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The Securities and Exchange Board of India vide its circular dated 17th April, 2014 made it mandatory for all the listed companies to appoint at least one Woman Director on their Board of Directors by 31st March, 2015 in alignment with the requirement of Section 149 of the Companies Act, 2013, under corporate governance norms.
In terms of Section 149(1) every listed company and every public company having (i) a paid up share capital of one hundred crore or more; or (ii) turnover of three hundred crore or more is required to appoint atleast one woman director.
Any vacancy to be filled up at the earliest but no later than the immediate next Board meeting or three months from the date of the vacancy, whichever is later.
SEBI's circular directs that all companies which have not yet complied with the norm but manage to do so by June 2015 will be levied a fine of INR 50,000. Further, companies, which comply with this requirement between July and September 2015, will be charged INR 50,000 and an additional fine of INR 1,000 per day till the date of compliance. Moreover, companies complying with the norms on or after October 1, 2015 will have to pay INR 1,42,000 along with an additional charge of INR 5,000 per day till the date of compliance.
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