Submitted by ASHISH GANGWAR REGISTRATION NUMBER 221324848022012 STAGE PROFESSIONAL LEVEL Company Secretaries overcoming new challenges in 2020 Learnings that company secretaries should draw from the pandemic ID: 1028625
Download Presentation The PPT/PDF document "Challenges faced by Company secretaries ..." is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.
1. Challenges faced by Company secretaries during Corona virus & Lockdown Submitted byASHISH GANGWARREGISTRATION NUMBER- 221324848/02/2012 STAGE – PROFESSIONAL LEVEL
2. Company Secretaries overcoming new challenges in 2020Learning's that company secretaries should draw from the pandemic1. Use the crisis as an opportunity and catalyst for change2. But don’t push it too far3. Make better use of technology4. Ensure the right controls and procedures are in place5. Keep communicating
3.
4. COVID-19 Pandemic has impacted business, financial markets and economy all over the world, including India, and created uncertainty and stress for business for reasons beyond their control. Whereas it is difficult to find adequate number of resolution applicants to rescue the corporate person who may default in discharges of their debt obligation.It is considered expedient to suspend under sections 7,9 and 10 of the Insolvency and Bankruptcy Code, 2016 to prevent corporate persons which are experiencing distress on account of unprecedented situation, being pushed into insolvency proceedings under the Insolvency and Bankruptcy Code, 2016.
5. An Indian employer is responsible for providing its employees with a safe working environment. This position is being reinforced by various state governments via circulars that 'advice' and not mandate that employers should create flexible working environment to prevent the spread of COVID-19. If an employee contracts a contagious disease like COVID-19 at the workplace, there is a risk that the employee may claim that this is a "workplace accident" with liability on you for treatment, compensation, etc.(a) If working from home affects your business operations, how do you deal with employee costs and management?(b) Does your working from home policy have sufficient security measures built in to ensure data security and IT security when employees work from home?
6. The recent outbreak of COVID-19 and consequent actions by the governments, has casted a heavy burden on the directors to find solutions to keep the companies afloat. At the peril of personal liability, the directors are required to take decisions which have either inherent risks (business or regulatory) or are followed by uncertain outcomes. These decisions may range from cost cutting, restructuring, availing financial facilities, helping group companies by providing guarantee, acting as surety, and other similar actions.In this article, we have analysed the balancing act that a director needs to play while protecting not just the interest of the stakeholders of the company, but also ensuring that personal liability of the director may be kept at bay.It has been long established that a company is a juristic person and acts through its board of directors. A board is a collective body of directors and is the mind behind various decisions taken by a company. When it comes to decision making by a company, the factors which drive the actions of a director, thus becomes imperative.
7. The ongoing Covid-19 pandemic has caused substantial business disruption across all walks of life. In order to alleviate this disruption, regulators across the world have been responding with various measures aimed at ensuring business continuity, whether its in the form of extensions to statutory limitation periods, offering relief to startups, or advisories to employers to not terminate services of their employers.
8. Company Secretarial COVID-19 updateHow are companies, boards and directors affected by the pandemic ?As the world endeavors to rise to the challenges that COVID-19 has presented, we set out below some considerations from a company secretarial perspective.Companies Registration OfficeAlternate DirectorsRegistered PersonSealing of DocumentsDirectors’ MeetingsUnanimous written resolutionsElectronic MeetingsGeneral MeetingsProxy formsElectronic participationDispensing with an AGMLocation
9. The ability to manage corporate affairs is proving a difficult taskwith the advent of COVID-19. However, the Act and the provisions of a company’s own Constitution can provide useful ways of maintaining the status quo.
10. “IT IS VITAL THE COMPANY SECRETARY SHOULD CONSTANTLY UPDATE THEIR UNDERSTANDING”