Nov 08, 2015 secretarial standards are recognised under section 11810 of the companies act,20. Ss 1 secretarial standard on meetings of the bods 5 financial statement including consolidated financial statement, if any, to be approved by the board, unless expressly permitted by the chairman. Mr3 secretarial audit report for the financial year ended march 31, 2018 pursuant to section 204 1 of the companies act, 20. Dividend shall be paid out of the profits of the financial year for which such. I continue my study of these secretarial standards. This standard prescribes a set of principles in relation to the declaration and payment of dividend and matters related thereto. Icsi issues secretarial standards 3 on dividend effective 1st january, 2018. The institute of company secretaries of india icsi has introduced secretarial standard 3 ss 3 on dividend.
Before we carry detailed discussion of context of ss3, please note the highlights of these standards so issued as stated below. Considering the various changes brought in the companies act, 20, vide. Icsi releases secretarial standard3 on dividend corporate law. A company shall not declare dividend on its equity shares in case of non compliance of provisions relating to the acceptance of deposits under. The main thrust of the article, however, is upon to. Author shall shed some light on the important provisions mentioned under the ss 3. Revised secretarial standards key amendments vinod. A surprise notification of withdrawal published on 17th august 2017 come in support of my. India is the pioneer in having secretarial standards as no other country in the world has yet adopted the secretarial standards. Annexure iii specimen notice of extraordinary general meeting. Every company shall observe secretarial standards with respect to general and board meetings specified by the institute of company secretaries of india constituted under section 3 of company secretariesact, 1980 56 of 1980. Secretarial standards issued by the institute of company secretaries of india with respect to board and general meetings. As per ssdividend includes interim dividend but bonus shares are not dividend. The institute of company secretaries of india icsi has recently released the secretarial standard ss3 on dividend for its members.
In this piece of writing, we will cover the topic secretarial standards on dividend ss3 1 issued by issued by the council of the institute of company secretaries of india. Icsi releases revised secretarial standards ss1 and ss2. Please find attach herewith the links for all 9 secretarial standard issued by the institute of company secretaries of india icsi for your ready reference. You may bookmark this page for quick accessibility.
Secretarial standard 2 introduction the ministry of corporate affairs notified secretarial standard 2 ss2 on april 23, 2015 which came into effect from july 1, 2015. Secretarial standard 3 dividend ss 3 preface to the secretarial standards secretarial standards board and its objectives the institute of company secretaries of india, icsi, recognising the need for integration, harmonisation and standardisation of diverse secretarial practices, has constituted the secretarial standards board ssb with the objective of formulating secretarial. Aug 25, 2017 section 2051 confers power to the institute to issue secretarial standards. Secretarial standards are recognised under section 11810 of the companies act,20. Icsi issues secretarial standards 3 on dividend effective 1st. The following is the text of the secretarial standard3 ss3 on. Secretarial standard 2 kl aggarwal associates klaggarwal.
Secretarial standard on dividend the following is the text of the secretarial standard 3 ss 3 on dividend, issued by the council of the institute of company secretaries of india. Click download or read online button to get secretarial practice and company law book now. The ss 3 will be effective from 1 st january, 2018. Jan 01, 2018 icsi has issued ss3 secretarial standard on dividend. It also establishes standards and guidelines for document.
In my earlier post here i have raised some issues related to issuance of secretarial standards. The institute of company secretaries of india has announced that the secretarial standards on meetings of the board of directors ss1 and general meetings ss2 have been revised and the revised secretarial standards have received approval from the central government. Corporate governance code bangladesh securities and. D21, block ep, sector v, salt lake city, kolkata700091 ph 93 400833859831402256 email. The secretarial standards are formulated by the institute of company secretaries of india hereinafter referred to as icsi which was constituted under section 3 of the company secretaries act, 1980. Secretarial standards means the secretarial standards as issued by the institute of company secretaries of india constituted under section 3 of the company secretaries act, 1980 and approved by the central government. Revised secretarial standards, ss1 and ss2 to be applicable. Author shall shed some light on the important provisions mentioned under the ss3. Secretarial standard 4 registers and records ss 4 preface to the secretarial standards secretarial standards board and its objectives the institute of company secretaries of india, icsi, recognising the need for integration, harmonisation and standardisation of diverse secretarial practices, has constituted the secretarial standards board ssb with the objective of formulating secretarial.
In this spark editorial, the author begins by referring the provisions of secretarial standard 3 on dividend issued by the icsi. Secretarial standards are the yardstick and in other words codifying a measure in order. Considering the various changes brought in the companies act, 20, vide barrage of notifications, clarifications and amendments, there was a need to align the current secretarial standards viz. Model standards and guidelines for utilization of paralegals. Icsi has issued ss3 secretarial standard on dividend. Dec 20, 2017 icsi secretarial standard on dividend effective from 01012018. Secretarial standard 3 dividend ss 3 preface to the secretarial standards secretarial standards board and its objectives the institute of company secretaries of india, icsi, recognising the need for integration, harmonisation and standardisation of diverse secretarial practices, has constituted the secretarial standards board ssb with the objective of formulating secretarial standards. Aug 30, 2017 revised secretarial standards on meetings of the board of directors ss1 and general meetings ss2 revised by the institute of company secretaries of india icsi and approved by the central government secretarial standards on meetings of the board of directors ss1 and general meetings ss2 were approved by the central government under section 11810 of the.
Secretarial standards need to be formulated and the priority in regard to the selection thereof. This presentation is based on our internal research. Applicability of secretarial standards to private companies. The preliminary draft of the secretarial standard formulated by the. Aug 30, 2017 icsi releases revised secretarial standards on boardgeneral of directors ss1 and general meetings ss2 icsi announcement revised secretarial standards on meetings of the board of directors ss1 and general meetings ss2. Short note on secretarial standard 3 on dividend taxguru. Icsi releases revised secretarial standards 1 and 2. Where the law is not clear or needs explicit spirit of the law, secretarial standards, provide clarity on them.
Section 205 1 of the companies act, 20 the functions of the company secretary shall include. Icsi secretarial standard on dividend effective from 01012018. If the board fails to convene its annual general meeting in any year, any member of the company may approach the prescribed authority, which may then direct the calling of the annual general meeting of the company. All rights reserved by icsb secretarial standard on minutes. Revised secretarial standards on meetings of the board of directors ss1 and general meetings ss2 revised by the institute of company secretaries of india icsi and approved by the central government secretarial standards on meetings of the board of directors ss1 and general meetings ss2 were approved by the central government under section 11810 of the. The secretarial standards have been notified by the icsi in the official gazette and are effective from july 1, 2015. In an unprecedented move, not seen elsewhere in our globe, icsi set up the secretarial standards board to formulate and pronounce standards on secretarial practices.
Revised secretarial standards key amendments vinod kothari. The following is the text of the secretarial standard3 ss3 on dividend, issued by the council of the institute of company secretaries of india. It is notified that neither the presenter nor organization to which he belongs nor any other person related to him shall be responsible for any damage or loss of any action taken based on this presentation. Aug 19, 2017 now, the secretarial standards have been revised by the icsi and approval of the central government, as required, under section 11810 of the companies act, 20 has been obtained for the revised ssl and ss2 vide ministry of corporate affairs letter no. Secretarial standard on the meetings of board of directors. This standard prescribes the set of principles in relation to the declaration and payment of dividend and matters related thereto.
Accordingly, the secretarial standards on meetings of the board of directors ss1 and secretarial standards on general meetings ss2, as approved by the central government, have been issued by the icsi for observance by all companies except exempted class of companies. The following is the text of the secretarial standard1 ss1 on meetings of the board of directors, issued by the council of the institute of company secretaries of india and approved by the central government. Secretarial practice and company law download ebook pdf. Standards bss as adopted by the institute of chartered secretaries of bangladesh icsb. Disclosure 25 effective date 25 annexure a 26 illustrative list of items of business which shall not. The explanation to section 205 provides that for the purpose of section 205, the expression secretarial standard means secretarial standards issued by the institute of company secretaries of india constituted under section 3 of the company secretaries act, 1980 and approved by the central government. According to a press release on the icsi website, secretarial standards on board meeting ss1 and general meeting ss2 have been revised by the institute of company secretaries of india and approval of the central government, as required, under section 11810 of the companies act, 20 has been obtained for the revised ssl and ss2 vide ministry of corporate affairs letter no. Certificate in secretarial and administration guc guc.
This standard shall come into effect from 1st january, 2018. The principles set out in ss3 relate to declaration and payment of dividend on equity as well as preference share. How many secretarial standard have been issued by icsi. Dec 01, 2017 the institute of company secretaries of india icsi has introduced secretarial standard 3 ss3 on dividend. The institute of company secretaries of india icsi has introduced secretarial standard 3 ss3 on dividend. The revised secretarial standards shall be applicable for compliance by companies except the exempted class of. The following is the text of the secretarial standard 3 ss 3 on dividend, issued by the council of the institute of company secretaries of india. Icsi issues secretarial standards 3 on dividend effective. Aug 30, 2017 accordingly, the secretarial standards on meetings of the board of directors ss1 and secretarial standards on general meetings ss2, as approved by the central government, have been issued by the icsi for observance by all companies except exempted class of companies. A company shall not declare dividend on its equity shares in case of noncompliance of provisions relating to the acceptance of deposits under. The principles set out in this standard relates to declaration and payment of dividend on equity as well as preference share capital in accordance. Such standards may become practice but may not necessarily have legal force for want of approval by government of india. It is a credit to the foresight of the professional leadership of icsi institute that they thought of setting up secretarial standards, as far back as in the year 2000.
Revision of secretarial standard 1 and 2 by icsi cs harshita. Mr 3 secretarial audit report for the financial year ended march 31, 2018 pursuant to section 204 1 of the companies act, 20 read with rule no. Before writing on ss3 one quick question is whether adherence of this secretarial standard. Every company shall observe secretarial standards with respect to general and board meetings specified by the institute of company secretaries of india constituted under section 3 of the company secretaries act, 1980, and approved as such by the central government. Icsi issued 10 secretarial standards till date out of which secretarial standards on meeting of the board of directors ss1 and general meetings ss2 were approved by the central government under section 11810 of the companies act, 20 on 1. Dividend, issued by the council of the institute of company secretaries of india. Nov 17, 2009 please find attach herewith the links for all 9 secretarial standard issued by the institute of company secretaries of india icsi for your ready reference. Secretarial standard 1 ss1 and secretarial standard 2 ss2 with the changes in the provisions of the act brought by virtue. Decoding secretarial standards conduct of e voting. Secretarial standards are the yardstick and in other words codifying a measure in order to avoid divergent approach towards compliance. Ss3 secretarial standard on dividend the compliance.
The principles set out herein relate to declaration and payment of dividend on equity as well as. Secretarial standards tool for good corporate governance. Dividend shall be paid out of the profits of the financial year for which such dividend is sought to be declared andor out of profits for any previous financial years which remains undistributed after providing for depreciation in accordance with the provisions. Ss3 secretarial standard on dividend the compliance office. The board shall, every year, convene a meeting of its members called the annual general meetingagm. Guide to document preparation executive secretariat. Secretarial standard 1 ss1 and secretarial standard 2 ss2 with the changes in the provisions of the act brought by virtue of such. This is a novel requirement and is an addition to the. Secretarial studies certificate is an essential field of learning which applies to all industries and many noncommercial ventures such as sportsrecreation clubs, religious groups, etc. Adherence to this secretarial standard is recommendatory. The institute of company secretaries of india icsi which mandates various secretarial standards to be followed by company secretaries of public companies in. The secretarial standards once formulated are then approved by the central government through the ministry of.
In this secretarial standard, the standard portions have been set in bold type. Icsi releases revised secretarial standards on boardgeneral of directors ss1 and general meetings ss2 icsi announcement revised secretarial standards on meetings of the board of directors ss1 and general meetings ss2 revised by the institute of company secretaries of india icsi and approved by the central government. As per companies act, 20 the expression secretarial standards means secretarial standards issued by the institute of company secretaries of india constituted under section 3 of the company secretaries act, 1980 and approved by the central government. Secretarial standard 4 registers and records ss 4 preface to the secretarial standards secretarial standards board and its objectives the institute of company secretaries of india, icsi, recognising the need for integration, harmonisation and standardisation of diverse secretarial practices, has constituted the secretarial standards board ssb with the objective of. The institute of company secretaries of india icsi has recently released the secretarial standard ss 3 on dividend for its members.
Now, the secretarial standards have been revised by the icsi and approval of the central government, as required, under section 11810 of the companies act, 20 has been obtained for the revised ssl and ss2 vide ministry of corporate affairs letter no. The institute of company secretaries of india icsi has published the secretarial standards 3 on dividend ss3 on its website under secretarial standard board. The institute of company secretaries of india icsi has published the secretarial standards 3 on dividend ss 3 on its website under secretarial standard board. Section 11810 confers on the institute power to specify secretarial standards with respect to general and board meetings. The standard comes into effect from january 1, 2018. In post technical fault in issuance of secretarial standards posted long ago, i humbly made certain observations on notifications of two secretarial standards which was approved by central government and specified by the institute of company secretaries of india icsi. Issue iii september 2015 disclaimer this bulletin is for information purposes and should not be construed as legal advice.
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