CHALLENGES FACED BY COMPANY SECRETARY PROFESSIONALS DURING COVID19

CHALLENGES FACED BY COMPANY SECRETARY PROFESSIONALS DURING COVID-19

COVID-19 As we all know , that the COVID-19 disease is spreading very rapidly. The COVID 19 is the first and foremost human disaster in 2020. More than 200 countries / territories have confirmed effective medical cases caused by COVID-19 and declared by WHO. It effect economic and social impacts globally. In India , many of the people are unemployed during this lockdown because of this pandemic. Now , the risk being left behind in education , health , economic opportunities and well being during a pandemic stage of their livelihood. Due to COVID-19 , many of the company secretaries are facing problems in financial growth and development.

ROLE OF CS Corporate compliance officer Representative of the company Preparator of the company’s reports and financial statement Custodian of Corporate Governance Adherence to legal requirements Overall management and monitoring of meetings Responsibilities towards company and its Directors Key Managerial Personnel MANAGING TEAM

COMPANY SECRETARY PROFESSIONALS Company Secretary Professionals : The Corona Warriors of the Profession Company Secretary experts to figured out how their day-to-day duties have been impacted by social distancing measures. Company Secretary facing the biggest challenges and the measures they are taking to keep delivering in this pandemic. Company Secretary Professionals making honest effort and providing every assistance to corporate in their operation to hold high. The mass of good Corporate Governance System and a key opponent of our nation building matrix. The honest effort of Company Secretary Professionals in preparation of filing and compliances under the Company Law with in the extending time period provided by the MCA. Helps in registration of the companies even during lockdown. While the priority throughout has been battling the pandemic through Coordinate unconsented efforts.

SECTORIAL IMPACTS The Covid-19 pandemic and the nationwide lockdown impacted all sectors and educational institutions , transportation services , industrial establishment were suspended due to lockdown. TRANSPORTATION SERVICES MSME INTERNET BUSINESS SECTORIAL IMPACT LABOUR SECTOR RESTURANT SERVICES FOOD AND AGRICULTURE

CHALLENGES What has been the biggest challenges the Company Secretary have faced as a result of the lockdown and social distancing measures ? Problem in balancing strict compliance requirements with the inability to host face-toface meetings. Problem in regular touch with his/her customers/clients during the lockdown period. Problem in preparation of filing and compliances under the Company Law with the extending time period provided by the MCA during this pandemic. Problem in communicating with external stakeholders such as investors and they are facing difficulties to tackle the queries during this lockdown. Problem in communication gaps and financial issues.

Challenges facing in convening , conduct the General Meetings. In this pandemic the Company Secretary taking various measures convening , conduct the virtual AGM. Problem in preparing the minutes through the online mode meetings. Maintain minutes and other documentary evidence is generally crucial in case of prosecution on non compliance claims by regulatory authorities or other stakeholders. Problem in advising the Board through the Chairman , on all Governance Matters. The relationship between the Company Secretary and the Chairman is central to creating an efficient Board. Problem in helping the Board and its Committees function. It facing the problem of scheduling meetings to proactively managing the agenda and ensuring the presentation of high quality up to date information in advance of meetings. Problem in tracking Government initiative during this lockdown. Problem in tracking of regulatory requirements. This is required as the regulatory requirements regarding Covid-19 and other corporate compliances is fast changing. A lack of knowledge is not valid defense. Challenges to maintain certain statutory registers. Makes the necessary filings with the registrar of companies such as annual returns , financial statements and certain forms with respect to changes to share capital.

Problem in drafting the Governance Section of the Companies Annual Report , and Company Secretary ensuring that all reports are made available to shareholders according to the relevant regulatory or listing requirements. India imposed a strict lockdown and is now takings steps to open up. The lockdown is now being lifted in phases will the government prescribing several district social distancing requirements with punishment for violations.

Communication Gaps Social Distancing Measures CHALLENGES Compliances Requirement Government Initiative

SOLUTIONS Use the Crises as an opportunity and catalyst for change. But don’t push it to far. Make better use of technology. Keep communicating with your clients and customers. Timely disclosers and effective communication should be based on 3 S model. Safety security and social distancing.

THANKS YOU Vishakha Srivastava Executive student