A Push for Gender Diversity in Corporate Governance
The Maharashtra State Road Development Corporation’s subsidiary, MSRDC Sea Link Ltd, along with three other companies, has been fined for not appointing female directors in time, a clear violation of the Companies Act. This move by the Ministry of Corporate Affairs (MCA), Mumbai, highlights a growing focus on gender diversity in corporate governance.
MSRDC Sea Link Ltd’s Non-Compliance Penalty
MSRDC Sea Link Ltd faced a fine of Rs 1,85,000 for delaying the appointment of a female director for 270 days. This action by the Mumbai Regional Registrar of Companies demonstrates the increasing seriousness with which corporate governance norms are enforced.
Fines on Other Mumbai-Based Companies
Similarly, JM Financial Properties and Holdings, Shankar Packagings, and Krishna Solvechem were penalized for failing to appoint female directors within the prescribed time. The fines amount to a collective call for better gender representation in corporate leadership.
Details of Imposed Fines
The Mumbai Regional Registrar of Companies levied a fine of Rs 4,85,500 on JM Financial Properties and Holdings Ltd, including fines on key executives. Shankar Packaging Ltd and Krishna Solvechem were similarly fined for their delays.
Corporate Responses to the Fines
The lack of response from executives like MSRDC’s Radheshyam Mopalwar and JM Financial’s Vishal Solanki raises questions about transparency and accountability in these companies.
The Role of the Registrar of Companies
The Registrar of Companies’ penalties reflect a broader crackdown on non-compliance with Section 149 (1) of the Companies Act. This section mandates that every listed and public company with significant capital or turnover must have a woman on its board of directors.
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