As per Secretarial Standard 1 which item is not included in Agenda of first Board Meeting

SS-1 Secretarial Standard on Meetings of the Board of

Agenda for First Board Meeting After Incorporation of Compan

as per Clause 36 of LA. •Agenda notes for UPSI may be given at a shorter period of time. General consent for the same may be taken at first Meeting of the Board in each financial year and also whenever there is any change in Directors. Where general consent has not be taken, requisite consent to be taken before the item is taken up fo Meaning of Secretarial Standards - As per the Explanation to Section 205(1) of the Companies Act, 2013, Secretarial Standards means the Secretarial Standards as issued by the ICSI constituted under section 3 of the Company Secretaries Act, 1980 and approved by the Central Government.. Basically, Secretarial Standards are a codified set of good governance practices which seek to. As per Old SS: As per Revised SS: Directors shall not participate through Electronic Mode in the discussion on certain restricted items, unless expressly permitted by the Chairman. Such restricted items of business include approval of the annual financial statement, Board's report, prospectus and matters relating to amalgamation, merger, demerger, acquisition and takeover

Items of business which are mandatorily to be included in the Agenda due to the force of any statute or Regulation have been identified and listed out illustratively as an Annexure to the Standard. Agenda items should be numbered serially (Para 1.3.9). Numbering should be such as to facilitate ease of reference /cross reference As per clause 7.3.1 of Secretarial Standards on Meeting of Board of Directors, (SS-1) the minutes shall contain a fair and correct summary of the proceedings of the Meeting. For this purpose a person is to be authorized to record the proceedings of the meeting

Checklist for Calling a Board Meeting as per Secretarial

Board Meetings under Secretarial standard and Company La

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 is mandatory in terms of sub-section (10) of Section 118 of the Companies Act, 2013 (Act). SS-1 applies to Meetings of the Board of Directors and its. SECRETARIAL STANDARDS 1. Convening a Meeting 1.1 Authority Unless the Articles provide otherwise, any Director of a company may, and the Manager or Secretary on the requisition of a Director should, at any time, summon a Meeting of the Board. 1.2 Notice 1.2.1 Notice in writing of every Meeting should be given t 1. Scope of SS-1: The standard shall not applicable on the followings: One Person Company in which there is only one Directors on its Board. Company licensed under Section 8 of the CA, 2013 or Corresponding provisions of any previous enactment thereof. Outcome: Old SS-1 was applicable on the Section 8 Companies also SECRETARIAL STANDARD ON MEETING OF THE BOARD OF DIRECTORS AND COMMITTEES - SS 1 Minutes Shall Mandatorily Include the Following as per the SS -1: Record of election, if any, of the Chairman of the Meeting. If any Director has participated only for a part of the Meeting, the Agenda items in which he did not participate

The Secretarial Standard-1 (SS-1) on Meetings of the Board of Directors, has been revised which is issued by the Council of the Institute of Company Secretaries of India and approved by the Central Government shall be effective from 1 st October 2017.. Applicability of the SS-1 Standards Refer Annexure 'B' of Secretarial Standard-1 on Meetings of the Board of Directors (SS-1) as issued by ICSI for an illustrative list of items of business that should be dealt at the first board meeting and hence to be included in the agenda for the meeting Secretarial Standard and included herein for the purpose of Guidance only. Annexure IB Illustrative list of Items to be exercised at Board Meeting 107 as given in SS-1 in addition to those prescribed under the Act Annexure III Illustrative List of Items of Business for the Agenda 116 for the first Meeting of the Board of Director

b. General Consent: Company can take consent of Director in the first Meeting of the Board held in each financial year regarding shorter notice of Notes on items of Agenda which are in the nature of Unpublished Price Sensitive Information. c. Consent Before placing of Such Item: If general consent not taken then the requisite. d 2. Governing Sections under the Companies Act, 2013 Section 118 (10) • General Meeting and Board Meeting Section 205 • Functions of Company Secretary. 3. Secretarial Standards Secretarial Standards SS-1 Meetings of Board of Directors SS-2 General Meeting. 4. Its notified - 23rd April 2015 Number or Board Meetings. As per Section 173 (1) of the Companies Act, 2013, a newly incorporated Company must hold its first Board Meeting within a period of 30 days from incorporation. Thereafter, a company is required to hold at least 4 Board Meetings in each financial year and ensure that the gap between two meetings does not exceed 120 days First Board Meeting of a Private Limited Company. The First Board Meeting of a Private Limited Company must be convened at any time and place, on any day, excluding a National Holiday within 30 days from the date of its incorporation. Private Limited Companies also have to follow Secretarial Standard-1 issued by ICSI for convening a Board Meeting

[Rule 3(3) of the Companies (Meetings of Board and its Powers) Rules, 2014] Each item of business to be taken up at the Meeting shall be serially numbered. Numbering shall be in a manner which would enable ease of reference or cross-reference. [Clause 1.3.9 of Secretarial Standard on meetings of Board of Directors)] Convening of Board Meeting Thus, minutes has got its importance in the provisions of Companies Act 2013 and Secretarial Standards issued by ICSI as a statutory requirement for the Corporates. An attempt as been made to provide the minutes of the Board Meetings as per the SS-1 on Board Meetings, which is illustrates below. Minutes of the Meeting. MINUTES OF THE (SERIAL NO. [Clause 1.2 of Secretarial Standard-1 (SS-1)] Quorum should be present throughout the Meeting. No business should be transacted when the Quorum is not so present. [Clause 3.1 of Secretarial Standard-1 (SS-1)] The Quorum for Meetings of any Committee constituted by the Board shall be as specified by the Board SS-1: Meetings of the Board of Directors Applicability SS-1 applies to all Companies incorporated under the Act except One Person Company (OPC). It also applies to various Committee(s) of the Board. Note: In case of any subsequent changes in the Act, a particular Standard or any part thereof becomes inconsistent with the Act, the provision However, Secretarial Standard-1 by 1.3.6, provides a very wide view and which says that Notice of an adjourned Meeting shall be given to all directors including those who did not attend the Meeting on the originally convened date and unless the date of adjourned meeting is decided at the meeting, notice thereof shall also be given not less.

On 10 th April, 2015, the Central Government granted approval under section 118(10) of the Companies Act, 2013 to the Secretarial Standards (SS-1 and SS-2) issued by the Institute of Company Secretaries of India. These Standards dealing with the manner of conducting Board Meetings and General Meetings, respectively, apply to all companies, with the exclusion of One Person Companies (OPC's) Number of Board Meetings: as per Secretarial Standard-1 Minimum Four Meeting per calendar year. or placed at the Meeting EACH ITEM OF BUSINESS TO BE TAKEN UP AT THE MEETING SHALL BE SERIALLY NUMBERED. ·Any item not included in the Agenda may be taken up for consideration with the permission of the Chairman and with the consent of a. Secretarial Standards - An overview. The Ministry of Corporate Affair (MCA) has approved vide circular Dated 10th April, 2015, Secretarial Standards (SS) on Board and General Meetings which was been notified in official Gazette on 23rd April, 2015. Secretarial standards are applicable on Companies from 1st July, 2015 As we know that secretarial Standard on Board Meeting has been applicable from 1 st July, 2015. On or after 1 st July, 2015 all the Board Meeting will be held as per the SS‐1 and Documentation should be as per SS‐1. There are many changes in the documentation because of applicability o SS‐1

Provisions: Secretarial Standards-1 on Meetings of Board

  1. g in to practice with effect from 1st July, 2015
  2. As per SS - 1, the Agenda along with notes has to be served upon to the Directors Seven Days prior to the meeting; however the Secretarial Standard does not specify the provisions or a situation to circulate agenda at a shorter period & it deals only in case of circulation of notice in a shorter period
  3. Board Meetings. The board of directors is the supreme authority in a company and they have the powers to take all major actions and decisions for the company. The board is also responsible for managing the affairs of the whole company. For the effective functioning and management, it is imperative that board meetings be held at frequent intervals

Board Meeting. There are five common types of HOA meetings. The first is known as the board meeting - this is the most common type of HOA meeting, and the one you're most likely already are familiar with. This is a meeting of the board of directors and is open to all members (and possibly others, see below) As per SS-1, following is the Illustrative list of items of business which shall not be passed by circulation and shall be placed before the Board at its Meeting . General Business Items. Noting Minutes of Meetings of Audit Committee and other Committees. Approving financial statements and the Board's Report

In this article the provisions relating to agenda to board meeting are discussed with reference to Companies Act, 2013, the Companies (Meetings of Board and its Powers) Rules, 2014, Secretarial Standard - 1 and the Responses by the ICSI, New Delhi on queries received on Secretarial Standard - 1 by the Institute If 20 percent of the voting interests petition the board to address an item of business, the board, within 60 days after receipt of the petition, shall place the item on the agenda at its next regular board meeting or at a special meeting called for that purpose. An item not included on the notice may be taken up on an emergency basis by a vote. The frequency of Board Meetings (S 173 para 2.1 of Secretarial Standard) All companies are expected to hold a meeting of its Board of Directors at least four sessions within a year whether it is a private or a public company provided that the gap between two successive meetings does not exceed 120 days

Major Amendment in Secretarial Standard 1- Meeting of

  1. imum number of four meetings of its Board of Directors every year in such a manner that not more than one hundred and twenty days shall intervene between two consecutive meetings of.
  2. Conduct a Board Meeting [Section 173 and Secretarial Standard on Board Meeting (SS-1)] Issue Notice of Board Meeting to all the Directors of Company at their addresses registered with the Company, at least 7 days before the date of Board Meeting. A shorter notice can be issued in case of urgent business. Attach Agenda, Notes to Agenda and Draft.
  3. Secretarial Standards. 1. Neha Singhi Practicing Company Secretary Add: D2/1, Block EP, Sector V, Salt Lake City, Kolkata-700091 Ph- 9133 40083385/9831402256 Email: neha@nehasinghi.com Setting the grounds for Corporate Governance. 3. Topic Page Introduction 4 Objective 5 Impact of SS 6 SS & Corporate Governance 7 Recognition for SS 8.
  4. In such a case, where the Agenda for the Meeting has already been circulated, provisions relatingto taking up of items not included in the Agenda in terms of paragraph 1.3.10 of SS-1 shall apply. 1.1.2 The Chairman may, unless dissented to or objected by the majority of Directors present at a Meeting at which a Quorum is present, adjourn the.
  5. CHECKLIST FOR SECRETARIAL AUDIT AS PER COMPANIES ACT 2013. The main purpose of this audit is to maintain corporate governance. Section 204 of the Companies Act, 2013 along with Rule 9 of Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 states that all listed companies, all Public Limited Companies who has a paid-up share capital of 50 crores or more and all the.
  6. RESOLVED THAT pursuant to the provisions of Section 184 of the Companies Act 2013 (as amended or re-enacted from time to time) read with rule 9 of the Companies (Meeting of Board and its Powers) Rules, 2014, the disclosure of interest in Form MBP-1 as submitted by [Name of First Directors], Directors of the Company and read out at this.

• Types of agenda: There are two types of agenda - 1. Bare statement agenda in which all items are described in brief and 2. Draft minutes agenda in which items are given in detail so that it is useful in preparing the minutes of the meeting. 7.1.2 Proper constitution of meeting: 1) Quorum - (Section 103): Quorum is the most essential. As well as going through necessary formalities related to the formation of the company, the first directors' meeting allows the directors to discuss the new business, its aims and how it will operate, in the context of its constitution - the Memorandum and Articles of Association.While there'll be some similarities, the matters discussed at the first board meeting will differ between. For the first time, the Companies Act, 2013 has given statutory recognition to the Secretarial Standards on Board and General Meetings issued by the ICSI. This will be a milestone in prescribing the parameters for good corporate practices and conduct. I urge all corporates to follow the Secretarial Standards in true letter and spirit Adjournment of Meetings: SS-2 Revised SS -2 - An adjourned Annual General Meeting, adjourned for want of quorum or otherwise, shall not be held on a National Holiday, only if any item relating to filling up of vacancy of a director retiring by rotation is included in the agenda of such adjourned Meeting The agenda may include more or less detail, and will often contain timings for each item. An agenda is a tool for attendees including, but not limited to, the chairperson and secretary. It serves several functions, before, during and after a meeting. These functions include: It helps potential attendees decide whether they need to attend. By.

Hello, One word ANSWER is YES! Presence of a CS is not mandatory in any case. But it is recommended if Company has appointed a Whole Time CS then he/she must be present to answer the query raised by invitee's if any and Directors too. As a KMP she.. Listen to the board meeting live! Browser suggestions for the live audio cast:(results may vary based on individual settings on your device) Windows 10 users: IE, Chrome, Firefox, and Edge; Windows 7 users: Firefox and Chrome; MAC users: Chrome and Safar Rule 3(11) (a) of Companies (Meetings of Board and its Powers) Rules, 2014 provides that at the end of the discussion on each agenda item, the Chairperson of the meeting of the Board shall announce the summary of the decision taken on such item along with names of different directors, if any, who dissented from the decisions taken by the majority.. April 21, 2018. As per Companies Act, 2013 and rules made there under, these are the yearly Compliance for Unlisted Public Company: Act and Rules. Compliance. Timeline. Section 148 (3) read with Rule 6 (2) and 6 (3A) of the Companies (Cost Records and Audit) Rules, 2014. File Form CRA-2-Intimation of appointment of Cost Auditor to Central.

Letter no. 1/3/2014/CL/I dated April 10, 2015 has approved the Secretarial Standard-1 (Meeting of Board of Directors (Standards), as specified by the Institute of Company Secretaries of India constituted under section 3 of the Companies Secretaries Act, 1980 SS1- As per the revised Secretarial Standard-1 on Board Meeting, 'A meeting may be conveyed at any time and place on any day.' Contrary to the earlier provision stating, 'A meeting may be conveyed at any time and place on any day, excluding a Nati..

Secretarial Standard-1(SS-1)-relating to Board and

The Agenda with the list of items of business to be transacted at the meeting and notes thereto is enclosed herewith for your kind perusal. time and full address of the venue of the Meeting. Please refer the Secretarial Standard-1 (SS-1) on Meetings of the Board of Directors issued by ICSI. Delete. Replies 1. Supplementary notes on Agenda items can be circulated at or prior to the meeting with the permission of chairman. 5. Company Secretary or any Director of a company or any person authorized by the Board in this behalf shall issue the notice of meeting

Meeting shall be entered in the Minutes Book within 30 days from the date of the respective Meetings. 3 Recording of general consent for UPSI General consent for giving Notes on items of Agenda which are in the nature of Unpublished Price Sensitive Information at a shorter Notice may be taken in the first Meeting of the Board held in eac The provisions regarding Board Meeting are: 1. Board Meeting must be held once in every three calendar months and at least four times in every year. This provision may be exempted by the Central Govt. 2. Notice of Board Meeting shall be given in writing to every director for the time being in India and at his usual address in India. 3. The Quorum If the Chair and the Secretary or minutes-taker work together to ensure the agenda and meeting are well thought out, it makes minute taking much easier. For example, depending on the meeting structure and the tools you use, the minutes-taker could work with the Chair to create a document format that works as an agenda and minutes outline as. If Company done two board meeting. Pages in minutes of first Board Meeting was 5 and pages in second Board Meeting was 8 Then pages will be numbered as follow: 1,2,3,4,5,6,7,8,9,10,11,12,13. Minutes should be consecutively numbered without any break). This shall be equally applicable for maintenance of Minutes Book in electronic form with. A Board meeting may be called at any time by a director of the company who is authorised to do so by the Board. In addition and subject to the provisions of the company's MOI, which may specify a higher or lower number of directors, a Board meeting must be called if required by at least 25% of the directors (where the Board has 12 or more.

Meetingsâ€Notices, Resolutions & Minutes under the Companies Act, 2013. Chapter 15 Conversion of a Company with the Charitable Objects (Sec. 8 company) to a Private Limited or a. The complete process for conducting of Board Meeting through video conferencing is prescribed under Rule 3 of the Companies (Meetings of Board and its Powers) Rules, 2014 read with Secretarial Standard - 1 (SS-1). MATTERS NOT TO BE DEALT WITH IN A MEETING THROUGH VC - a) the approval of the annual financial statements

Board Meeting through Video Conferencing Under Companies Act, 2013. Provisions under which Meeting through video conferencing is covered. As per section 174 of the Companies Act 2013 and Rule 3 and 4 of Companies (Meetings of Board and its powers) Rules, 2014, every company can hold meeting through video conferencing or other audio visual means The meeting minutes should include: The date of the meeting (must be at least one annually). A record that both members are present and the meeting is a joint meeting of the shareholder and board of directors. A record of the election of directors and officers for the following year (if required by the corporate bylaws) (f). Secretarial Auditor of the Company (g). Debenture trustee (h). To other specified persons. Section 101 of the Companies Act, 2013 and Secretarial Standard -2 (General Meeting) AGM to be held during the business hours - between 9:00 a.m. to 6:00 p.m. AGM can be held on all days including on Sundays and not to be held on public holida corridor. At the last meeting the Committee asked staff to more specifically define professional and personal service uses and draft OR-5 Business Standards using the Stuart Model for Formula Businesses. Proposed language is included in revisions to Policy 1.16.2 (See Agenda Item #3) 4. Additional Okeechobee Overlay Issue Some of the most common topics of discussion at the annual board of directors meeting include the corporate officers (and their salaries), profits and dividends. Our free minutes template includes these topics and more: General Meeting Information: Our template includes spaces to list the corporation's name, meeting date, and location

Agenda for Board Meeting Requried to Be Held Before Annual

Meeting to review plan (1) Revise plan as required Compensation I propose an hourly fee not to exceed $2,500 to include architectural services outlined above and per the attached Terms and Conditions. Standard Rate Schedule Principal Architect $ 125.00 Architect $ 95.00 Drafting Technician, I $ 65.0 Call a Board of Directors meeting [as per section 173 and Secretarial Standard-1 (SS-1)] a. Upon receipt of the resignation letter, the Company shall send a Notice of Board Meeting to all of the Company's Directors at their registered addresses at least 7 days before to the Board Meeting. In the event of an emergency, a shorter notice can be. The Chairman then took up for consideration Item no. 2 of the Notice regarding declaration of Equity Dividend for the Financial Year 2015-16. He stated that the Board of Directors have recommended a dividend of 180% i.e. Rs. 1.8/- per share on the paid-up Equity Shares Capital for the Financial Year 2015-16 to the eligible shareholders INTRODUCTION Corporate Entities in India can be categorized into various types, class, categories and sub categories. Two of the most popular and widely known classes of Companies are Private Company and Public Company. At the time of incorporating business entity applicants are provided with an options to select the class of Company basis which provision

Secretarial Standard 1 - Meetings of The Board of

The format of the first board meeting minutes must be concise, accurate and presented in an accessible format so that they form a true record of the process by which board decisions are taken. Board meeting minutes may be admissible as evidence in legal proceedings or as part of a regulatory review, so it's important that they can withstand scrutiny; poor minute-taking could become a. important as what you do during the meeting. Have a clear agenda - Establish an agenda which clearly sets out the topics to be covered, the desired outcome and expectations for attendee input for each agenda item (information, vote, decision, etc.), the amount of time assigned for each item, and who is responsible for presenting Secretarial Standard 1 on 'Meetings of the Board of Directors' lists certain items of business which shall not be passed by circulation and shall be placed before the Board at its Meeting. Question 6. The employees registered union of ABC , proposes to construct a temple on half acre vacant plot adjoining factory dispensary in the factory. The minutes are usually taken and compiled by the secretary, and include the date and place of the meeting, as well as the names of all committee members (present or absent). The minutes may be written in a book, but are commonly typed and electronically filed (see Figure 1). Agenda. The agenda is a list of meeting activities in the order in. The agenda for a board meeting is created before the meeting and sent to all board members, and the item to be resolved is included on the agenda. At the meeting, the agenda item for the resolution is brought up and discussed. The resolution is voted on and votes are recorded. The minutes of the meeting should include the information on the.

included in the agenda. The members of the Union shall not lose time or pay for the time spent in such a special conference. A staff representative of MESPA may attend the meeting. B. All supplemental agreements shall be subject to the approval of the Board and MESPA. They shall be approved or rejected within the period of thirty (30) day The chair will call the meeting to order, which means that the meeting is officially starting. The secretary calls roll to establish a quorum (50% + 1) to establish that one has a majority of its members attending this meeting to conduct business, changes, or elections on behalf of the church or organization Annual General Meeting. As per Companies Act, an annual general meeting must be held by every company once a year without fail. There cannot be a gap of more than 15 months between two AGMs. However, the first AGM of a company can be held at any date, within a period of 18 months, since the date of incorporation of the company

Secretarial Standard 1- Meeting of the Board of Director

  1. utes of a secret meeting, as for the trial of a member, should not be read at a meeting that is open to the public, if the record contains any of the details of the trial that should not be made public. Minutes to be Published. When the
  2. ars or presentation. You may be engaged in an office work only, but getting late in a meeting is quite unprofessional and echos disrespect towards the project to be discussed
  3. does not include an assessment of the company's strategic management process. c. Reviewing the means of safeguarding assets. Incorrect. Reviewing the means of safeguarding assets is included in the scope of internal auditing as stated in the IIA Standards. d. Complying with the laws, regulations, policies, pro-cedures, and contracts. Incorrect
  4. ary views, and the said window opens at least twenty-four hours after the authorised representative seeks.
  5. utes at the beginning of the first general building faculty meeting of the month, full.
  6. secretarial services for the committee. It will be the safety adviseA duty as committee secretary to see that the resolutions are put into effect or otherwise properly dealt with and the person instructed to take action makes a report at the next meeting. As secretary, he should always see that a detailed agenda is prepared. It will hel

Secretarial Standard on Meetings of the Board of Directors

board. Attends all board meetings. Takes minutes and within a reasonable time after the close of the meeting duplicate and deliver minutes to the members of the Board and the public. Compiles data from a variety of sources (e.g. agenda items, payroll, budget, etc.) for th Item 3. Next steps. List goes here in format: action item, responsible person, date. Example: Brian to follow up to this group with a list of target companies by end of week. Below is an example from a more formal board meeting. Sign up for a free Notejoy account so you can start taking notes with your entire team

Major amendment in Secretarial Standard 1 - Meeting of

  1. utes and allow each contributor to report on their accomplishments since the last stand-up meeting. True to its name, all participants in stand-ups usually remain standing to keep the meetings short and on.
  2. By all entities seeking listing for the first time, at the time of listing. Within financial year 2000-2001,but not later than March 31, 2001 by all entities, which are included either in Group 'A'of the BSE or in S&P CNX Nifty index as on January 1, 2000
  3. 4. Announce Meetings and Prepare Meeting Agenda. Notifying Board and association members of meetings are required by law. How and when notice is given is typically stated in the association's governing documents. Agendas are essential to the success not only of the meeting but of the association as well. 5. Maintain Association Record
  4. 15 The Agenda Committee, appointed by the Chair from amongst the members, is responsible for preparing the agenda for each meeting in consultation with the IASB secretariat. All Council members are encouraged to submit to the Agenda Committee items for consideration for inclusion in the agenda in advance of the meeting date and in accordanc
  5. utes allows you to keep track of which board members were in attendance to ensure that quorum is met. And the outline makes it easy to create a detailed record of comments, reports, agenda items and votes. Spaces for signatures are included so that the board chair can approve the
  6. These are put in place by first line of defence. It does not include assurance functions; x. managing di rector (MD) means a Chief Executive Officer ( CEO) of a bank who is also appointed by the board as a director and who, by virtue of an agreement with the bank or of a resolution passed by the in general meeting or by itsban

Corporate Laws : Secretarial Standards on Committee meeting

  1. utes are allowed for each item. upon Board approval. • The annual not-to-exceed amount is $2.5 million. The Board authorized the Director of ISD to exceed amount of $4 million per year and an.
  2. November 4, Incident Business Committee. • Ron is taking a detail and he will step down as the chair of IBC. • IBC approved adding an AQM representative to the committee. Leads will bring names to the December call, to be decided who will fill the role. • Due to Janell retiring, the vice-chair position will be vacant
  3. auditors and internal auditors, where neither the executive directors Board Meeting - Frequency: The Board meets at least once a nor any person from the management is present. quarter to review the quarterly results and other items of the Post meeting follow- up mechanism: The guidelines for Board agenda
  4. imum fixed by the articles of association, no business should be transacted.

compliance with secrrtarial standards on board and general meeting Pursuant to Clause 9 of the Revised Secretarial Standard-1(SS-1), your company has complied with applicable Secretarial Standard issued by the Institute of Company Secretaries of India during the financial year under review A business entity is an entity that is formed and administered as per corporate law in order to engage in business activities, charitable work, or other activities allowable. Most often, business entities are formed to sell a product or a service. [citation needed] There are many types of business entities defined in the legal systems of various countries IAS 12 implements a so-called 'comprehensive balance sheet method' of accounting for income taxes, which recognises both the current tax consequences of transactions and events and the future tax consequences of the future recovery or settlement of the carrying amount of an entity's assets and liabilities. Differences between the carrying amount and tax base of assets and liabilities, and. 1.1: Who Can Use this Document: This set of guidelines is aimed coordinators and managers for working with their staff or clients. The writing of work plans is not specifically unique, however, and the advice contained herein is useful for all planners, managers, and implementors, of governmental ministries, NGOs and private sector organizations 2. The Notice of AGM, Annual Report, Proxy Form and Attendance Slip are being sent to Members. 3. The Register of Directors and Key Managerial Personnel and their shareholding, maintained under Section 170 of the Act, and the Register of Contracts or Arrangements in which the directors are interested, maintained under Section 189 of the Act.