Describe the applicability of Secretarial Standard-1 under the Companies Act, 2013, issued by The Institute of Company Secretaries of India on Meeting of Board of Directors.

In terms of sub-section (10) of Section 118 of the Companies Act, 2013, every company is required to observe Secretarial Standard-1 except: One Person Companies (OPC) having only one Director on its Board and Such other class or class of companies which are exempted by Central Government through Notification. Exemptions shall be applicable to a Section 8 company provided it has not committed a default in filing its Financial Statements or Annual Return with the Registrar of Companies. However, such Section 8 companies need to comply with the applicable provisions of the Act relating to Board Meetings. In other words, the Secretarial Standard (SS-1) will be applicable to all companies like private, public, listed or a small company unless expressly exempted as stated above.