Woman Director


0

Woman Director under 2nd Proviso to Section 149(1) of Companies Act, 2013 read with Rule 3 of The Companies (Appointment and Qualifications of Directors) Rules, 2014

Applicability:

At least ONE WOMAN DIRECTOR in following companies:

  • Listed Company
  • Public Company – Paid up Share Capital Rs. 100 CRORE OR MORE

OR

Turnover Rs. 300 CRS OR MORE

Paid up share capital or turnover, as the case may be, shall be taken as per the latest audited financial statements.

Period of Compliance:

Companies Existing Prior to Commencement of the ActOne Year from the date of Commencement of the Companies Act, 2013
Companies Incorporated After the Commencement of the ActSix Months from the date of its incorporation

Intermittent Vacancy:

To be filled in before:

Immediate next Board Meeting

OR

3 Months from the date of such vacancy
Whichever is later

Penalty for Non Compliance

No specific penalty or punishment.

Therefore, Section 172 shall apply which provides general penalty for violation of any of the provisions covered under Chapter XI- Appointment and Qualifications of Directors.

Accordingly, the persons liable are:

The CompanyRs. 50000 + Rs. 500 per day in case of continuing failure
Max Rs. 3 Lacs
Every Officer of the CompanyRs. 50000 + Rs. 500 per day in case of continuing failure
Max Rs. 1 Lac


Like it? Share with your friends!

0