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TAXPERT PROFESSIONALS
An AnalySiS on
Secretarial Standards
&
Secretarial AuditBy Shreya Tiwari
on 28th August 2015
Companies Act , 2013
Two main inclusions:
=> Secretarial Audit
=> Secretarial Standards
Secretarial Audit
A process to check compliances made by the Company
under Corporate Law & other law, rules & regulations,
procedures, etc.
It helps to detect the instances of non-compliance and
facilitates taking corrective measures.
It is therefore an independent and objective assurance
intended to add value and improve operations of the
Company.
Secretarial Audit thus provides comfort to stakeholders,
management and regulators as to statutory compliance &
corporate governance.
Secretarial Audit
Secretarial Audit shall include compliances of following law:
i) The Companies Act, 2013 (the Act) and the rules made there-
under;
ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and
the rules made there-under;
iii) The Depositories Act, 1996 and the Regulations and Bye-laws
framed there-under;
iv) Foreign Exchange Management Act, 1999 and the rules and
regulations made there-under to the extent of Foreign Direct
Investment, Overseas Direct Investment and External
Commercial Borrowings;
v) Various Regulations and Guidelines prescribed under the
Securities and Exchange Board of India Act, 1992 (‘SEBI Act’)
vi) Any other law as may be specifically applicable to Company.
Applicability
As per Section 204(1) of Companies Act, 2013 read with
rule 9 of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 the following
companies are required to obtain Secretarial Audit Report:
- Every listed company,
- Every public company having a paid-up share capital
of fifty crores or more, or;
- Every public company having a turnover of two
hundred and fifty crores rupees and more.
Beneficiaries
Assurance of Compliances to:
Companies - foundation for good governance, reduction
in penalties, public respect for brand. Recognition of
company as to good corporate citizen.
Directors – comforts directors as to compliances and
mitigating risk from regulatory or other governance.
Investors – helps in taking informed investment decisions.
Regulatory Authorities – reducing burden on regulators
in ensuring compliances.
Other Stakeholders
Secretarial Audit Report
Only a member of Institute of Company Secretaries of
India holding certificate of practice (Company Secretary in
practice) can conduct Secretarial Audit and furnish the
Secretarial Audit Report to the company.
Secretarial Audit Report is required to be provided in the
format prescribed in Form MR-3. (Rule 9 of the
Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014).
Appointment of Secretarial Auditor
As per Rule 8 of the Companies (Meetings of Board and
its powers) Rules, 2014, Secretarial Auditor is required to
be appointed by means of resolution passed at a duly
convened Board meeting.
Resolution for appointment shall be filed with Registrar of
Companies within 30 days in E-form MGT-14. [Section
117]
Period of Office: The Act is silent – suggested to be similar
to Statutory Auditor appointed under Section 139 (10 years
whether Secretarial Auditor is a Proprietor or a firm)
Obtain consent of the Secretarial Auditor
Secretarial Auditor can be appointed by passing resolution
in Board Meeting.
Penal Provisions
As per Section 204(4) of the Companies Act 2014,
If a company or any officer of the company or the
Company Secretary in Practice contravenes the provisions
of this section, the company, every officer of the company
or the company secretary in practice, who is in default,
shall be punishable with fine which shall not be less than
one lakh rupees but which may extend to five lakh rupees.
Fine of not less than one lakh which may extend to
five lakh rupees.
Secretarial Standards
I Board Meeting (SS-1)
II General Meetings (SS-2)
Why SS ??
In India there are approximately 10 Lakhs companies
out of which 7000 + are Listed in Stock Exchange.
This number is the largest in the World.
With the advent of the secretarial standards, as issued
by the ICSI and approved and notified by the Central
Government, a uniform framework of procedures and
practices have been prescribed for adoption and
adherence by the companies which will function as a
facilitator of good corporate governance and
compliance management.
Provision
As per Section 118 (10) of The Companies Act, 2013:
Every company shall observe Secretarial Standards
with respect to General Meetings 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.
Every Company shall comply with SS-1 & SS-2
Applicability
MCA has notified the Secretarial Standard 1 (Meeting of
the Board of Directors) and Secretarial Standard 2
(General Meeting) vide Letter No. 1/3/2014/CL/I dated
10th Day of April 2015 which will be effective form 1st day
of July 2015.
Further, other Secretarial Standards issued by ICSI in
line with the provisions of the Companies Act, 1956 are
under revision to align with the provisions of the
Companies Act, 2013. Accordingly, such other
secretarial standards are not applicable presently.
Applicable Date: 1st July,2015
Definitions
“Invitee” means a person, other than Director and
Company Secretary, who attends a particular Meeting
by invitation.
“Maintenance” means keeping of registers and
records either in physical or electronic form, as may be
permitted under any law for the time being in force,
and includes the making of appropriate entries therein,
the authentication of such entries and the preservation
of such physical or electronic records.
“National Holiday” includes Republic Day i.e. 26th
January, Independence Day i.e. 15th August, Gandhi
Jayanti i.e. 2nd October and such other day as may be
declared as National Holiday by the Central
Government.
Definitions
“Original Director” means a Director in whose place
the Board has appointed any other individual as an
Alternate Director.
“Time stamp” means the current time of an event
that is recorded by a Secured Computer System and is
used to describe the time that is printed to a file or
other location to help keep track of when data is added,
removed, sent or received.
(SS-1) Steps involved in conducting
Board Meeting
Notice
Frequency of Meeting
Quorum
Convening
Attendance Register
Passing of resolution
Adjournment
Minutes
Disclosure
Board / Committee Meetings (SS-1)
1) Applicability:
Applicable to the Meetings of Board of Directors &
Meetings of Committee (s) of the Board of all
companies incorporated under the Act.
2) Exemptions:
One Person Company (OPC) in which there is only
one director on its Board. Kindly note that the OPC
having more than one director shall comply with SS-1.
Applicable to all Board meeting of all companies
except OPC.
Board / Committee Meetings (SS-1)
3) Convening:
a) Without requisition of Director: any director may
convene the meeting.
b) With requisition of Director: Company Secretary or
where there is no Company Secretary, any person
authorised by the Board in this behalf, on the
requisition of a director, shall convene the meeting of
the Board in consultation with the Chairman.
4) Adjournment:
Chairman having power to adjourn Board Meeting at
any stage unless dissented to or objected by majority of
Directors present at the meeting.
Board / Committee Meetings (SS-1)
5) Time, Place, Mode & Serial
Numbering:
a) Every Meeting shall have a serialnumber.
b) A meeting shall be convened at any
place, any time, on any day excludingNational Holiday.
c) Venue can be registered office or
otherwise. It may be held anywhere across
the globe.
d) No time limit for meeting of Board of
Directors.
6) Meeting through electronic mode:
a) Notice of the meeting shall specify
venue of the meeting.
Can be heldanywhere inthe globe
No meetingson NationalHolidays
No time barfor holdingmeeting
Board / Committee Meetings (SS-1)
b)Restricted agenda for e-participation in Board
Meeting:
Approval of Annual Financial Statements
Board’s Report
Prospectus
Matters relating to amalgamation, merger,
demerger, acquisition, takeover, etc.
7) Notice:
a) Notice, agenda and notes to agenda shall be given to
every Director by hand, or speed post or registered
post or by courier or e-mail or by any other electronic
means.
Board / Committee Meetings (SS-1)
b) Notice in writing shall be given to every
director.
c) In absence of / unavailability of address or e-
mail id, than it should be sent to address
appearing in Directors Identification Number
(DIN) registration of the Director.
d) Proof of sending the notice, Agenda and
notes to Agenda and its delivery shall be
maintained by the Company.
e) Notice shall specify day, date, time and full
address of venue of the meeting.
f) Notice shall be issued by Company
Secretary or where there is no Company
Secretary, any director or any other person
authorised by Board for this purpose.
Proof of sending tobe maintained
Shall specify date, day,full address, time &venue of the meeting
Given by hand, e-mail, speed post,registered post,courier, facsimile
Board / Committee Meetings (SS-1)
g) Notice shall be given at least seven days
before the date of meeting, unless the Articles
prescribes a longer period.
h) In case the notice is to be send by speed
post additional 2 days shall be added.
i) The notice of the meeting shall be give even
if Meetings are held at pre determined dates.
j) If majority of directors give their consent the
meeting can be held by giving shorter notice.
The fact that meeting is being held at shorter
notice shall be stated in the notice.
Atleast seven days
notice to be given.
In case of speed
post additional 2
days be added.
Board / Committee Meetings (SS-1)
8) Frequency:
a) Meeting of BOD:
Board shall meet atleast once in every
calendar quarter. (Maximum Interval of
120 days between two consecutive
meetings).
First Board Meeting shall be held within 30
days of incorporation.
9) Quorum:
Quorum shall be present through out the
meeting including commencement of
meeting and also while transacting meeting.
Directors shall not be counted in items in
which he/ she are interested.
Frequency
Quarter – 1Meeting
Yearly – 4Meetings
Maximuminterval of 120days
Board / Committee Meetings (SS-1)
Meeting of Board:
Quorum of Board Meeting shall be one
third of total strength or two whichever
is higher.
10) Attendance Register:
Every company shall maintain separate
attendance registers for the Meetings of
the Board.
The pages shall be consecutively
numbered.
If attendance register is maintained in
loose leaf form it shall be bound at
periodical intervals.
Quorum shall be
-One third of total
strength or
-Two
Whichever is higher
Attendance Register
-Consecutively Numbered
-Shall be maintained for
eight years
Board / Committee Meetings (SS-1)
The attendance register shall contain following
particulars: serial number and date of the Meeting,
names of directors and signature of each director
present, name and signature of Company Secretary who
is in attendance and also of persons attending the
Meeting by invitation.
In case directors participating through Electronic
Mode, the Chairman shall confirm attendance of such
directors.
For this purpose before commencement of the Meeting,
the Chairman shall take a roll call.
The Chairman or Company Secretary shall request the
director participating through electronic mode to state
his full name and location from where he is participating
and shall record the same in the Minutes.
Board / Committee Meetings (SS-1)
The Attendance register shall be
maintained at the Registered Office of
the Company or such other place as may
be approved by the Board.
The attendance register is open for
inspection by the Directors.
The attendance register shall be preserved
for a period of eight years and thereafter
be destroyed with the approval of the
Board.
11) Leave of absence:
It shall be communicated with the
chairman. The office of Director shall
become vacant if directors fails to attend
any of the board meeting for a period of
twelve months, with or without seeking
leave of absence.
Director shall vacate his
office if he fails to attend
any of the Board Meeting
for a period of 12 months
with or without seeking
leave of absence
Board / Committee Meetings (SS-1)
12) Chairman:
The chairman of the Company shall be
chairman of the Board (incase of no
chairman Board shall elect among
themselves to act as a chairman).
13) Passing of Resolution by Circulation:
Urgent decisions can be approved by
resolution passed by circulation.
It shall have equal authority as a duly
convened meeting.
Procedure:
a) Draft copy of resolution to be passed by
circulation.
b) Such draft shall be sent to all directors with
relevant documents on the same day by
hand delivery, speed post or registered post.
If chairman is
interested in any
matter to be
transacted / taken-up
during the meeting, he
should not be counted
for quorum for that
matter.
Board / Committee Meetings (SS-1)
c) Proof of sending and delivery thereof shall be
maintained by the Company.
d) Each business shall be explained by way of note.
Even a note shall indicate the way by which
director shall assent or dissent to the same.
e) At most seven days from the date of passing of
resolution by circulation of draft of resolution
shall be given to directors to respond.
Approval:
a) The resolution must be passed when it is
approved by majority of directors entitled to
vote.
b) The interested director shall not be entitled to
vote.
c) In case director doesn’t respond on or before
seven days, it shall be presumed that director is
abstained from voting.
Assent or dissent shall be
communicated by the
directors within seven
days.
Board / Committee Meetings (SS-1)
Recording:
The note of passing the resolution by resolution shall
be taken up at the next Board Meeting. The dissent or
abstention shall be recorded in minutes.
Validity:
The resolution passed by circulation shall be valid as if
resolution passed at duly convened meeting.
Note:
Resolution passed by circulation will not reduce
the frequency of meetings which are required to be
held.
Board / Committee Meetings (SS-1)
14) Minutes:
Every Company shall keep minutes of all meetings of
Board in Minute Book.
Maintenance
Minutes in Physical or Electronic form shall be
maintained with Time Stamp.
Minutes shall be serially numbered and pages of minute
book are left blank it should be scored out and initialed
by the Chairman.
Minutes shall not be pasted or attached to Minute
Book.
Recording:
The CS shall record proceedings of the meetings. If
there is no CS any person authorised by Board or
Chairman shall record the proceedings.
Board / Committee Meetings (SS-1)
Minutes shall be written in third person and past
tense; however resolution shall be in present
tense.
Time of commencement and closure of meeting
shall be recorded in minutes.
Finalisation of Minutes:
Draft minutes shall be circulated within 15
days from the date of conclusion of the
meeting of Board or Committee.
Proof of sending the draft minutes and its
delivery shall be maintained by the Company.
The Directors(whether present or not) shall
communicate their comments in writing on
the draft minutes within 7 days.
The minutes shall be finalised and entered into
minutes book within 30 days.
Draft of minutes to be
circulated within 15 days.
Comments on the same
shall be communicated
within 7 days.
Minutes shall be finalised
within 30 days of passing
of resolution.
Board / Committee Meetings (SS-1)
Signing of the Minutes:
Minutes shall be signed and dated by the
Chairman of the Meeting or Chairman of
the Next Meeting.
The Chairman shall initial each page of
the Minutes, sign the last page and
append to such signature the date on
which and the place where he has signed
the Minutes.
Minutes once signed shall not be altered.
A copy of the signed Minutes certified by
the Company Secretary or where there is
no Company Secretary, by any Director
authorised by the Board shall be
circulated to all Directors within fifteen
days after these are signed.
Each page of minutes
shall be initialled and last
page shall be signed by
the Chairman of the
Meeting.
Minutes Book once
signed shall be circulated
to directors within 15
after it is signed.
Board / Committee Meetings (SS-1)
15) Disclosure:
The Annual Report and Annual Return of a company
shall disclose the number and dates of Meetings of
the Board and Committees held during the financial
year indicating the number of Meetings attended by
each Director.
(SS-2) Steps involved in conducting
General Meeting Convening
Frequency
Quorum
Presence of Directors, Auditors
Proxies
Voting
Conduct of e-voting
Reading of Report
Passing of resolution
Adjournment
Minutes
General Meetings (SS-2)
1) Applicability:
This Standard is applicable to all types of
General Meetings of all companies
incorporated under the Act except One
Person Company (OPC) and class or classes
of companies which are exempted by the
Central Government through notification.
2) Convening:
A General Meeting shall be convened by or on
the authority of the Board. The Board shall,
every year, convene or authorise convening of
a Meeting of its Members called the Annual
General Meeting to transact items of Ordinary
Business specifically required to be transacted
at an Annual General Meeting as well as
Special Business, if any
Applicability of SS-2 to all
companies except OPC.
Convening of the meeting
shall be by authority of
board.
General Meetings (SS-2)
Extra ordinary general meeting:
The Board may also, whenever it deems
fit, call an Extra- Ordinary General
Meeting of the Company.
The Board shall, on the requisition of
Members who hold, as on the date of the
receipt of a valid requisition can call an
Extra- Ordinary General Meeting,
In the case of Company having a Share
Capital, not less than 1/10th of the paid-up
share capital carrying Voting Rights; OR
In the case of a Company not having share
capital, not less than 1/10th of total voting
power of the Company.
Requisition for
Extraordinary
General Meeting:
In case of company
having share capital
shall be by 1/ 10th of
paid-up share capital
carrying voting rights
&
In case of company no
having share capital
shall be by 1/ 10th of
total voting power of
the company.
General Meetings (SS-2)
3) Notice:
Notice in writing shall be given to every
member of the Company. Such notice
shall also be given to the Directors and
Auditors, Secretarial Auditor of the
company.
Notice shall be sent by hand or by
ordinary post or by speed post or by
registered post or by courier or by
facsimile or by e-mail or other electronic
means.
Proof of sending shall be maintained.
In case of companies having website, the
notice shall be hosted on website.
Modes of sending
notice:
hand or
Ordinary post or
Speed post
Registered post or
Courier or
Facsimile or
e-mail or
other electronic
means
General Meetings (SS-2)
Notice shall specify the day, date, time & full address of the
venue of the meeting.
Notice shall clearly specify the nature of the Meeting and the
business to be transacted thereat. Items of special business,
each business item shall be in form of resolution and shall e
accompanied by an explanatory statement.
21 clear days in advance the notice shall be given.
If consent in writing given by 95% of the members then
shorter notice can be given.
No items other than those specified in the notice shall be
taken up at the meeting.
Notice shall be hosted
on the website, if any
General Meetings (SS-2)
Frequency:
Every company shall, in each
Calendar Year, hold a General
Meeting called the Annual
General Meeting.
First AGM shall be within 9
months from the close of first
financial year.
Subsequent AGM shall be held
within 6 months from the end of
financial year or interval of not
more than 15 months between
two consecutive AGM’s.
Note: If company holds it’s AGM as
per aforesaid, it is not required to
hold any AGM in calendar year of
its incorporation.
Subsequent AGM shall be held-
Within 6 months from the end of
financial year or
Interval between two consecutive
AGM shall not be more than 15
months
If first AGM is held within 9
months from end of first financial
year it is not required to hold any
AGM in calendar year of its
incorporation.
General Meetings (SS-2)
4) QUORUM OF GENERAL MEETING:
Private Limited:
Minimum No. of Members required being present
“Two Members Personally Present”.
Public Limited:
In case of Public Company “Minimum Present of
Members required”
5 members personally present if the number of
Members as on the date of Meeting is not more than
1000.
15 members personally present if the number of
Members as on date of Meeting is more than 1000
but upto 5000
30 personally present if the number of members as
on date of the Meeting exceeds 5000
Quorum shall be present not only at the time of
commencement of the Meeting but also while
transacting business.
Private Company:
Two member personally
present.
Public Company:
5 members where number of
members is not more than
1000,
15 members where number of
members is more than 1000
but less than 5000,
30 members where number of
members is more than 5000.
General Meetings (SS-2)
5) PRESENCE OF DIRECTOR AND AUDITORS:
Director:
If any Director is unable to attend the Meeting, the Chairman shall
explain such absence at the Meeting.
The Director who attends the General Meeting shall seat with
Chairman.
Company Secretary:
The Company Secretary shall seat with Chairman.
The Company Secretary shall assist the Chairman in conduction the
Meeting.
Auditor:
It is mandatory for the Auditor to attend General Meeting,
Exemption: Auditor can absent himself by following two ways:
If it get exemption from the Company to attend General Meeting.
If his authorized representative attend the General Meeting.
[Condition: Authorized representative should also be qualified to be an
Auditor]
General Meetings (SS-2)
Secretarial Auditor:(Annual General Meeting)
It is mandatory for the Auditor to attend Annual General
Meeting.
Exemption: Auditor can absent himself by following two ways:
If it get exemption from the Company to attend General
Meeting.
If his authorized representative attend the General Meeting.
[Condition: Authorized representative should also be qualified to
be an Auditor]
General Meetings (SS-2)
6) CHAIRMAN:
The Chairman of the Board shall take the Chair and conduct
the Meeting.
If the Chairman is not present within 15 minutes after the
time appointed for holding of Meeting, or
If he is unwilling to act as Chairman of the Meeting, or
If no Director has been so designated.
(In above three situations) The Director present at the
Meeting shall elect one of them to be the Chairman of the
Meeting.
The chairman shall explain the objective and implication of
the Resolutions before they put to vote at the meeting.
General Meetings (SS-2)7) Proxy Form:
An Instrument appointing a proxy shall be either:
In the form set out in Act (MGT-11)
Validity of Proxy Form:
An instrument of Proxy duly filed, stamped and signed, is
valid only for the Meeting to which it relates including any
adjournment
Stamping of Proxy:
An instrument of proxy is valid only if it is properly stamped
as per the applicable law.
Unstamped or inadequately stamped Proxies or Proxies upon
which the stamps have not been cancelled are INVALID.
Execution of Proxy:
The proxy-holder shall prove his identity at the time of
attending the Meeting.
General Meetings (SS-2)
Deposit of Proxies:
Proxies shall be deposited with the company either in person
or through post within forty-eight hours before
commencement of the meeting.
If company receive multiple proxies for the same holdings of
the Member and they are not dated or bear the same date
without mention of time, all such multiple proxies shall be
treated as invalid.
Note:
If a company receives multiple proxies form the same
holding of a member, the Proxy which is dated last shall be
considered valid.
Proxy shall be deposited within 48 hours before commencement of
meeting.
General Meetings (SS-2)
Revocation of Proxy:
A proxy later in date can revoke the earlier dated proxies.
Proxy is valid until written notice of revocation has been
received by the Company before the commencement of the
Meeting or adjourned meeting.
When both the Member and Proxy attend the Meeting, the
proxy stand automatically revoked.
Inspection of Proxy:
Proxies shall made available for inspection:
Ending with the conclusion of the Meeting
Between 9 a.m. to 6 p.m.
Record of Proxy:
All the proxies shall be recorded chronologically in a register
kept for that purpose.
In case any proxy entered in the register is rejected, the reasons
there for shall be entered in the remarks column.
General Meetings (SS-2)
8) Voting:
a) Proposing a Resolution
Every resolution shall be proposed by a Member and
seconded by another Member.
b) Voting at the meeting:
Every company, which has provided e-voting facility to its
Members, shall also put every resolution to vote through a
ballot process at the Meeting.
c) Show of Hands:
Every company shall, at the Meeting, put every Resolution,
except a Resolution which has been put to Remote e-voting,
to vote on a show of hands at the first instance, unless a poll
is validity demanded.
d) Poll:
The Chairman shall order a poll upon receipt of a valid
demand for poll either before or on the declaration of the
results of the voting on any Resolution on show of hands.
Ballot process may
be carried out by
distributing
ballot/poll slips or
by making
arrangement for
voting through
computer or
secured electronic
systems.
A proxy can also
vote in the ballot
process.
General Meetings (SS-2)
e) Voting Rights:
A Member who is a related party is not entitled to vote on a
Resolution relating to approval of any contract or arrangement in
which such Member is a related party.
The voting period shall close at 5 p.m. on the day preceding the date
of General Meeting.
Notice of meeting, wherein facility of e-voting is provided, shall be
sent either by registered post or speed post or by courier or by e-
mail or by any other electronic means.
General Meetings (SS-2)
9) Declaration of Results:
The result of the voting, with details of the number of votes
cast for and against the Resolution, invalid votes and
whether the Resolution has been carried or not shall be
displayed on the Notice Board of the company at its
Registered Office and its Head Office as well as Corporate
Office, if any, if such office is situated elsewhere.
10) Reading of Report:
The qualifications, observations or comments or other
remarks on the financial transactions or matters which have
any adverse effect on the functioning of the company, if
any, mentioned in the Auditor’s Report shall be read at the
Annual General Meeting and attention of the Members
present shall be drawn to the explanations / comments
given by the Board of Directors in their report.
General Meetings (SS-2)
11) Distribution of Gifts:
No gifts, gift coupons, or cash in lieu of gifts shall be
distributed to Members at or in connection with the
Meeting.
12) Minutes:
a) Maintenance of Minutes
Minutes shall be recorded in books maintained for that
purpose.
A distinct Minutes Book shall be maintained for Meetings of
the Members of the company, creditors and others as may
be required under the Act.
Minutes may be maintained in electronic form with
Timestamp.
General Meetings (SS-2)
Minutes shall not be pasted or attached to the
Minutes Book, or tampered with in any
manner.
Minutes of Meetings, if maintained in loose-
leaf form, shall be bound periodically
depending on the size and volume.
Minutes Books shall be kept at the Registered
Office of the company or at such other place,
as may be approved by the Board.
The Chairman shall initial each page of the
Minutes, sign the last page and append to such
signature the date on which and the place
where he has signed the Minutes.
Minutes shall be entered in the Minutes Book
within thirty days from the date of conclusion
of the Meeting.
Minutes shall be
entered in Minutes
Book within thirty days
from the conclusion of
the Meeting.
General Meetings (SS-2)
13) Disclosure:
The Annual Return of a company shall disclose the date of
Annual General Meeting held during the financial year.
Secretarial Standards- Penal
ProvisionAs per the Companies Act, 2013, Section 118 (11) & (12)
If any default is made in complying with the provisions of
this section in respect of any meeting, the company shall be
liable to a penalty of twenty-five thousand rupees and every
officer of the company who is in default shall be liable to a
penalty of five thousand rupees.
If a person is found guilty of tampering with the minutes of
the proceedings of meeting, he shall be punishable with
imprisonment for a term which may extend to two years and
with fine which shall not be less than twenty-five thousand
rupees but which may extend to one lakh rupees.
Penalty for non compliance of SS – The company shall be liable to a penalty of
Twenty-five thousand and every officer in default with a penalty of rupees five
thousand.
Thank YouPlease feel free to call/mail us for further clarification.
Contact:
Taxpert Professionals Private Limited
Tel: +91 9769134554
E-mail us: [email protected]
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