Challenges Faced by Company Secretaries During COVID-19 Lockdown

Amid the COVID-19 pandemic, company secretaries encountered various hurdles such as delays in incorporation processes, revamped policies implementation, and work culture challenges like lack of infrastructure and communication issues. The impact on revenue earning, regulatory requirements, and conducting board meetings presented significant obstacles during the lockdown period.

• Company Secretaries
• Challenges
• COVID-19
• Lockdown
• Governance

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Uploaded on Aug 14, 2024 | 0 Views

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1. CHALLNEGES FACED BY COMPANY SECRETARIES DURING CORONA VIRUS AND LOCKDOWN PERIOD

2. IMPACT OF COVID-19 ON COMPANY SECRETARY PROFESSION Incorporation Incorporation Process Revamped Policies Culture Culture & Conduct Regulatory Regulatory Requirements Requirements Revenue Revenue Earning Earning

3. It has been more than three months since the entire country went in for a lockdown and many more months since the whole world grappling with this COVID It has been more than three months since the entire country went in for a lockdown and many more months since the whole world grappling with this COVID - -19 crisis. 19 crisis. As a regulator of corporate governance Company Secretaries faced various obstacles and challenges during this pandemic time. As a regulator of corporate governance Company Secretaries faced various obstacles and challenges during this pandemic time. Mandatory requirement of holding BOARD MEETING Conveying Independent Director Meeting ,if applicable Filing of form AOC-4 & MGT-7 by respective companies Filing of form of DIR-3 KYC by Directors of the company Due Diligence Report to Banks & Financial Institution

4. WORK CULTURE & CONDUCT Lack of proper Infrastructure has posed many challenges Many trainees' did not have Laptop/Desktop High speed internet issues , power back up issues in major areas Posed Cyber security threats , leakage of confidential information Collaboration & Communication problems with clients / team members

5. INCORPORATION PROCESS Delayed in approval of the name of the Entities Approval of various E-forms regarding to incorporation process during lockdown Delayed in Issuance of CIN number as lead to companies could not started its operations Due to closure of ROC offices has occurred difficulties in the incorporation process Detrimental impact on Search Report sanction on account of closure of bank services

6. REVAMPED POLICIES & PROCEDURE During lockdown period CS might have faced challenges in assessing operations , governance structures & other regulatory aspects of the organization Challenges in establishing revamped Corporate Social Responsibility policies in consideration with COVID -19 Impact on Disclosures of various activities i.e. Vigil Mechanism Insider Trading Related Party Transactions Management & CS had trouble in making Pro- active changes in Risk Management Structure of the organization as per situation of the pandemic

7. REVENUE EARNING Covid-19 pandemic has posed financial crisis globally and our profession is not exception for it FINANCIAL CRISIS For shorter period various PCS firms went through financial deficit due to lockdown, on the other hand clients faced difficulties in paying professional fees RIPPLE EFFECT ON PROFESSION INCREASED DUES FROM CLIENT S IN CASE OF PCS FIRM Govt. has imposed lockdown since March 22,during that period regulatory compliances need to be furnished so the professionals has paid the dues from personal fund on behalf of their clients as it led to ripple effect of covid-19 on profession DECLINED IN REVENUE RECOGNITION

8. MEASURES TAKEN BY ICSI DURING PANDEMIC REPRESENTATION MADE TO MCA, RBI, CBDT, SEBI,NCLT FOR PROVIDING RELAXATIONS /RELIEFS DURING COVID-19 OUTBREAK CONTRIBUTION OF FIVE CRORE RUPEES FROM ITS CORPUS TO THE PM CARES FUND TO SUPPORT INDIA S COVID-19 RESPONSE REVISED EFFECTIVE DATE FOR APPLICABILITY OF ICSI AUDITING STANDARDS AND GUIDELINES ON ISSUANCE OF DILIGENCE REPORT FOR BANKS BY PEER REVIEWED UNITS ALLOWED ALL THE OFFICIALS AND EMPLOYEES (INCLUDING CONTRACTUAL) PAN INDIA TO WORK FROM HOME TO AVOID ANY EXPOSURE TO COVID-19 ONLINE CRASH COURSES, MOCK TESTS, REVISION CLASSES AND FREE VIDEO LECTURES FACILITY PROVIDED TO THE STUDENTS OF ICSI 8

9. E VIDHYA VAHINI (FREE ONLINE CRASH COURSE FOR STUDENTS ENROLLED FOR EXAMS ) ONLINE WORKSHOPS/WEBINARS FOR MEMBERS AND STUDENTS MERGING OF JUNE TERM EXAMINATIONS WITH DECEMBER TERM EXAMINATIONS 9

10. ABHISHEK SANJAY WAGH REG.NO. : 440370411/08/2015 CS PROFESSIONAL (NEW SYLLABUS) STUDENT OF ICSI - AURANGABAD CHAPTER OF WIRC THANK YOU