ICSI on Friday, 26th June, 2015 issued a clarification stating with regards to the scope of the Secretarial Standards as a consequence of the Exemption Notifications issued by MCA, granting Private Companies, Section 8 Companies, Government Companies & Nidhi’s from certain provisions of the Companies Act, 2013.
In the said Announcement it clarified that the Scope of the Secretarial Standards has been rightly laid down as:
“This Standard is in conformity with the provisions of the Act. However, if due to subsequent changes in the Act, a particular Standard or any part thereof becomes inconsistent with the Act, the provisions of the Act shall prevail.”
Accordingly, it it clear the at any point of time where there is a inconsistency between the standards & the provisions of the Act, the Act shall prevail over the standards.
The Announcement can be accessed at the following link: ICSI Announcement of Scope of Secretarial Standards