INSTITUTE OF COMPANY SECRETARIES OF INDIA BAREILLY CHAPTER

INSTITUTE OF COMPANY SECRETARIES OF INDIA BAREILLY CHAPTER PRESENTATION ON TOPIC “Challenges faced by company secretaries during corona virus and lockdown period” �BY: Simran khemlani �STAGE: Executive

AGENDA �INTRODUCTION �PROBLEMS FACED BY CS IN LOCKDOWN �CONCLUSION

ARE YOU FACING DIFFICULTIES IN YOUR BUSINESS AND PROFESSION BECAUSE OF CORONA VIRUS? The answer to this question is of course YES from almost all of us!. LIKEWISE : A company secretary is also facing many stumbling blocks in this pandemic situation. This is actually a corona virus winter and everyone is in its first week! And everyone is feeling cold! (recession)

DIFFICULTY IN FILING CONFIRMATION RETURNS AND OTHER COMPANY RETURNS. ! � There is currently no general relief from having to file documents as required by law, and the timeframes for doing so have not been automatically extended, so companies should be mindful on how COVID-19 might impact their ability to file documents. � For a temporary period In some matters Companies House have announced they will: � ease strike off activity; � treat late filing penalty appeals sympathetically - if the late delivery of accounts was caused by the corona virus outbreak; � provide additional support with payment plans for late filing penalties. � But still there are matters where no relaxation is given and as company secretaries are the authorized people to file the return it has been a difficult task for then now.

Hindrance in arranging directors and shareholders meeting. ! � YES! The meetings can be held online, after arranging all the resources if a CS any how arranges but then also it has many cons like: � there is a risk of a proxy contest — electronic meetings require considerable planning and are not well-suited to handle the disruptions of a proxy contest. � Requires plenty of advance notice on how to participate electronically at the meeting as everyone is not tech friendly. � Obstacles in handling technology, and arranging better networks. Poor connection

Obscurity in maintaining cashflows. � Finance professionals are key in supporting their businesses through the corona virus (COVID-19) crisis. Most will be urgently working through the issues and helping their businesses respond. Company secretary company Most sectors companies are in losses. ! It makes them difficult to maintain cashflows. Difficult to maintain cashflows!

Trouble in maintaining statutory books! � The statutory books of the company must be maintained and kept at the company’s registered office , However because of this critical pandemic situation it can be prepared electronically also by : Managing Director, Company Secretary or any officer of the Company as authorized by the Board and they are responsible for: security of records accessibility in India Capability of being displayed in a legible form Proper system for storage, retrieval, display or printout of electronic records. � Loss of records � � Corona virus is big travail for companies secretary to comply his/her responsibilities smoothly.

Trouble in signing legal documents ! �The companies secretary may be asked to act as a signatory to legal documents at many places. Because of corona virus and lockdown it has not been possible for CS to sign the legal documents and it acts as a barrier to further compliance of work of a company, >delay in work causes many other problems!

As MCA has increased CS appointment limit to 10 cr , unemployment is another problem that many new CS are facing. DO YOU KNOW? About 100000 small companies are projected to have permanently shut down in this span of corona virus ! Because of closure of many small companies unemployment has also been a problem for CS

. As some of the CS give trainings also it has been difficult for them to provide practical training online Compliance with legal matters are delayed : Not able to inform companies house smoothly the company details that are changed Poor connectivity and non availability of spares lack of tech savvy Some other difficulties that company secretaries are facing in this lockdown period Facing problems in submitting the correct forms Inadequate communication and increased work hours !

Conclusion �Apart from all these problems , barriers , and difficulties our professionals are performing their roles and responsibilities with honesty , intelligence and working hard to find the new ways to work in this critical pandemic lockdown situation. Most of the professionals who were not much tech savvy , they have learnt the best possible ways to work and still learning to make themselves better and to cope up with the situation.

THANKYOU STAY HOME STAY SAFE!