MCA approves Secretarial Standards 1 & 2

In accordance with Section 118(10) of the Act every company is required to observe Secretarial Standards specified by the Institute of Company Secretaries of India (“ICSI”) with respect to Board of Directors and General Meetings.

The Ministry of Corporate Affairs (“MCA”) has approved the Secretarial Standards-1: Standards on meetings of Board of Directors (“SS-1”) & Secretarial Standards-2: Standards on General meetings (“SS-2”), specified by ICSI under the provisions of Section 118(10) of the Companies Act, 2013 (the Act).  ICSI had issued a Notification on 23rd April, 2015 in this regard. These Secretarial Standards will be effective from 1st July, 2015.

 The Standards under SS-1 are shall not be applicable to One Person Company (“OPC”) as there is only one director and Standards under SS-2 shall not be applicable to OPC and companies which are exempted by Central Government through notification.

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