Corporate Updates – 14-05-2015

Secretarial Standards / Secretarial Audit Report

The ICSI has issued Clarification on the applicability of Secretarial Standards (SS) for the financial year 2014-15 and reporting of its compliance in the Secretarial Audit Report. The Secretarial Audit Report issued pursuant to the provisions of Section 204 (1) of the Act, shall be in Form No. MR-3 and shall inter-alia mention about the examination conducted by the Secretarial Auditor w.r.t. Secretarial Standards. The Institute clarifies that the Secretarial Audit Report for the Financial Year 2014-15 need not report specific non-compliances / observations / audit qualification, reservation or adverse remarks in respect of compliance with SS-1 and SS-2 as these will become effective from 01st 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 such Standards are not applicable presently.

Foreign Trade Policy

The Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India, has issued the Consolidated FDI Policy which is effective from May 12, 2015. The present consolidation subsumes and supersedes all Press Notes / Press Releases / Clarifications / Circulars issued by DIPP, which were in force as on May 11, 2015 and reflects the FDI Policy as on May 12, 2015. However, Press Note 4 of 2015, dated April 24, 2015, regarding policy on foreign investment in pension sector, will remain effective. This Circular accordingly will take effect from May 12, 2015 and will remain in force until superseded in totality or in part thereof. Reference to any statute or legislation made in this Circular shall include modifications, amendments or re-enactments thereof.

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