No woman on board? Firms face hefty penalties

Our Bureau Mumbai | Updated on April 08, 2015

Listed companies that have not appointed a woman director face a fine of ₹50,000. If they do not comply by June 30, an additional fine at the rate of ₹1,000 a day will be imposed till a woman director is appointed.

After September 30, the fine will go up to ₹1.42 lakh plus ₹5,000/day till the date of compliance. SEBI issued a circular to this effect on Wednesday. The deadline for appointing at least one woman director expired on March 31.

According to Pranav Haldea, Managing Director, PRIME Database, 180 out of a total relevant 1,456 NSE-listed companies or nearly 12 per cent of the companies, had not appointed a woman director as on April 6.

Published on April 08, 2015

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like