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285 / 2023



Quote of the day

“When you go through deep waters, I will be with you.”

“Close the care gap” is the theme of the World Cancer Day 2022-24, observed on 4th February. Focus is on reducing the inequities in cancer care which costs lives. Barriers could arise on account of various factors - income, education, location, discrimination based on ethnicity, gender, sexual orientation, age, disability and lifestyle.

While a multi-pronged three year strategy is being discussed at a macro level across the world about how to make cancer care accessible to all, my thoughts today are at a micro level, narrowed down to the caregivers i.e people who ARE CLOSING THE CARE GAP in our own families. Not just for cancer but for various ailments, conditions and advanced age. 

Jaya was sharing her cancer journey at a community event. How she emerged victorious after the long and arduous treatment. How she climbed the treacherous Mt. Kailash within a year of treatment. How she is enjoying life now, savouring every moment.  She attributed her remarkable recovery to her primary caregiver, her dear husband. What struck me was her statement “Post recovery, I insisted my husband and I take a picture together. I was shocked when I saw it. While I looked healthy and beautiful with my curly hair back on my head which was once bald, I couldn’t recognise the person next to me. He looked tired, sleep deprived and drained out. He had lost weight and the clothes hung on him loosely. It was when, I actually realised how much he went through taking care of me. He now needed care and respite. Not me.” I could completely relate to it as a cancer victor myself. Even with a support system around, caregivers are the most affected – battered both physically and mentally. There is a need to recognise their immense contribution not only to the patient and immediate family but also to the society at large. Just like the unsung contribution of the silent homemakers without whom the wheels of economy will not move, in my opinion.  Well, we cannot put a number to caregiving and support but without them the CARE GAP only gets wider !

This is not restricted to cancer alone. Take the case of Akash who left his well paying CEO job abroad and returned to India to care for not one but three women in his family – his wife who has a rare health condition that has forced her to remain on bed and in isolation for years now with no relief in sight, his single sister-in-law and his ailing mother-in-law. Despite attenders and cooks, Akash has to be around tending to the women constantly that hardly leaves him with time to do anything else. He has been missing the weddings, birthdays, reunions. With near to none socialising, he has gone into a shell now. Thanks to a small family, he has none to give him the much needed break and emotional support. It is a case of CARE GAP affecting the caregiver himself.

One of my family members who is successfully running a state of the art, first of its kind in Asia Dementia Village in Bangalore (www.carefordementia.in) strongly recommends institutional medical care for dementia (meaning admission) so that the caregiver in the family is not affected. Dementia care needs specialised and trained caregivers, doctors, nurses, medication and secure and safe environment which a family cannot provide, if the illness prolongs. The most affected again are the spouse, children, siblings or daughter-in-law who take on the responsibility of caregiving at the cost of their own health and personal life. While none can match the love and care a family member can offer, in dementia cases where patients deteriorate rapidly and exhibit irrational behaviour (sometimes leading to violence as well), caregiver fatigue sets in. The founder of the Dementia Village says, in many cases, the patient outlives the caregiver throwing the entire family out of gear. Who is to CLOSE THE CARE GAP then ?

Large corporates are sensitive to these needs and are providing flexi working hours, sabbaticals, paid caregiving leaves etc. to employees but with changing demographics where we see nuclear families and longer life spans, the need for CLOSING THE CARE GAP at family levels both for the CARED as well as the CAREGIVER is rising. More affordable institutional care, skilled human resource coupled with use of technology is the need of the hour. Undoubtedly great business opportunities if built on the edifice of compassion, care and accessibility !

While the MCA V3 portal woes continue unabated leading to user frustration, helplessness and anxiety as also to economic loss as a whole, ROCs unleash adjudication orders levying penalties on corporates and also directors. Isn’t this an inequity of sorts in governance I wonder ? Well, MCA is trying to rein in the mayhem created, by issuing circulars that are either late in the day or cause more confusion. Their twitter-route for ticket resolution doesn’t seem to help much either. The saga continues for the 2nd month….

Keep it simple stupid (KISS) is the mantra. So a few sections in this 285th Samhita have been eased out to stay focussed and short. Union Budget 2023-24 being a month old already is carried as snapshot only along with other regulatory updates. However, do not miss reading CS Kalidas’s incisive article titled “Can the Executive Chairperson be a member of the Nomination and Remuneration Committee (NRC)-A vexed Question ?

For any previous issues of Samhita and the readers’ feedback, please visit http://www.sharadasc.com/resource-center/.

Happy Reading,

S.C. Sharada


Regulatory Updates

Union Budget 2023

Highlights of the Union Budget 2023 have been captured in a short 10 minutes compilation under the heads:

Click here to get yourself familiarised with the changes!

Can the Executive Chairperson be a member of the NRC - A vexed question

CS Ramaswami Kalidas, a practicing Company Secretary with decades of experience in the field has shared his views on whether an executive Chairperson can be a member of the NRC in an extensively researched and well-structured article. The article is rich with citations and section and rules references.

10 minutes is all it takes to read this article, click here to read.

MCA Updates

Extension for filing and additional fee relaxation for forms rolled out in MCA V3

MCA had announced the roll out of 45 forms on MCA V3 portal on January 23, 2023. The said 45 forms were not available for filing for the period January 7, 2023 to January 22, 2023. 

Vide Circular dated January 9, 2023 MCA had notified that 15 days extension and relaxation of additional fee shall be granted for filing of these 45 forms due date for filing of which falls between January 7, 2023 and January 22, 2023.  

A further extension of 15 days has been granted for the said 45 forms vide Circular dated February 7, 2023. Vide Circular dated February 21, 2023 the relaxation has been extended till March 31, 2023 for the 45 forms rolled out on January 23, 2023.

Form PAS-3 due for filing between January 20, 2023 and February 28, 2023 can also be filed without payment of any additional fee till March 31, 2023.

Validity of names reserved through SPICe+ Part A has been extended by 20 days and resubmissions falling during the period January 20, 2023 and February 28, 2023 shall have an additional 15 days for resubmission.

Open General Circular No.03/2023 dated February 7, 2023

Open General Circular No.04/2023 dated February 21, 2023

Submission of forms in physical mode to RoC

MCA vide circular dated February 22, 2023, has allowed following forms to be physically submitted with the Registrar of Companies:

Due to migration of MCA from V2 to V3 the above forms due for filing for the period February 22, 2023 to March 31, 2023 can be submitted physically along with a copy in electronic media with confirmation from the Company that the filing shall be completed electronically on payment of applicable fee on the MCA portal as well.

Open General Circular No.05/2023 dated February 22, 2023

SEBI Updates

Master Circular on Takeover Regulations

SEBI has released a Master Circular dated February 16, 2023 to provide the stakeholders access to all circulars w.r.t. Securities and Exchange Board of India (Substantial  Acquisition  of  Shares  and  Takeovers)  Regulations,  2011 (“Takeover Regulations”). 

The Circulars listed in Annexure -V of the Master Circular shall stand rescinded.

Please refer to the Master Circular for further details.

Open SEBI Master Circular dated February 16, 2023

Issue Summary Document - introduced

SEBI vide circular dated February 15, 2023 has introduced an Issue Summary Document (ISD) to be filed in XBRL format for initial public offer, further public offer, qualified institutional placement, issue of American and Global Depository Receipts, issue of Foreign Currency Convertible Bonds, buy back of equity shares, open offer under SAST Regulations and voluntary delisting where exit opportunity is required to be offered.

ISD shall be filed in 2 stages – pre issue and post allotment.

The formats for the disclosures have also been notified.

Open Circular No. SEBI/HO/CFD/PoD-1/P/CIR/2023/29 dated February 15, 2023

Note: 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.

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