ICSI issues Revised Secretarial Standards (SS-1 and SS-2) applicable w.e.f. 1 Oct. 2017
In terms of provisions of Section 118(10) of the Companies Act, 2013, the ICSI has issued revised Secretarial Standards, after approval from MCA. Revised SS-1 on Meetings of the Board of Directors (including meetings of Committees of the Board) and Revised SS-2 on General Meetings are applicable for meetings conducted based on notices issued from 1 Oct. 2017 and onwards for adherence by all companies (except exempted class of companies).
In the meantime notices for meetings under the above referred Secretarial Standards can be issued upto 30 Sept. 2017 and meetings can be conducted upto 30 Sept. 2017 or subsequently in line with said Notices issued in due course.
Why ICSI has revised SS-1 and SS-2?
As per ICSI, the Secretarial Standards (SS-1 & SS-2) have been revised to consider the following aspects:
i) Companies (Amendment) Act, 2015 and amendments to the Rules notified by MCA
ii) Exemption Notification(s) issued by MCA dt. 5 June 2015
iii) Relaxations aimed to further ease of doing business
iv) Feedback received from members on practical difficulties faced during first time implementation thereof
v) To remove the interpretation issues
vi) Issues/ suggestions received from different stakeholders