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Women director

Richa Bajoria (Trainee) (65 Points)

15 July 2014

Is women director need to be an independent director?please quote the provisions...

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15 Replies

Fenil Shah (Audit & Tax Executive) (402 Points)
Replied 15 July 2014

Below are the provisions from the act:

The category of companies which need to comply with the requirement of having at least of one woman director are as follows:
[section 149(1) of 2013 Act]
(i) Every listed company, within one year from the commencement of second proviso to sub-section (1) of section 149
(ii) Every other public company that has paid–up share capital of one hundred crore rupees or more, or a turnover of three
hundred crore rupees or more within three years from the commencement of second proviso to sub-section (1) of section 149

Desai (CS) (329 Points)
Replied 15 July 2014

Hello,

i dont think anywhere it is mentioned expressly about the same so as per my interpretation woman director can be MD/ED/ID .

Further the rule 4 of Companies (Appointment and Remuneration of Managerial Personnel) Rules,2014 say about sitting fees to ID and woman directors , please read that as well.

contrary view solicted.

CS Sandip Rahane (CS & Legal ) (368 Points)
Replied 15 July 2014

CA, 2013 and Rules are Silent about Category of Women Director.

Vandana J Doshi (Practising Company Secretary) (12562 Points)
Replied 16 July 2014

No richa....no where it is mentioned that women director has to be an independent director.....recent example is in RIL nita ambani has been appointed as a director on the Board to comply with the requirement.......she definitely is not an ID to it......

Mohit Aggarwal (STUDENT) (37 Points)
Replied 16 July 2014

Within how much time a listed public company register under Companies Act,2013...shall appoint ID director ??

Sourabh (Partner) (27 Points)
Replied 16 July 2014

For independent director there is no transition period, act n rules are silent.

Vandana J Doshi (Practising Company Secretary) (12562 Points)
Replied 17 July 2014

Mohit, ID are tobe appointed within one year from the commencement of the relevant provision.....i.e. sec 149

Desai (CS) (329 Points)
Replied 17 July 2014

Hello ,

but if the company is listed , need to comply before 30.09.2014.

Incase of listed company , all the deadlines which are given in The Companies Act 2013 needs to be studied with the requirement of revised clasue 49 of the listing agreement applicable from 01.10.2014.(pl.refer sebi circular of april-14 month)

e.g.we may have one year deadline as per CA-2013 but as per revised cl.49 of Listing agreeent it has to be complied by 30.09.2014.(

Contrary view solicited

regds

Mohit Aggarwal (STUDENT) (37 Points)
Replied 17 July 2014

Vandana mam....no where is mention in sec.149 n rules there wid...dat ID hv to appoint within one yr....

Mohit Aggarwal (STUDENT) (37 Points)
Replied 17 July 2014

Plzz..give me source where it is written...

Desai (CS) (329 Points)
Replied 17 July 2014

Hello

pl.read the whole section of ID and also the last para .

further , there are two things which is to be studied while reading the sections for transition period there are two terminology -( 1) The companies which are incorporated earlier to the commencement of CA-2013 (menas under CA-1956) and (2) The Companies which are incorporated under CA-2013.

THEY HAVE GIVEN TWO TYPES OF TRANSITION PERIOD ON THE BASIS OF ABOVE WHICH PLEASE BE NOTED.

regds