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Woman Director in the Board of a Company
“You educate a man;
you educate a man. You educate a woman; you educate a generation.”
― Brigham Young
You give a chance to
woman and they will prove themselves worthy of it.
The new companies act
makes it compulsory on certain class of companies to appoint one woman director
on the board. In accordance with the second proviso to sub-section (1) of
section 149, such class or classes of companies as may be prescribed, shall
have at least one woman director.
Class of companies which shall appoint at least one woman director
Rule 3 of the Companies
(Appointment and Qualification of Directors) Rules, 2014 prescribes that the
following class of companies shall appoint at least one woman director-
(i) every listed company;
(ii) every other public company having -
(a) paid–up share capital of Rs. 100
crores (one hundred crore rupees) or more; or
(b) turnover of Rs. 300 crores (three
hundred crore rupees) or more:
Provided that a
company, which has been incorporated under the Act and is covered under
provisions of second proviso to sub-section (1) of section 149 shall comply
with such provisions within a period of
six months from the date of its incorporation:
Filling of vacancy of a woman director
vacancy of a woman director shall be filled-up by the Board at the earliest but
not later than immediate next Board
meeting or three months from the date of such vacancy whichever is later.
The paid up share
capital or turnover, as referred above, is as on the last date of latest
audited financial statements.
SEBI - Clarification on applicability of
appointment of woman director
(Circular dated September 15, 2014, No. CIR/CFD/POLICY CELL/7/2014)
The provisions regarding appointment of woman
director as provided in Clause 49 (II)(A)(1) shall be applicable with effect
from April 01, 2015.