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Ahluwalia Contracts India Ltd has taken the cover of the Covid-19 pandemic for failing to appoint a woman on its board as per SEBI regulations. The company has sought a waiver of the penalty.
“We would like to again inform you that the Company was not able to appoint competent or qualified women in the Board inspite of various efforts taken by the management and the delay in complying with this requirement was due to the spread of Covid-19 in the year 2020 to the year 2021 across the globe,” the company said in a stock exchange filing.
The company said it has already appointed Dr. Sheela Bhide, as Independent Non-Executive Director (Women) with effect from September 17, thereby fulfilling both the requirements i.e. Composition of Board and Appointment of Women Director on the Board of the Company.
“Further, please note that the Central Government had declared the Covid-19 pandemic as an 'Act of God or Natural Calamity…. we request you to kindly waive this penalty of ₹3,90,000/- for Composition of Board and Woman (Independent Director) and keeping in view the previous track record of the company for compliance of various regulations,” it added.
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