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Showing posts with the label Proviso to section 149

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 meetin...

Appointment of Directors: Minimum and Maximum Limit

Director means a person appointed as Director by the Board of the Company. He worked as an Agent as well as the trustee of the company. Minimum No of Directors required:- As per section 149(1), minimum no of directors required in respective companies are- In a Public company- 3  In a Private company- 2  In a One Person company- 1 Maximum No of Directors permissible as per the Company's Act 2013:- As per section 149(1), maximum no of directors a company can appoint is 15. Also, as per first proviso to section 149(1), company may appoint more than 15 directors after getting an approval of members by passing an special resolution. Exemption Available:- The provision related to maximum no of directors and subsequent passing of special resolution for increasing the no of directors beyond 15, do not apply to Government companies and section 8 companies, provided they have complied with the provisions of section 92 (Annual Returns) and section 137 (Filing of Financial Statements with...