Section 118(10) of the Companies Act, 2013 mandates companies other than One Person Companies to observe Secretarial Standards with respect to General and Board Meetings specified as such by the Institute of Company Secretaries of India.
For the compliance of section 118(10) of the Companies Act,2013 ,Ministry of Corporate Affairs vide letter no.1/3/2014/CL/I dated April 10, 2015 accorded its approval to follow Secretarial Standards (SS) specified by the Institute of Company Secretaries of India namely -
(i) SS-1 : Meetings of the Board of Directors and
(ii) SS-2 : General Meetings
The Secretarial Standards were launched on 23rd March by the hands of Hon’ble Justice Shri Vibhu Bakhru, Judge Delhi High Court in the presence of Hon’ble Justice Shri Dilip Raosaheb Deshmukh, Chairman Company Law Board, and representatives of the Ministry of Corporate Affairs.
The Secretarial Standards have been notified by the Institute of Company Secretaries of India in the Official Gazette and will take effect from July 1, 2015.