In the recent order of adjudication passed under Section 454 by the Ministry of Corporate Affairs ( MCA ) Registrar of Companies, a penalty of 3.13 lakhs was imposed on a listed company for its failure to appoint a woman director according to Section 149(1) of the Companies Act, 2013.
In this case, the company, TPI India Limited, has been registered under the provisions of the Companies Act, 1956. By virtue of Section 149 of the Companies Act, at least one woman director should be included in the panel of the board of directors.
The company has been listed on the Bombay Stock Exchange since 26.12.2000. Being a Listed company, it is required to appoint a woman director.
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It was noted by the adjudicating authority that as a listed company, it was mandatory to appoint a woman director, but the company failed to do so on time. Although it later appointed Ms. Anjali Sapkal on 15.01.2023 and filed DIR-12, there was a delay in filling the vacancy after Mrs. Darshana Bharat Parekh stepped down on 13-11-2021.
According to the rules, the company should have filled the vacancy within three months, but it missed the deadline. As a result, the period of non-compliance is considered from 13-02-2022 to 15-01-2023.
In conclusion, the adjudicating authority imposed a fine of Rs. 3.13 lakhs on the company and its directors for violating the provisions of Section 149(1) of the Companies Act, 2013.
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The penalty imposed has been clearly given in the order in the table.
This order was issued by B. Mishra, Registrar of Companies & Adjudicating Officer, Mumbai.
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