The Institute of Company Secretaries India (ICSI) has notified inclusion of a new Professional Development Committee and has introduced the constitution of the Secretarial Standards Committee and the Auditing Standards Committee
The new amendment proposes a new regulation to be included after section 105 which states:
“105A. Constitution of the Secretarial Standards Committee and the Auditing Standards Committee.-
(1) The Council may constitute (a) the Secretarial Standards Committee and (b) the Auditing Standards Committee as it may deem necessary for the purposes of carrying out the functions of the Institute.
(2) A Committee constituted under sub-regulation (1) shall function under the supervision, control, and direction of the Council.
(3) A member who has any pecuniary interest or perceived to have a pecuniary interest, direct or indirect, in any such matter which is brought up for consideration of the Committee, shall disclose the nature of his interest in such matter and such disclosure shall be recorded in the proceedings of the Committee.
(4) The member referred to sub-regulation (3) shall not take part in any deliberation or decision of the Committee on such matters.
Explanation.- For the purposes of this regulation, “pecuniary interest” means a reasonable likelihood or expectation of appreciable financial gain.
(5) Subject to the provisions of the Act and Regulations, the Committee shall have the power to delegate by resolution passed at meeting, any of its duties and functions to the President or Vice-President or Council Member or Secretary or Chief Executive; or any other Officer of the Institute not below the rank of the Director, as may be deemed necessary.
(6) Except provided specifically, the provisions in respect of meetings of the Council and its Committees, notice, adjournment, rescheduling, quorum, consideration of resolution and minutes shall be the mutatis mutandis applicable to the meetings of the Committee. ”
