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. 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. We may note that icsi had issued earlier ss 3 secretarial standard on dividend, effective may 2003, drafted in the light of companies act, 1956. Ss1 and ss2 have now been revised by icsi and the same have been approved by the ministry of corporate affairs mca vide its letter no. Faqs on secretarial standards issued by icsi effective from 1st july, 2015 jun 30. Icsi home about secretarial standards board ssb list of ssb members 20112019 secretarial standards board. This standard shall come into effect from 1st january, 2018. Icsi has issued ss 3 secretarial standard on dividend. I dated 14 th june, 2017 the revised ss1 and ss2 shall be applicable to all the companies except the exempted class of companies w. The institute of company secretaries of india icsi which mandates various secretarial standards to be followed by company secretaries of public companies in. Dividend, issued by the council of the institute of company secretaries of india. Before writing on ss3 one quick question is whether adherence of this secretarial standard. Short note on secretarial standard 3 on dividend taxguru.
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. Pdf checklist for calling a board meeting as per secretarial. Secretarial standard 1 ss1 and secretarial standard 2 ss2 with the changes in the provisions of the act brought by virtue. Notice of meeting to mention the place, venue and details of the meeting. Funktionsfahigkeit bezuglich dieser standards zu beurteilen. This standard prescribes a set of principles in relation to the declaration and payment of dividend and matters related thereto. Icsi releases revised secretarial standards 1 and 2.
Icsi releases secretarial standard 3 on dividend dec 01, 2017 secretarial standards issued by icsi on 23rd april, 2015 apr 24, 2015. This standard prescribes the set of principles in relation to the declaration and payment of dividend and matters related thereto. Secretarial standard 1 meeting of board of directors. The principles set out herein relate to declaration and payment of dividend on equity as well as. The preliminary draft of the secretarial standard formulated by the. Sibel volkan and grazia motturi provided administrative and secretarial support. Icsi secretarial standard on dividend effective from 01012018. 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. Icsi secretarial standard on report of the board of directors ss4. 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. Adherence to ss1 is mandatory in terms of subsection 10 of section 118 of the.
Download secretarial standard 3 on dividend file in pdf format. Icsi secretarial standard on report of the board of. The secretarial standard on meetings of the board of directors ss1, formulated by the secretarial standards board of the institute of company secretaries of india icsi and issued by the council of the icsi, has been approved by the central government. The ss 3 will be effective from 1 st january, 2018. Where the law is not clear or needs explicit spirit of the law, secretarial standards, provide clarity on them. Icsi relaxes applicability of secretarial standards on meetings apr 16, 2020. Private companies need not appoint independent directors on their board and hence need not conduct mandatory one meeting of all the independent directors in one calendar year. The administrative assistantsecretarial science program is designed to prepare students to perform the duties of administrative assistants andor secretaries and related occupations. Mr 3 format of the secretarial audit report, pursuant to section 204 1 of the companies act, 20 and rule no. Guidance note on revised secretarial standards ss 1. Secretarial standard on passing of resolution by circulation. Checklist for calling a board meeting as per secretarial standard1 general 1. In the preparation of secretarial standards, ssb may assign to secretarial practice subcommittee to formulate preliminary drafts of the proposed standards. A comprehensive file containing secretarial standards 1 2 3 issued by icsi.
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. The chairman of the meeting can specifically permit any interested director to participate and vote at a meeting in which he is interested. The following is the text of the secretarial standard 3 ss 3, issued by the council of the institute of company secretaries of india on dividend. In the initial period, adherence by a company to this secretarial standard will be recommendatory. Now, the new standard has been issued in line with the. Issue iii september 2015 disclaimer this bulletin is for information purposes and should not be construed as legal advice. Icsi releases revised secretarial standards ss1 and ss2. The principles set out in ss 3 relate to declaration and payment of dividend on equity as well as preference share. The standard comes into effect from january 1, 2018. The principles set out in this standard relates to declaration and payment of dividend on equity as well as preference share capital in accordance. In this secretarial standard, the standard portions have been set in bold type. How many secretarial standard have been issued by icsi. The standard prescribes principles for making disclosures in the report the companies act, 20, requires the report of board of directors of every company to be attached to the financial statements to be laid before the members at the annual general meeting. Company secretaries of india constituted under section 3 of company secretariesact, 1980 56 of 1980.
Ss3 secretarial standard on dividend the compliance. The guide is available as a webbased version and a pdf version at. 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. In the initial years, adherence by a company to this secretarial standard will be recommendatory. The secretarial standard on meetings of the board of directors ss1 and secretarial standard on general meetings ss2 issued by the institute of company secretaries of india icsi under section 11810 of the companies act, 20 are effective from 1st july, 2015. The main thrust of the article, however, is upon to understand the ss 3. The ministry of corporate affairs conferred its approval to secretarial standard 1 relating to board meeting and secretarial standard 2 relating to general meeting issued by the institute of company secretaries of india icsi. Secretarial standard on transmission of shares and debentures. In the preparation of secretarial standards, ssb may constitute.
Icsi issues secretarial standards 3 on dividend effective. Final dividend means the dividend recommended by the. The institute of company secretaries of india icsi has introduced secretarial standard 3 ss 3 on dividend. Working groups to formulate preliminary drafts of the proposed.
The institute of company secretaries of india icsi vide its earlier notification had brought an exposure draft on secretarial standards 3 ss 3 standards on dividend which was put forward for public comments. 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. D21, block ep, sector v, salt lake city, kolkata700091 ph 93 400833859831402256 email. Secretarial standards need to be formulated and the priority in regard to the selection thereof. 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. Brief overview of secretarial standards ss1 and ss2. Applicability of secretarial standards to private companies. 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. Revised secretarial standards key amendments vinod. Author shall shed some light on the important provisions mentioned under the ss 3. Students compose, key, format and process documents correspondence, reports, tabulations and.
The following is the text of the secretarial standard 10 ss10 issued by the council of the institute of company secretaries of india, on boards report. In this spark editorial, the author begins by referring the provisions of secretarial standard 3 on dividend issued by the icsi. Secretarial standards tool for good corporate governance. 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. The revised secretarial standards shall be applicable for compliance by companies except the exempted class of. Section 205 1 of the companies act, 20 the functions of the company secretary shall include,b to ensure that the company complies with all secretarial standards. The institute of company secretaries of india has issued ss 3 secretarial standard on dividend. The institute of company secretaries of india icsi has recently released the secretarial standard ss 3 on dividend for its members. As per ssdividend includes interim dividend but bonus shares are not dividend. No other country of the world except india has yet adopted the secretarial standards ss. Adherence to this secretarial standard is recommendatory. Guide to document preparation executive secretariat. Development and encouraging related private investment. The following is the text of the secretarial standard3 ss3 on.
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