Prashant has joined the Board of Pragati Manufacturers Ltd. as a Nominee director on 15th March, 2024. You are the Secretary of the company and Prashant has connected with you to advise him the disclosures pertaining to
CS Executive · Company Law · PYQS · June 2024
Prashant has joined the Board of Pragati Manufacturers Ltd. as a Nominee director on 15th March, 2024. You are the Secretary of the company and Prashant has connected with you to advise him the disclosures pertaining to credit rating of securities in Board's Report for year ended 31st March, 2024 as a good governance practice. Prepare a note to the Nominee director on the disclosures.
Answer & Explanation:
Secretarial Standard 4 (SS-4) pertaining to Report of the board of directors indicates that as a good governance practice the disclosure on credit rating should also be included in the Board's Report. The disclosure shall include the following: credit rating obtained in respect of various securities; name of the credit rating agency; date on which the credit rating was obtained; revision in the credit rating; reason provided by the rating agency for a downward revision, if any.
Topics: Board of Directors and Annual Return
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