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

Eliminating tuberculosis within a generation

Published ahead of World TB Day (24 March 2019), The Lancet Commission on Tuberculosis estimates that there are significant financial benefits of reducing TB mortality. With the country shouldering one-fourth of the global burden and a predominant number of patients accessing care in the private sector, th

India a year unhappier

India is unhappier than ever before. The United Nation`s World Happiness report 2019 has ranked India at the 140th position from the previous 133 in 2018, dropping seven spots in just a year and 23 positions since 2015.   Out of the total 156 countries that were covered, India`s

On the line

Releasing a booklet on the railways achievements in the last five years, railways minister Piyush Goyal may have painted a rosy picture, but that does not subtract from its many troubles, chief among which is its worsening operating ratio.   The ratio is of working expenses to tr

SAIL launches smart trash bins to develop smart garbage stations

SAIL has rolled out stainless steel smart garbage bins, which will display signals to the collection vehicle about the ‘fill-up’ position.   A smart garbage station will be set up at Bhikaji Cama Place, which is being developed by SDMC (South Delhi Municipal Corporati

Civil enclave at Hindon airport unveiled by PM Modi

Prime minister Narendra Modi recently inaugurated a civil enclave at Hindon airport in Ghaziabad. The development of new civil enclave at Hindon airport is aimed at reducing the burden of Delhi’s IGI Airport and will also serve the passengers from Delhi NCR and Uttar Pradesh. Hindon

Rethinking healthcare

The new world is aggressively batting for individual rights and self-determination. As the society is evolving for the better, we see a more assertive Indian coming to the fore. An Indian who has higher expectations and an Indian who is cognizant of his/her rights. Our constitution guarantees us several fr



Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter