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Atr

Aditya Soni (CS Final Student Trainee) (727 Points)

04 October 2012

Is there any provision regarding "action taken report" for board and committee meetings?

Any referance?

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8 Replies

pramod yadav (Company Secretary) (150 Points)
Replied 04 October 2012

no. but if any observation made by auditor then its management duty to give comments or action taken report on observation made by auditors. its good governance of management.

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Shabnam Siddiqui (Company Secretary) (152 Points)
Replied 05 October 2012

What pramod has cited, is right. Other than Auditor's observations, Board can also review the status of actions taken for the resolutions/decisions made in the previous meetings. Though there is no provision in law, its a practise of good corporate governance.

Aditya Soni (CS Final Student Trainee) (727 Points)
Replied 05 October 2012

Dear learned members,

i understand that there is no provision regarding ATR, but what i am searching is any reference for this term. like in secretarial standard or in any other document.

Regards

(Guest)

Aditya, it is a good practice to put in place a post meeting follow-up, review and reporting process for the action taken on decisions of the Board. The Company Secretary may, if internal policy of the company stipulates, submit follow-up Action Taken Report to the Board at the next meeting on the compliance of the decisions/ instructions of the Board.

As of now, the Secretarial Standards laid down by ICSI is silent about the submission of ATR to the Board/Committee. It is up to the company to put this practice in place.

Regards,

Veeral Gandhi

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Aditya Soni (CS Final Student Trainee) (727 Points)
Replied 05 October 2012

Originally posted by : Veeral Gandhi
	Aditya, it is a good practice to put in place a post meeting follow-up, review and reporting process for the action taken on decisions of the Board. The Company Secretary may, if internal policy of the company stipulates, submit follow-up Action Taken Report to the Board at the next meeting on the compliance of the decisions/ instructions of the Board. As of now, the Secretarial Standards laid down by ICSI is silent about the submission of ATR to the Board/Committee. It is up to the company to put this practice in place. Regards, Veeral Gandhi

Mr Gandhi,

That is exactly what i was asking about that has it been recognised anywhere in the provisions.

Thanks.

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(Guest)

Dear Aditya,

Please read the second para of my first reply carefully. The answer to your subsequent question is no.

Warm Regards,

Veeral Gandhi

Aditya Soni (CS Final Student Trainee) (727 Points)
Replied 05 October 2012

Yes Mr Gandhi,

I have read the information and am really satisfied with the answer given by you.

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CS Ankur Srivastava (Company Secretary & Compliance Officer) (17853 Points)
Replied 05 October 2012

Exactly, there is as such no requirement.

However, all the shareholders related complaints must be informed to the Share Transfer and Investor Grevience Committee of the Board and it must be noted in the minutes.