Working groups to formulate preliminary drafts of the proposed. The standard comes into effect from january 1, 2018. The ministry of corporate affairs conferred its approval to secretarial standard 1 relating to board meeting and secretarial standard 2 relating to general meeting issued by the institute of company secretaries of india icsi. Adherence to this secretarial standard is recommendatory. Secretarial standards need to be formulated and the priority in regard to the selection thereof. Faqs on secretarial standards issued by icsi effective from 1st july, 2015 jun 30. All rights reserved by icsb secretarial standard on. Mr 3 format of the secretarial audit report, pursuant to section 204 1 of the companies act, 20 and rule no.
In the initial years, adherence by a company to this secretarial standard will be recommendatory. As per ssdividend includes interim dividend but bonus shares are not dividend. Secretarial standard on passing of resolution by circulation. Guide to document preparation executive secretariat. Notice of meeting to mention the place, venue and details of the meeting. Funktionsfahigkeit bezuglich dieser standards zu beurteilen. The institute of company secretaries of india has issued ss 3 secretarial standard on dividend. Development and encouraging related private investment. In the preparation of secretarial standards, ssb may constitute.
In the initial period, adherence by a company to this secretarial standard will be recommendatory. No other country of the world except india has yet adopted the secretarial standards ss. Icsi releases revised secretarial standards ss1 and ss2. The principles set out in this standard relates to declaration and payment of dividend on equity as well as preference share capital in accordance. The principles set out herein relate to declaration and payment of dividend on equity as well as. The preliminary draft of the secretarial standard formulated by the. Section 205 1 of the companies act, 20 the functions of the company secretary shall include,b to ensure that the company complies with all secretarial standards. Author shall shed some light on the important provisions mentioned under the ss 3. I dated 14 th june, 2017 the revised ss1 and ss2 shall be applicable to all the companies except the exempted class of companies w. Applicability of secretarial standards to private companies. Icsi releases secretarial standard 3 on dividend dec 01, 2017 secretarial standards issued by icsi on 23rd april, 2015 apr 24, 2015. 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. The following is the text of the secretarial standard3 ss3 on.
Ss1 and ss2 have now been revised by icsi and the same have been approved by the ministry of corporate affairs mca vide its letter no. In this spark editorial, the author begins by referring the provisions of secretarial standard 3 on dividend issued by the icsi. Dividend, issued by the council of the institute of company secretaries of india. The following is the text of the secretarial standard 10 ss10 issued by the council of the institute of company secretaries of india, on boards report. Secretarial standard on transmission of shares and debentures. Where the law is not clear or needs explicit spirit of the law, secretarial standards, provide clarity on them. In this secretarial standard, the standard portions have been set in bold type.
The ss 3 will be effective from 1 st january, 2018. Secretarial standards tool for good corporate governance. The institute of company secretaries of india icsi has introduced secretarial standard 3 ss 3 on dividend. Adherence to ss1 is mandatory in terms of subsection 10 of section 118 of the. The principles set out in ss 3 relate to declaration and payment of dividend on equity as well as preference share. Now, the new standard has been issued in line with the. 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. 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. Revised secretarial standards key amendments vinod. Company secretaries of india constituted under section 3 of company secretariesact, 1980 56 of 1980. Download secretarial standard 3 on dividend file in pdf format. 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. 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.
Ss3 secretarial standard on dividend the compliance. Guidance note on revised secretarial standards ss 1. Icsi releases revised secretarial standards 1 and 2. Final dividend means the dividend recommended by the. 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. The secretarial standard on meetings of the board of directors ss1 and secretarial standard on general meetings ss2 issued by the institute of company secretaries of india icsi under section 11810 of the companies act, 20 are effective from 1st july, 2015. The institute of company secretaries of india icsi which mandates various secretarial standards to be followed by company secretaries of public companies in. D21, block ep, sector v, salt lake city, kolkata700091 ph 93 400833859831402256 email. Students compose, key, format and process documents correspondence, reports, tabulations and. Private companies need not appoint independent directors on their board and hence need not conduct mandatory one meeting of all the independent directors in one calendar year. Sibel volkan and grazia motturi provided administrative and secretarial support. 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. The institute of company secretaries of india icsi has recently released the secretarial standard ss 3 on dividend for its members. Icsi home about secretarial standards board ssb list of ssb members 20112019 secretarial standards board.
Icsi has issued ss 3 secretarial standard on dividend. Icsi secretarial standard on dividend effective from 01012018. In the preparation of secretarial standards, ssb may assign to secretarial practice subcommittee to formulate preliminary drafts of the proposed standards. The guide is available as a webbased version and a pdf version at.
The administrative assistantsecretarial science program is designed to prepare students to perform the duties of administrative assistants andor secretaries and related occupations. A comprehensive file containing secretarial standards 1 2 3 issued by icsi. Checklist for calling a board meeting as per secretarial standard1 general 1. How many secretarial standard have been issued by icsi. This standard prescribes a set of principles in relation to the declaration and payment of dividend and matters related thereto. 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. The standard prescribes principles for making disclosures in the report the companies act, 20, requires the report of board of directors of every company to be attached to the financial statements to be laid before the members at the annual general meeting. Brief overview of secretarial standards ss1 and ss2. Icsi secretarial standard on report of the board of directors ss4.
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. The chairman of the meeting can specifically permit any interested director to participate and vote at a meeting in which he is interested. This standard prescribes the set of principles in relation to the declaration and payment of dividend and matters related thereto. Icsi secretarial standard on report of the board of. Issue iii september 2015 disclaimer this bulletin is for information purposes and should not be construed as legal advice. The revised secretarial standards shall be applicable for compliance by companies except the exempted class of. 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. The institute of company secretaries of india icsi vide its earlier notification had brought an exposure draft on secretarial standards 3 ss 3 standards on dividend which was put forward for public comments. This standard shall come into effect from 1st january, 2018. Short note on secretarial standard 3 on dividend taxguru.
Icsi relaxes applicability of secretarial standards on meetings apr 16, 2020. The secretarial standard on meetings of the board of directors ss1, formulated by the secretarial standards board of the institute of company secretaries of india icsi and issued by the council of the icsi, has been approved by the central government. Before writing on ss3 one quick question is whether adherence of this secretarial standard. Pdf checklist for calling a board meeting as per secretarial. We may note that icsi had issued earlier ss 3 secretarial standard on dividend, effective may 2003, drafted in the light of companies act, 1956. The following is the text of the secretarial standard 3 ss 3, issued by the council of the institute of company secretaries of india on dividend. Icsi issues secretarial standards 3 on dividend effective. 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. Secretarial standard 1 meeting of board of directors.
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