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ARTICLE · 10 JUNE 2015

Board Meeting Process Revisited: Secretarial Standard 1

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As noted, effective July 1 all Indian companies will have to comply with the provisions of the Act, articles of association, applicable rules and SS-1.

IndiaCorporate/Commercial Law
Jaya Moorjani
Jaya Moorjani
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Introduction

The objective of Companies Act, 2013 ("Act") to a large extent is to ensure good corporate governance by enhancing transparency and accountability. Section 118(10) of the Act imposes an obligation on companies to observe secretarial standards regarding general and board meetings as specified by the Institute of Company Secretaries of India. To effect this, Ministry of Corporate Affairs notified two relevant secretarial standards, 1 & 2, on April 23, 2015, respectively SS-1 and SS-2. The former prescribes the process for board meetings ("BM") while the latter relates to general meetings. Both the standards shall come into effect from July 1, 2015 and all companies will need to follow them.

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