180 companies including 32 PSUs still do not have women directors

The new Companies Act makes it mandatory for companies to provide for women’s representation on their boards.

jasleen

Jasleen Kaur | April 7, 2015


#company act   #companies act   #women on board   #women directors  

A week past the deadline to have at least one woman director, 180 listed companies including 32 public sector undertakings (PSUs) and public sector banks (PSBs) are still non-compliant. These include maharatna companies like Steel Authority of India, ONGC, GAIL and NTPC and banks like Punjab National Bank.

READ: Boards of central PSUs or all-boys clubs?

The new Companies Act makes it mandatory for companies to provide for women’s representation on their boards. The Act requires every listed company to have at least one woman director within a year, the deadline of which was March 31. Others reporting minimum revenue of Rs 300 crore have three years to comply. Securities and Exchange Board of India (Sebi), the stock market regulator, incorporated this law into its norms in February 2014.

READ:
Boardroom blues for women atop PSU hierarchy

According to PRIME Database, which lists information on capital market offerings, 12 % of the total relevant 1,456 NSE- listed companies have still not appointed a woman director. And of those which have been appointed, 42% are non-independent directors and 25% companies complied in last 1 week alone.

Non-compliant PSUs and PSBs

(Source: PRIME Database)

Pranav Haldea, managing director, PRIME Database, in a press note said “Over a year has now passed since the SEBI board meeting on 13th February 2014 when this stipulation was announced. From then till April 1, 2015, 832 women have been appointed to 912 directorship positions in 872 companies. Of these 872 companies, 43 companies already had a woman on the board before the SEBI guideline was announced (and appointed a second woman director on their board), implying that 829 companies have since complied with the requirement.”

Some companies with women relatives on their Boards

Director Name

Company Name

ANITA MANI

JUST DIAL LTD.

LAKSHMI VENU

TVS MOTOR CO.LTD.

NAWAZ GAUTAM SINGHANIA

RAYMOND LTD.

NITA MUKESH AMBANI

RELIANCE INDUSTRIES LTD.

VASAVADATTA BAJAJ

BAJAJ CORP LTD.

SUNANDA SINGHANIA

JK TYRE & INDUSTRIES LTD.

(Source: PRIME Database)

He further added within these 829 companies, 789 women have been appointed to 861 directorship positions. And at least 363 of these 861 directorship positions have been filled by non-independent women. He said, “These women shall have the same voice as the promoter, defeating the very purpose of genuine (independent) gender diversity.”

Out Of 829 companies, which have complied with the requirement after the SEBI diktat, as many as 278 did so in the month of March, with a high of 55 on 30th March and 76 on 31st March.

 

Comments

 

Other News

NITI Aayog rolls out three year action agenda

 Even as a vision and a strategy agenda is in "advanced stages" of finalisation at NITI Aayog, the government think tank has released a draft three year action agenda for public consultation.  The draft action agenda, divided in seven parts and 24 chapters, proposes to reduce

It’s a cause of worry, says NHRC on killing of 25 CRPF troopers

The National Human Rights Commission (NHRC) on Tuesday said it was “disturbed” over the killing of 25 Central Reserve Police Force (CRPF) personnel by Naxalites in Chhattisgarh on April 24. The troopers were attacked while on duty for securing road construction work in the Bur

99% complaints filed through Twitter resolved: BSNL

 Twitter Sewa unveiled by the ministry of telecommunications last year to resolve users’ complaints through micro blogging site Twitter has yielded fruitful results by resolving 99 percent of the complaints.   According to BSNL data, as on April 15, 2017, it has receiv

People of Delhi now hate Kejriwal: Vijay Goel

What is your perception about Arvind Kejriwal’s brand of politics?   In Delhi, after the BJP and the Congress, people wanted to give the Aam Aadmi Party a chance. However, after the Delhi assembly polls, his (Kejriwal`s) political fortune has been on the declin

BHEL’s biggest foreign power project takes off in Bangladesh

Bharat Heavy Electricals Limited’s biggest export order, valued at Rs 10,000 crore for setting up 1,320 MW Maitree thermal power project in Bangladesh has taken-off following the issuance of the ‘notice to proceed’ by the developer.   BHEL said that it won a

For a free and open access

Mozilla is working on two separate goals in net neutrality. One is to bring everyone online; ensure that everyone has access to the internet. The other is to ensure that the network should remain open and diverse. We want people to have access to the whole diversity of the internet and not just in



Video

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter