Here the Goddess depicted is the the Goddess of Speech, (vAg-devi or Sarasvati), but without Her usual VINA in Her hand.
The word ‘sharad’ becomes very apt when one refers to Goddess Sarasvati. It is in sharad-ritu (the autumnal season) that we do pUjA to Sarasvati. She is called ShAradA because of that. Our Acharya had a special affinity to the ShAradA name. Sarasvati is very important to him because we know he reached the peak of excellence in scholarship.