What is Penalty for non-compliance with Secretarial Standards?
Nexa Consultancy | Startup & Finance Glossary
Companies are required to comply with Secretarial Standards (SS-1 for Board Meetings, SS-2 for General Meetings) issued by the ICSI. Non-compliance can lead to penalties on the company and its officers, as auditors are required to report on it.
Startup Example: A startup's board meeting minutes do not contain all the details required by SS-1. The company secretary or auditor will flag this as a non-compliance.
Our secretarial services are fully compliant with these standards.