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
In furtherance to above, SEBI on 08.04.15 issued a Circular
bearing reference no. CIR/CFD/CMD/1/2015 and subject as "Fine
structure for non-compliance with the requirement of Clause
49(II)(A)(1) of Listing Agreement" to all Managing
Directors/Executive Directors and all recognized Stock
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
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
The Hon'ble High Court of Bombay has held that where a Scheme of Amalgamation is executed between two companies registered in two different states [...], then the said two orders are two independent instruments.
The Ministry of Corporate Affairs notified on June 5, 2015 that certain provisions of the Companies Act, 2013 shall not apply to private limited companies or shall apply with such exceptions or modifications as directed in the notification.
Whilst trade and barter have existed since early times, the modern practice of forming business relationships through the means of contract has come into existence only since the industrial revolution in the West.
The Supreme Court in Central Bureau of Investigation, Bank Securities and Fraud Cell and Others v. Ramesh Gelli and Others has held officers of private banks to be public servants under Prevention of Corruption Act, 1988.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).