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. Icsi issues secretarial standards 3 on dividend effective. The principles set out herein relate to declaration and payment of dividend on equity as well as. Section 11810 confers on the institute power to specify secretarial standards with respect to general and board meetings.
Applicability of secretarial standards to private companies. 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. In this secretarial standard, the standard portions have been set in bold type. The institute of company secretaries of india icsi which mandates various secretarial standards to be followed by company secretaries of public companies in. Guide to document preparation executive secretariat. Secretarial standards issued by the institute of company secretaries of india with respect to board and general meetings. 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.
The ss 3 will be effective from 1 st january, 2018. 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. Revision of secretarial standard 1 and 2 by icsi cs harshita. 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.
How many secretarial standard have been issued by icsi. Secretarial standard 1 ss1 and secretarial standard 2 ss2 with the changes in the provisions of the act brought by virtue. 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. Dividend, issued by the council of the institute of company secretaries of india. Ss3 secretarial standard on dividend the compliance office. 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.
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. Certificate in secretarial and administration guc guc. 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 principles set out in this standard relates to declaration and payment of dividend on equity as well as preference share capital in accordance.
Mr3 secretarial audit report for the financial year ended march 31, 2018 pursuant to section 204 1 of the companies act, 20. Decoding secretarial standards conduct of e voting. Final dividend means the dividend recommended by the. The revised secretarial standards shall be applicable for compliance by companies except the exempted class of. 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. A company shall not declare dividend on its equity shares in case of noncompliance of provisions relating to the acceptance of deposits under. Secretarial standards are the yardstick and in other words codifying a measure in order to avoid divergent approach towards compliance. Icsi releases revised secretarial standards ss1 and ss2. 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. This is a novel requirement and is an addition to the.
Icsi releases secretarial standard3 on dividend corporate law. The principles set out in ss3 relate to declaration and payment of dividend on equity as well as preference share. Revised secretarial standards key amendments vinod kothari. 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. This standard prescribes the set of principles in relation to the declaration and payment of dividend and matters related thereto. Revised secretarial standards key amendments vinod. Secretarial standard on the meetings of board of directors. 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. Icsi issues secretarial standards 3 on dividend effective 1st. 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. Icsi issues secretarial standards 3 on dividend effective 1st january, 2018.
Aug 25, 2017 section 2051 confers power to the institute to issue secretarial standards. 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. Section 205 1 of the companies act, 20 the functions of the company secretary shall include. Ss3 secretarial standard on dividend the compliance. In the preparation of secretarial standards, ssb may assign to secretarial practice subcommittee to formulate preliminary drafts of the proposed standards. 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. Disclosure 25 effective date 25 annexure a 26 illustrative list of items of business which shall not. Considering the various changes brought in the companies act, 20, vide. The main thrust of the article, however, is upon to. The institute of company secretaries of india icsi has published the secretarial standards 3 on dividend ss3 on its website under secretarial standard board. Revised secretarial standards, ss1 and ss2 to be applicable. 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.
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 institute of company secretaries of india icsi has recently released the secretarial standard ss3 on dividend for its members. The secretarial standards once formulated are then approved by the central government through the ministry of. 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. 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. 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. Secretarial standards need to be formulated and the priority in regard to the selection thereof. Dividend shall be paid out of the profits of the financial year for which such. Icsi secretarial standard on dividend effective from 01012018. Short note on secretarial standard 3 on dividend taxguru. Icsi releases revised secretarial standards 1 and 2. This standard prescribes a set of principles in relation to the declaration and payment of dividend and matters related thereto. Standards bss as adopted by the institute of chartered secretaries of bangladesh icsb. 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.
All rights reserved by icsb secretarial standard on minutes. You may bookmark this page for quick accessibility. 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. 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. Issue iii september 2015 disclaimer this bulletin is for information purposes and should not be construed as legal advice. Such standards may become practice but may not necessarily have legal force for want of approval by government of india. Secretarial standards tool for good corporate governance. Jan 01, 2018 icsi has issued ss3 secretarial standard on dividend. India is the pioneer in having secretarial standards as no other country in the world has yet adopted the secretarial standards. The secretarial standards have been notified by the icsi in the official gazette and are effective from july 1, 2015.
Dec 01, 2017 the institute of company secretaries of india icsi has introduced secretarial standard 3 ss3 on dividend. Secretarial standards are recognised under section 11810 of the companies act,20. Secretarial standard 2 kl aggarwal associates klaggarwal. Before we carry detailed discussion of context of ss3, please note the highlights of these standards so issued as stated below.
Dec 20, 2017 icsi secretarial standard on dividend effective from 01012018. 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 institute of company secretaries of india icsi has introduced secretarial standard 3 ss3 on dividend. In my earlier post here i have raised some issues related to issuance of secretarial standards. Adherence to this secretarial standard is recommendatory.
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. D21, block ep, sector v, salt lake city, kolkata700091 ph 93 400833859831402256 email. Annexure iii specimen notice of extraordinary general meeting. Nov 08, 2015 secretarial standards are recognised under section 11810 of the companies act,20. 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 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 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. Secretarial standard 1 ss1 and secretarial standard 2 ss2 with the changes in the provisions of the act brought by virtue of such.
Directors ss1 and secretarial standards on general meetings ss2 issued by. Author shall shed some light on the important provisions mentioned under the ss 3. 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. In this spark editorial, the author begins by referring the provisions of secretarial standard 3 on dividend issued by the icsi. 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. I continue my study of these secretarial standards. Click download or read online button to get secretarial practice and company law book now. As per ssdividend includes interim dividend but bonus shares are not dividend. This presentation is based on our internal research. Before writing on ss3 one quick question is whether adherence of this secretarial standard. The institute of company secretaries of india icsi has recently released the secretarial standard ss 3 on dividend for its members. Model standards and guidelines for utilization of paralegals.
Secretarial standard on dividend the following is the text of the secretarial standard3 ss3 on dividend, issued by the council of the institute of company secretaries of india. 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. The standard comes into effect from january 1, 2018. 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. It also establishes standards and guidelines for document. The board shall, every year, convene a meeting of its members called the annual general meetingagm. 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 has issued ss3 secretarial standard on dividend. Secretarial standards are the yardstick and in other words codifying a measure in order.
Secretarial practice and company law download ebook pdf. The preliminary draft of the secretarial standard formulated by the. Secretarial standard 2 on general meetings convening a general meeting. 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. Dividend distribution policy for our bank united bank of india. Where the law is not clear or needs explicit spirit of the law, secretarial standards, provide clarity on them. The institute of company secretaries of india icsi has introduced secretarial standard 3 ss 3 on dividend. 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. Author shall shed some light on the important provisions mentioned under the ss3.
Corporate governance code bangladesh securities and. The following is the text of the secretarial standard3 ss3 on. The following is the text of the secretarial standard3 ss3 on dividend, issued by the council of the institute of company secretaries of india. This standard shall come into effect from 1st january, 2018.
733 1074 1103 811 373 1068 478 438 1104 260 418 1447 1365 552 364 29 14 815 261 538 937 1082 1370 461 1493 359 42 101 649 58 932 521 259 251 5 1420 786 1017 963 98 1402