Corporate Updates – 22-01-2016


MCA has clarified the position Whether Hindu Undivided Family (HUF)/its Karta can become Partner/Designated Partner (DP) in Limited Liability Partnership (LLP). The Ministry of Corporate Affairs has issued Circular in this respect and clarified that a HUF orits Karta cannot become Partner or Designated Partner in LLP. It is now clear that only Individuals and corporate can become partners in LLP.

ICSI – Secretarial Standards:

ICSI has come out with the guidance note on Secretarial Standard on Meetings of the Board of Directors” (SS-1) and Secretarial Standard on General Meetings (SS – 2). These Secretarial Standard were 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. Adherence to SS-1 & SS – 2 is mandatory in terms of sub–section (10) of Section 118 of the Companies Act, 2013 (Act). This Guidance Note sets out the explanations, procedures and practical aspects in respect of the provisions contained in SS-1 & SS – 2 to facilitate compliance thereof by the stakeholders.

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