ICSI– Secretarial Standards to come impact from 1st July 2015.
ICSI– Secretarial Standards to come effect from 1st July 2015
The Institute of Business Secretaries of India (ICSI) had vide ICSI Alert No. 1 (SS) of 2015 outdated 23 rd April, 2015, as published in the Gazette of India Remarkable Part III– Area 4, provided the Secretarial Standards on ‘Meetings of the Board of Directors’ [“SS-1”] and ‘General Conferences’ [“SS-2”][collectively referred to as the Secretarial Standards] These Secretarial Standards shall come into effect from 1st July, 2015.
The Ministry of Corporate Affairs (MCA), in workout of its powers given by clauses (a) and (b) of Section 462 (1) and (2) of the Companies Act, 2013 (the Act) released Notifications No. G.S.R. 463( E), G.S.R. 464( E), G.S.R. 465( E), G.S.R. 466( E) (hereinafter referred to as “the MCA Notice (s)”) all dated 5th June, 2015, has actually directed that certain arrangements of the Act will not apply or shall use with such exceptions, modifications and adaptations as defined in the MCA Notification (s) to Government companies, Private Business, Nidhis and Section 8 (Non– Earnings) Business respectively.
The Scope of the Secretarial Standards as set in SS-1 and SS-2 is as under: ” This Requirement is in conformity with the arrangements of the Act. Nevertheless, if due to subsequent changes in the Act, a specific Basic or any part thereof becomes irregular with the Act, the provisions of the Act will dominate.”
Accordingly, if due to MCA Notice (s) referred to herein above, a specific requirement or any part thereof becomes irregular with any of the provisions of the Act, such matching arrangements of the Act checked out with the MCA Notice (s) shall prevail
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