Volume #16 | IssueNo. 298/2024 | March 2024
Essentials for impactful leadership!
What is Leadership ? Is it a position ?
Does it have gender, age, inheritance, geography or educational qualifications ?
YES and NO but I would tend to incline more towards a NO. Leadership is better described ‘as a mindset’ irrespective of the above. It is a set of traits that a person exhibits.
As someone once said, a Leader is one who has the
- Skin of a rhino
- Courage of a soldier
- Compassion of a mother
- Understanding of a friend
- Patience of a saint
Each of us has either some of them or all of them in different measures. How we nurture these traits for our own goals and organisational development is the question.
Let me focus on the IMPACT part of the leadership (addressing women Company Secretaries at the ICSI 2nd National Women Company Secretaries’ Conference on 22nd March, 2024 at Bangalore).
- When we say Inspire – where do you look for inspiration ? It should be within. If you find the WHY you will find the HOW to achieve a goal. Motivation is external but inspiration is internal. For every task, every phase in life find the WHY. Once you find compelling reasons to do something, the path becomes clear.
- Manage relationships – as a Company Secretary the universe of relationships is much bigger. Begin with yourself, your body, your mind first. How well are you connected with yourself ? Don’t be guilty about self-care. Nah, it is not being selfish or self-centred. Next comes family, colleagues, boss, regulators, government, board etc. Unless you learn to trust and delegate, you cannot achieve much. Whether creating a support system at home or a trustworthy team at office, you are only as good as your team. From my cancer days, I recall that when left with no option I just trusted my team to deliver. In between treatment I would review but work would never stop. Best example was the covid crisis when all of us had to trust each other working remotely. A crisis brings out the best in us.
- Personal branding – each one is a brand of her own. Be authentic, be credible. Build to last. While you can find role models, discover the real YOU and work on it. This is not a social media profile, it is your persona, your value system, your beliefs. A Sudha Murty can’t be a Nita Ambani or a Indra Nooyi or a Smrithi Irani. Why even 2 sisters can’t be the same. Don’t be shy of creating this personal branding that defines you. It shines through your behaviour, your conduct, your consistency, your utterances and the way your live life.
- Ask – As women with multiple responsibilities, I wouldn’t advocate becoming a Durga with 16 hands though as Shakthi that’s how we are depicted. While we have great strength let’s not glorify multi-tasking which is not good in the long run. Ask for help. Clearly communicate what you want – both at home and profession. Be it support system, be it flexibility, be it a new assignment, be it a hike, be it a travel. Women fall shy of asking, thinking it is an indicator of weakness. My good friend and corporate trainer Srividya says,
WE are not as weak as we perceiveWE are stronger than what we believe
I wanted to resign when my 2nd son was born but the CEO voluntarily offered flexi hours when that concept was non-existent 25 years ago. Had he not broken the HR rules back then I wouldn’t have been where I am today. ASK. If you demonstrate value to the organisation, it is likely you will get what you ask. - Compassion leads to empathy – Compassion comes from inner strength. In the VUCA (volatility, uncertainty, complexity, ambiguity) world that we live in, a compassionate and empathetic leader becomes impactful. Empathy means to be able to step into the shoes of another person, understand and respond. I relate to this and am able to deal with my employees and clients better by being empathetic. Some may want flexibility, some may want challenging assignment, some may want a pat on the back, some client may just want a sounding board. As a Company Secretary leader, up the EQ (empathy quotient) – present data the way the Board wants. Visualise what they will require, how they would respond and tailor your documents and presentation accordingly.
- Be transparent. As governance professionals, transparency is the key. In my case I wrote to all the clients about my health condition. Didn’t lose a single one of them. A true leader is confident to show his vulnerable self to others and receive feedback.
A True Woman Leader : She is so Strong that she can be Gentle; She is so Educated that she can be Humble; She is so Fierce that she can be Compassionate; She is so Passionate that she can be Rational; and She is so Disciplined that she can be Flexible.
Are you such a leader?
As you reflect and add your comments, catch up with the quick summary of the regulatory changes that were announced by various ministries during March, 2024.
For any previous issues of Samhita and the readers’ feedback, please visit sharadasc.com
MCA UPDATE
Compliance Calendar FY 2024-25
For the benefit of corporates and professional, here are the Compliance Calendars for Private Limited Company, Section 8 Companies and Limited Liability Partnership for the Financial Year 2024-25, under respective provisions of Companies Act, 2013, LLP Act and FEMA.
Open Compliance Calendar- Private Company
Open Compliance Calendar – Section 8 Company
Open Compliance Calendar- Limited Liability Partnership
SEBI Update
SEBI, vide its Press Release dated March 15, 2024 has published various decisions taken at its Board meeting held on said date. They are primarily aimed at ensuring Ease of Doing Business (EODB). Flexibility has been brought in for norms relating to Initial Public Offer, Foreign Portfolio Investors, Alternative Investment Funds, disclosures and compliances by listed companies. The approved changes are expected to be formally notified soon. Highlights of these decisions are enclosed for the reference of readers.
Open Highlights of SEBI Meeting
Open SEBI Press Release dated March 15, 2024
Other Update
Further to Cabinet’s decision to boost FDI in Space Sector, the FDI Policy has been reviewed by the Government and following changes have been approved:
Ground Segment & User Segment
Beyond 74%: Government Route
Creation of Spaceports for launching and receiving Spacecraft
Beyond 49%: Government Route
These changes shall be effective from the date of notification under the Foreign Exchange and Management Act, 1999. Prior to this amendment, Government approval was required for FDI in space sector. This amendment not only simplifies entry into the Indian space sector but also defines the various activities within it. However, the investee entity shall be subject to sectoral guidelines as issued by Department of Space from time to time.
IT Updates
In terms of Sec 194S of the Income Tax Act, 1961 (1% TDS on transfer of digital assets) reporting is required in Form 26QE. Assessees who deducted tax during the period from July 1, 2022, to January 31, 2023, faced challenges in filing Form No. 26QE due to its unavailability. This resulted in the imposition of fees under section 234E and interest under section 201(1A)(ii) of the Act. To address the grievance, CBDT vide Circular dated March 07, 2024 has extended the due date for 26QE to May 30, 2023. Consequently, late fees and interest will be waived.
Vide notification dated March 05, 2024 the CBDT has amended the tax audit form (Form 3CD & Form No. 3CEB). In Form 3CD, changes include the addition of clauses related to Section 115BAE tax regime, presumptive taxation u/s 44ADAD, etc. In Form No. 3CEB, Part C relating to domestic transactions has been modified. Newly added Serial No.25 focuses on specified domestic transactions related to business dealings between individuals mentioned in sub-section (4) of section 115BAE.
GST Updates
Vide GSTN Advisory dated March 12, 2024 it has been informed that two new tables ie. Table 14A and Table 15A have been introduced in GSTR-1. This is to capture the amendment details of the supplies made through e-commerce operators who are liable to collect tax under section 52 or liable to pay tax u/s 9(5) of the CGST Act, 2017. These tables will be available in GSTR-1/IFF from February 2024 tax period onwards.
GSTN has announced the successful integration of E-Waybill services with four new IRP portals via NIC, enabling taxpayers to generate E-Waybills alongside E-Invoicing seamlessly. This new facility complements the existing services available on the NIC-IRP portal, making E-Waybill services, along with E-Invoicing, available across all six IRPs.
April 2024
Quote of the day
“Leadership is hard to define and good leadership even harder. But if you can get people to follow you to the ends of the earth, you are a great leader.”
- Indra Nooyi
Disclaimer: The contents of this Newsletter are only a summary and has not dealt with any issue in detail. Any action taken or proposed to be taken must be in consultation with professionals and not merely based on the articles / news updates. S. C. Sharada & Associates disclaims all liability on action taken without professional advice.