Secretarial Standard 1: Meetings of The Board of Directors

Secretarial Standard 1 is issued by the Institute of Company Secretaries of India (ICSI) pursuant to the Meeting of the Board of Directors section of the Companies Act, 2013. The secretarial standard was introduced by the ICSI in the year 2000 for reducing the ambiguity in the law in its practice. It helps in improving the compliance level of the company. The Secretarial Standard has made changes in the role of Company Secretary. The role of the Company Secretary has made effective, organized, and widened the scope in the terms of corporate governance. This Secretarial Standard is applicable on: Non- Applicable on: Secretarial Standards conforms with the provision of the Act. Whenever there are changes or amendments to the act, the standard becomes inconsistent with the act, then the provision of the act will prevail over the standard. SS-1 prescribes a set of principles for conducting Board Meeting and matters related thereto. The guidance note explains the practical aspects of the provisions contained in SS-1 to make proper compliance with the law. The following are the key points given by the Institute at the Meeting of the Board of Directors: - 1. Notice 2. Frequency of meetings 3. Quorum 4. Attendance register 5. Chairman 6. Minutes These are the points on which Secretarial standard1 on board meetings simplified issued by ICSI for making it good corporate compliance on time. The guidance provided is voluntary in nature. The adoption of Secretarial Standards gives the corporates the quality of secretarial practices being followed by them. The company secretary is responsible to adapt the secretarial standards to the company. The importance of the position of Company Secretary has been derived as Key Managerial personnel of the company. If any default arises in complying with a section of the meetings of companies act, 2013 the company shall be liable for a penalty of Rs. Twenty-five thousand and where the officer of the company, if any is in default shall be liable to a penalty of Rs. Five thousand. At least one independent director shall be present at the meeting, if no independent director is present, decisions taken at such meeting shall be circulated to all the directors and shall be final only on ratification of at least one independent director. The decision shall be final only if the majority approves it. 9. Circular Resolution: If 1/3rd of directors requires passing a circular resolution at an actual board meeting, then the same shall be passed in such a manner. Earlier the Secretarial Standard1 is applicable to all companies incorporated except: After Revision of the Secretarial Standard is applicable to all companies except This standard is applicable to all types of general meetings of all companies except person company and Section 8 companies. SS-2 is also applicable to Meetings of debenture-holders, Meetings of Creditors, and meetings of members or classes of members under the directions of the Court of NCLT or CLB. The Secretarial Standard 1 and 2 are revised by the Institute for practical application of best secretarial practices. Onlinexbrl.com is leading platform for legal and compliance services. Contact us Now. What is the scope of Secretarial Standard 1?
Guidance Note on Secretarial Standard 1 by ICSI
Secretarial Standard 1 Checklist for Compliance of The Law.
Secretarial Standard 1 Latest Amendment
Secretarial Standard-2 ICSI