All about Women Directors, mandatory appointment of a Women Director.

As per second proviso to sub section 1 of section 149 , following class of companies to have at least one woman director mandatorily.

As per Rule 3 of Companies (Appointment and Qualifications of Directors) Rule 2014 - Women Director on Board:

Every listed company and
Every Unlisted company having-
(a) PSC of Rs 100 cr or more; or
(b) Turnover of Rs 300 cr or more

to have at least one woman director on Board.

Intermittent vacancy of Women Director:-

It should be filled at the earliest but not later than immediate next board meeting and within 3 months from such vacancy whichever is later.

For example-
Monu Steels Limited, a public company having only one women director on Board. Office of such woman director become vacant due to her sudden demise on 29.09.2020. New women director is appointed in Board Meeting held on 10.01.2021.

The above appointment is valid as per the provisions of Rule 3 provided board meeting held on 10.01.2021 is the immediate next board meeting after 29.09.2020, as the vacancy of woman director should be filled at the earliest but not later than immediate next board meeting or within 3 months whichever is later.

Comments

Difference between Loans and Deposits under the Companies Act, 2013

Loans : As per Companies Act, 2013, the following types of money received by a company are termed as loans: 1. Money received from the Central Government or a State Government or Local Authority or Statutory Authority, or any amount received from any other source whose repayment is guaranteed by the Central Government or a State Government. 2. Money received from foreign Governments, foreign or international banks, multilateral financial institutions (including, but not limited to, International Finance Corporation, Asian Development Bank, Commonwealth Development Corporation and International Bank for Industrial and Financial Reconstruction), foreign Governments owned development financial institutions, foreign export credit agencies, foreign collaborators, foreign bodies corporate and foreign citizens, foreign authorities or persons resident outside India subject to the provisions of Foreign Exchange Management Act, 1999. 3. Money received as a lo...

Section 13 in the Limited Liability Partnership Act, 2008

Registered office of a limited liability partnership and change therein:- 1) Every limited liability partnership shall have a registered office to which all communications and notices may be addressed and where they shall be received. 2) A document may be served on a limited liability partnership or a partner or designated partner thereof by sending it by post under a certificate of posting or by registered post or by any other manner, as may be prescribed, at the registered office and any other address specifically declared by the limited liability partnership for the purpose in such form and manner as may be prescribed. 3) A limited liability partnership may change the place of its registered office and file the notice of such change with the Registrar in such form and manner and subject to such conditions as may be prescribed and any such change shall take effect only upon such filing. 4) If the limi...

SARFAESI Act, 2002

Short Title : The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002. Long Title : An Act to regulate securitisation and reconstruction of financial assets and enforcement of security interest and to provide for a Central database of security interests created on property rights and for matters connected therewith or incidental thereto. SARFAESI Act is an Indian law. It extended to the whole of India . The Act was enacted by Parliament of India on 17 th Dec, 2002. The act was amended by "Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016, passed by Lok Sabha. Before this Act took effect, financial institutions had to take recourse to civil suits in the courts to recover their dues, which is a lengthy and time-consuming process. As per the SARFAESI Act, if a borrower defaults on a loan financed by a bank against collateral, then the bank gets sweeping...

Your Instasolv

Search This Blog