This is to share that effective 1st July, 2015 every company is required to observe secretarial standards (SS-1 and SS-2) for Board and General meetings. These standards are issued by the Institute of Company Secretaries of India and approved by the Central Government.
The above is a mandatory requirement in terms of Sec 118(10) of the Companies Act, 2013.
The above standards are applicable to all companies, be it small and private irrespective of its size of capital and turnover. In other words, no companies except OPCs as specified is exempt from the applicability and compliance of the above standards.
It may, however, be pertinent to note that in terms of the the recent exemption notification issued by the Central Government for Section 8 (erstwhile Sec 25) companies, the provisions of S 118 shall not apply as a whole except that minutes may be recorded within 30 days of the conclusion of every meeting in case of companies where the articles of association provide for confirmation of minutes by circulation. This also means that the observation of Secretarial Standards with respect to BMs and GMs issued by ICSI and approved by CG is also not mandatory for Section 8 companies
No comments:
Post a Comment