,2013 - STUDENTS UPDATE SOME SECRETARIAL STANDARDS MADE MANDATORY BY COMPANIES ACT, 2013 1. Introduction Section 118(10) of Companies Act, 2013 makes mandatory, the compliance with Secretarial Standards issued by ICSI in relation to meetings of the Board and of the Shareholders. 2. Applicability of Secretarial Standards Accordingly, every company is now required to observe Secretarial Standards in respect to Board and General Meetings i.e. SS-1, SS-2, SS-5 and SS-7 are made mandatory. 3. What is prescribed in Secretarial Standards? a) Secretarial Standard-1: Meetings of the Board of Directors This Standard prescribes a set of principles for convening and conducting Meetings of the Board of Directors and matters related thereto. b) Secretarial Standard-2: General Meeting This Standard prescribes a set of principles for the convening and conduct of General Meetings and matters related thereto. c) Secretarial Standard-5: Minutes This Standard prescribes a set of principles for the recording of Minutes of the Meetings of -i) the Board, ii) the Committees of the Board, iii) Members including resolutions passed by postal ballot, iv) Debenture holders, v) Creditors and Others. d) Secretarial Standard-7: Passing of Resolutions by Circulation This Standard lays down a set of principles for passing of resolutions by circulation. 4. Applicable to: All types of Companies. (Part exemption to OPC) 5. Effective From: 01/04/2014
Posted on: Sun, 20 Apr 2014 14:57:54 +0000
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