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HIGHLIGHTS OF REVISED SECRETARIAL STANDARD-1

Friday, September 8

1.Exemption to Section-8 Company from complying with SS-1. 2.Sending of Notices, Agenda and supplementary notes by way of courier is now restricted. Therefore, Companies cannot send the notice of meeting by courier. 3.Where a Director specifies a particular means of delivery of Notice, the Notice shall be given to him by such means. However, in case of a Meeting conducted at a shorter Notice, the company may choose an expedient mode of sending Notice. 4.Provisions regarding period of maintenance of proof of sending notice is introduced. Proof of sending Notice and its delivery shall be maintained by the company for such period as decided by the Board, which shall not be less than three years from the date of the Meeting 5.Earlier Directors were allowed to participate through Electronic Mode on the prescribed restricted items, with the express permission of the Chairman. This has been disallowed under the revised SS. 6.SS shall be applicable only on the committee of the Board mandatory to be constituted under the Act. 7.Board Meeting and any adjournment thereof can now be held on a National Holiday except where it is adjourned because of want of quorum. 8.No mandatory need of approval of Independent Director” is required if any additional item which was not mentioned in the agenda is taken up at the meeting. 9.The Company shall hold at least four Meetings of its Board in each Calendar Year with a maximum interval of one hundred and twenty days between any two consecutive Meetings. The requirement of meeting in each quarter has been done away with. 10.Authentication of attendance register by a company secretary or where there is no company secretary, by the Chairman is no longer a requirement. 11.A statement in the Board Report regarding the compliance with the applicable Secretarial Standards is required now. 12.Director can now inspect attendance register (for the meetings during his directorship) even after he ceases to be director of company. 13.Only unsigned documents placed before the Board, in respect of items requiring decision of the Board, need to be so initialed. Thus, certain papers placed for noting and/or papers which have been already signed by the Chairman, Director or any other official of the company need not be initialed again.

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