CHALLENGES FACED BY COMPANY SECRETARIES DURING CORONAVIRUS AND

Ø CHALLENGES FACED BY COMPANY SECRETARIES DURING CORONAVIRUS AND LOCKDOWN PERIOD The Global Pandemic arisen due to COVID 19 has created a lot disturbance. Most of activities get paralyzed due to the effect of this dangerous virus and worldwide lockdown due to it emerged as a big restriction in the growth. It is not a problem of a single state not even o a single country but of the whole world and every one is trying to get rid of its severe effects. The company secretary acts as a chief administrative officer of the company, and shares various responsibilities with the directors under the companies act, the company secretaries act, 1980 is involved in developing and regulating this profession.

Ø THERE WERE MANY PROBLEMS FACED BY A COMPANIES DURING LOCKDOWN DUE TO CORONAVIRUS SOME OF THESE ARE: 1. MIGRATED LABOUR ISSUES 2. FINANCE COST AND IMPACT 3. LESS PRODUCTION BUT OVERALL HIGH COST 4. SME’S NEED A NEW LIFE AND FURTHER MANY MORE… THE LOCKDOWN HAS LED TO US HAVING TO RETHINK HOW TO PERFORM ACTIVITIES, HOW TO ARRANGE MEETINGS, HOW TO APPROACH EVENTS, HOW TO HELD GATHERINGS AND ETC. ALL THESE CAME AS A BIG HURDLES IN FRONT OF COMPANIES AND FOR THERE WORKING MEMBERS THEY NOW HAVE TO WORK DIGITALLY AND HAVE FOCUS MORE ALSO ALONG FIGHTING WITH AND PANDEMIC.

q A COMPANY SECRETARY PERFORM VARIOUS WORKS RELATED TO THE LEGAL MATTERS OF THE COMPANY AND AS SOON AS GOVERNMENT ANNOUNCES TO DO WORK DIGITALLY FROM HOME IT ALL COMES AS A RESPONSIBILITY TO A CS TO DECIDE THE GUIDELINES TO WORK LIKE THAT AND PERFORM THESE GUIDELINES AS PER THE LAW AND HERE COMMENCEMENT OF CHALLENGES STARTED. v This may be seem straightforward on paper but behind the scenes there was a herculean efforts to ensure that we complied with both Company law requirements and government measures. v It is an physical and mental aspects of working from home every day, it is a struggling task to perform and also routine disturbance happens, personal regular habits also get disturbed. v The most challenging aspect of lockdown is having to maintain our working relationships with wider teams across the business, which is not only limited to a single nation and doing all these activities in day to day life makes it more complicated and facing although it effects the personal and professional life style.

v The main limitations is not having the use of certain hardware like printers and scanners A CS maintains company records, arranges meetings, plans and manages taxes, assesses loans and investment options and explores expansion, merger, joint ventures and acquisition opportunities and performing these in lockdown time is most tasking. He is the link between directors and shareholders besides thorough knowledge of relevant subjects , command over language is the another skill they need to have. Due to COVID 19 business houses given 3 months more to file the accounts which is one of the relaxation. In a survey it was revealed that about 33%have to shelved there business travel plans it was also affirmed that the pandemic has influenced there way of working (revealed by 63% respondents), this is how harshly corona effected not the way to work but also the lifestyle. However import and export sector also get a worse hit.

PRIOR TO PANDEMIC , THE MAJORITY OF COMPANY SECRETARIAL PROFESSIONALS HAD BEEN ABLE TO WORK FROM HOME. EMPLOYER’S VIEWPOINT ON THIS IS BROKEN DOWN IN THE FOLLOWING GRAPH: FIRST QTR. IS 24% , IT WAS ACTIVELY ENCOURAGED. SECOND QTR. IS 56%, IT WAS ASSESSED ON INDIVIDUAL NEEDS. THIRD QTR. IS 17%, IT WAS ACTIVELY DISCOURAGED BUT PERMITTED OCCASIONALLY. FOURTH QTR. IS 3%, IT WAS NOT ALLOWED AT ALL.

v As a responsible legal taker of a company during the time of virus focusing on employees welfare was also a difficult task to handle and implementing the correct rules in such a worst situation raises the burden of the company secretaries. v Situation effect the company secretaries who are in training the most although relief provided to them as it was announced by ICSI that lockdown duration will also calculated in there training period however for students training scheduled differently and stress for examination overloaded. v Further network, arrangements, digitalizing process, etc. were the normal problems faced by the secretaries. v Company secretaries have had direct access to boardroom discussions and emergency meetings handling business continuity and crisis management issues and therefore, provide a unique insight into how businesses have responded to the pandemics.

v Measures taken by for the corona also create a lot of difficulties in processing work like social distancing. v Travels and tours meetings to conference all get disturbed and makes it more difficult for company secretaries to handle over the situation connection was also a headache. v CS plays a vital role in organization especially in the public sectors in facilitating the smooth running of businesses, managing board processes, overseeing governance, statutory and regulatory compliance , etc. all these pivotal roles are most challenging during the pandemic as above these responsibilities burden increases as of maintaining the interest of employees along with fulfilling the main objective of business i. e. profit. v. A company secretary have to answer the question that Is your company have a continuity plan or pandemic preparedness plans in place to handle global outbreaks or pandemics? Which is a huge responsibility along with huge burden.

The most important sectors and services which effects a lot measured in the survey are: v RETAIL v PROPERTY v MANUFACTURING v MEDIA v ENERGY v SUPPORT SERVICES v NOT-FOR-PROFIT v PROFESSIONAL SERVICES v FINANCIAL SERVICES

ü CONCLUSION HENCE THERE ARE MANY CHALLENGES AND DIFFICULTIES FACED BY COMPANY SECRETARIES DURING CORONAVIRUS AND LOCKDOWN PERIOD DUE TO THERE HANDLING RESPONSIBILITIES IN A COMPANY WHICH ARE RELATED TO MANAGING AND HANDLING LEGAL MATTERS AND VARIOUS INTERNAL AND EXTERNAL WORK ACTIVITIES THESE STARTED FROM DIGITALIZING TO SOCIAL DISTANCING TO VARIOUS RESTRICTIONS IMPOSED BY THE GOVERNMENT HOWEVER THE TRUSTABLE INSTITUTE ICSI DONE ITS WHOLE TO MAKE SURE EASY GOING AND SMOOTH WORKINGS AND THESE VERY MUCH BENEFICIAL. THANK YOU!