lexspeak |
Hi Folks |
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Sometime back I had wondered if there was a lull to be followed by a storm. Looks like it. I am referring to the annual filing season for Company Secretaries. The Ministry had more than 1 year to design and come up with e-form for filing the audited financial statements. For reasons best known to them, form AOC4 and form MGT7 were released late last month and the entire Corporate Inc has just 1 month to understand the form, fill the data, attach scanned documents and upload on the MCA portal by |
end October. Imagine the online-traffic this month. CS firms and their staff working on this form are at their wits end − fields are not defined properly, there are technical errors, website maintenance shut-downs in between and then the so-called ‘form revisions’. Many a times they work the whole day filling company data and save it smugly thinking that they can come in the next day and upload. But whooooooooooosh !! the entire data is gone only to be refilled once again. This phenomenon has been happening since the last several days in the name of ‘change’ and ‘improvisation’. Imagaine what a colossal waste of (wo)manhours !! none of it adequately compensated. None of it utilised efficiently. Companies are not providing data also in time resulting in last minute filing rush to which the Ministry sermonises us “Don’t wait till 31st Oct. File on time to avoid last minute rush.” As if it is a pleasure to stare at the MCA website ‘lovingly’ and hang on to the work or as if we are paid on an hourly basis !!!Change is good. Change is essential. Change is growth. But not all types of change. Change stemming out of unpreparedness, change stemming out of incomprehension, change stemming out of hasty work − nah, it is not a welcome change. It is a cover up act done in a distasteful manner. Where is the so-called stable legislation and ease of doing business ? Compare this to the Indian Contract Act of 1872 which is a relatively small piece of legislation that has withstood several mutinies, 2 world wars, independence struggle and the paradigm shift from agricultural economy to industrial economy to the new-age techno- economy. Language is simple, there are illustrations in it that are still relevant and it has clarity. No amendments so far for more than 140 years ! Anything fatal about this ? |
It is time we welcome positive changes all over this Navarathri that culminates in victory in all that we do. Wishing you a happy festive season as we continue in our filing season ☺ Should you wish to refer to any of our older issues of Lexspeak, do visit our Resource Centre at sharadasc.com |
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Warm regards

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