Skip to main content

No woman on board 2,690 firms to get notice

By
As many as 2,690 companies are yet to appoint a woman director on their boards, even as the last date to do so was over eight months ago. The Centre has started the process of serving show- cause notices on such companies.
According to the data, 10,328 companies, registered under the CompaniesAct, 2013, shouldhave appointed at least one woman director by April 1, 2015. Only 74 per cent ( 7,638) of them have complied with the law so far.
“Show- cause notices are being sent to the companies,” said the government in a reply obtained under the Right to Information Act. However, the law does not prescribe any specific penalty at this stage, said Harish H V, partner – India Leadership team, Grant Thornton India LLP. According to the Act, every public company, having paidup share capital of Rs.100 crore or more or having aturnover of Rs.300 crore or more, should have appointed at least one woman in their board by April 1
“The usual reasons ( behind not appointing women directors) are that there are no appropriate women who could be taken on board. One should also look carefully at the numbers. It is clear that 75 per cent have implementedthelaw. Oneshould examine how many of these companies that did not implement are operating fully and adheringtotheotherprovisions, preparation of accounts, filing of returns, etc,” Harish added.
The Securities and Exchange Board of India ( Sebi) had announced in April a minimum Rs.50,000 fine for flouting the law. It also warned of further action, including against promoters and directors, if the companies remain non- compliant beyond six months. Consequently, the BSE fined 370 listed companies in October following the Sebi notification. “ It is quite possible thatmanyofthecompanieswhich did not adhere to the law are also defaulters on other counts due to operating issues, losses or other factors. There will of course be some wilful defaulters among them,” said Harish.Rs.10,328 firms were to appoint at least 1woman director 74% ( 7,638) of them have implemented the provision of the Companies Act Rs.50,000, fine was announced by SEBI, in April for companies who fail to do so 370 listed companies were fined by the BSE in Oct as per the SEBI notification
Business Standard, New Delhi, 4th Dec.2015

Comments

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Offer’s for all of you

By
Great Bumper Dhamaka Offer’s for all of you... It's Time to see your Business Online, WebeCreator Offer Website Designing with domain & Email @ nominal charges. For a year For More information visit us http://goo.gl/KlpppF call on 9890151261/9773197533  drop a mail to sales@webecreator.com
Post a Comment
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more