BSE notice to 530 firms for non-compliance on women directors
PrintListen to this Article
The capital markets watchdog had issued guidelines in February last year asking companies to appoint at least one woman director on their boards by October 1, 2014 which was later relaxed to April 1, 2015.
"As per the provisions of the Sebi circular, BSE has till date issued advisory letters to 530 companies regarding levy of fines for non-compliance with the said provision within the prescribed timelines," the BSE (formerly known as Bombay Stock Exchange) said.
Acting against listed firms without a mandatory woman director, regulator Sebi in April announced a minimum Rs 50,000 fine on them and warned of further action, including against promoters and directors, if they remain non-compliant beyond six months.
The Securities and Exchange Board of India (Sebi) announced a four-stage penalty structure wherein fines would increase with the passage of time.
The listed companies complying between April 1 and June 30 will have to pay only Rs 50,000. Those complying between July 1 and September 30 this year would need to pay Rs 50,000 and an additional Rs 1,000 per day till compliance.
The listed companies complying on or after October 1, 2015 will have to pay Rs 1.42 lakh, plus Rs 5,000 per per day till the date of compliance.
For any non-compliance beyond September 30, 2015, Sebi may take any other action, against the non-compliant entities, their promoters and/or directors or issue such directions in accordance with law, as considered appropriate. (PTI)
Category : Corporate Law | Comments : 0 | Hits : 468
Ashneer Grover, former managing director of BharatPe, has moved the National Company Law Tribunal (NCLT), Delhi, alleging opression and mismanagement at the company. The case came up for hearing on December 6, wherein his lawyer sought additional time to address the tribunal on maintainability. The case will be heard next on January 11. According to the plea, reviewed by Moneycontrol, Grover has filed the plea against BharatPe holding company Resilient Innovations and 11 of its directors i...
Over 96,000 companies have wound up their operations in the past five years, according to the Ministry of Corporate Affairs. Businesses opt for winding up for various reasons, including financial unviability. From April 1, 2018 to March 31, 2023, as many as 96,261 companies exited voluntarily, invoking a section in the Companies Act, according to a report in the Mint. According to the data from the ministry, under the Insolvency and Bankruptcy Code (IBC), final resolution orders have be...
Three board members of Ed tech company Byju’s resigned on Thursday, June 22. According to reports, Peak XV Partners' GV Ravishankar, Prosus' Russell Dreisenstock and Chan Zuckerberg Initiative's Vivian Wu have stepped down from their responsibilities from the board. The company spokespersons have denied reports dismissing them as speculative. Meanwhile, The Ken has reported that Byju’s auditor’s Deloitte Haskins & Sells had also stepped down with immedi...
The Enforcement Directorate has accused Amway India Enterprises of running a multi-level marketing scam, while attaching its assets worth Rs 757 crore on Monday, including its factory in Tamil Nadu’s Dindigul district and bank balances of Rs 346 crore. The agency said its money trail against Amway revealed that the company had collected Rs 27,562 crore from its business operations from 2002-03 to 2021-22. Out of this, Amway paid a commission of Rs 7,588 crore to its distributors and m...
The Insolvency and Bankruptcy Board of India (IBBI) has issued a fresh set of rules to fast track voluntary liquidation by companies under the Insolvency and Bankruptcy Code (IBC). The amendments to the IBBI (voluntary liquidation process) regulations notified on Tuesday sharply cuts short the time allowed to complete various procedures, showed an official order. As per the new regulations, the timeline for preparation of list of stakeholders by liquidators has been shortened to 15 day...
Comments