'For the first time in the history of Company Law in India, the Companies Act, 2013 has given statutory recognition to the Secretarial Standards issued by the Institute of Company Secretaries of India.' Discuss.

Yes, for the first time in the history of Company Law in India, the Companies Act, 2013 has given statutory recognition to the Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI). Section 118(10) of the Act provides that "Every company shall observe secretarial standards with respect to general and Board meetings specified by the Institute of Company Secretaries of India constituted under section 3 of the Company Secretaries Act, 1980, and approved as such by the Central Government." In the context of this provision, observance of Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI) assumes special relevance and companies have to ensure that there is compliance with these standards on their part. The Secretarial Standards on meetings of the board of directors and general meetings are made effective from 1 July 2015. SS-1 applies to Meetings of the Board of Directors and its Committees. It prescribes a set of principles for convening and conducting Meetings of the Board of Directors and matters related thereto. SS-2 applies to General Meetings of the Shareholders. It prescribes a set of principles for convening and conducting General Meetings of the Shareholders and matters related thereto.