The Indian Company Secretaries’ Institute (ICSI) has recently revised two existing Secretarial Standards on ‘Meetings of the Board of Directors’ and ‘ General Meetings’, which will come into force halfway into this financial year on October 1, 2017. According to a press release on the ICSI website, the revised standards were given the green signal by the Corporate Affairs’ Ministry on June 14 earlier this year. The revised SS-1 (Secretarial Standards on Meetings of the Board of Directors) and SS-2 (Secretarial Standard on General Meetings) were notified in the Gazette on August 17. The earlier ICSI notification (April 23, 2015) which made current version of SS-1 and SS-2 applicable from July 1, 2015 will be withdrawn from September 30, 2017. This withdrawal will not affect the enforceability of these two standards in the period prior to withdrawal. Compliance with the revised SS-1 and SS-2 will be essential for all companies, except those that are specifically exempt, from October 1, according to the release.
September 8th, 2017