Monday July 22, 2019
Home India 15 Public Sec...

15 Public Sector Firms in India violate Sebi’s Norms of appointing atleast One Woman Director on their Respective Boards

These rules are aimed at ensuring gender diversity in boardrooms

0
//
Fifteen PSUs including ONGC and Indian Oil Corporation failed to comply by Sebi's gender diversity directives, Wikimedia

New Delhi, Dec 16, 2016:  Sebi’s regulatory norms of appointing at least one woman director on the respective billboards till December 13, has not been followed by as many as 15 public sector firms including ONGC and Indian Oil Corporation. Reports of it went to the Parliament on Friday.

NewsGram brings to you latest new stories in India

As per the new Sebi directives and the Company’s Act, 2013 all the listed firms were required to have at least one woman director on their boards from April 1, 2015. These rules are aimed at ensuring gender diversity in boardrooms.

As on December 13, 2016, Bharat Petroleum Corporation, GAIL, Power Finance Corporation, Rural Electrification Corporation, Chennai Petroleum Corporation, Scooters India, MMTC and Fertilisers & Chemicals Travancore have not appointed women directors on their board, Corporate Affairs Minister Arun Jaitley said in a written reply to Lok Sabha, mentioned PTI.

It was mandatory for PSUs to appoint one women director to their boards
Arun Jaitley Wikimedia

Go to NewsGram and check out news related to political current issues

Other non-complaint firms are State Trading Corporation of India, Hindustan Photo Films Manufacturing Company, Bharat Immunologicals & Biologicals Corp, Rashtriya Chemicals and Fertilisers and Neyveli Lignite Corporation, he added.

Look for latest news from India in NewsGram.

According to the Minister 169 and 1,106 companies listed on the NSE and BSE respectively had not appointed women directors as on September 30, this year. To avert this discrimination by acting against listed firms without a mandatory woman director, Sebi in April 2015 had announced a minimum Rs 50,000 fine. Further action against non-compliance of the directives include action against promoters and directors, if they remain non-compliant beyond six months.

A four stage penalty structure is announced by the market watchdog wherein fines would increase with the passage of time. It had asked the stock exchanges to levy the fines as the violation relates the Listing Agreement.

prepared by Saptaparni Goon of NewsGram. Twitter: @saptaparni_goon

Next Story

Survey: Only Half of Indian Women Able to Pursue Career of their Choice

It added that just five out of every 10 women are able to ask for the salary they think they deserve

0
women, career
It added that just five out of every 10 women are able to ask for the salary they think they deserve. Pixabay

While most young Indian women feel that women can pursue careers that were not previously available to them, only half are actually able to pursue a career of their choice, a new survey has revealed.

The research study by skincare brand Ponds, conducted on 1,000 women aged between 18 and 35 and living across India’s metro areas, showed the glaring gap between perception and practice for women. The survey also said that among the 85 per cent women who say that more and more women are starting businesses, just 58 per cent are able to go ahead with this.

ALSO READ: Why U.S. Women’s Soccer Dominates on World Stage while Men’s Game Continues to Falter

It added that just five out of every 10 women are able to ask for the salary they think they deserve. “Almost 9 in 10 (89 per cent) feel that women today can openly speak their mind at work and in meetings; however, only about six in 10 (62 per cent) end up doing so themselves.” (IANS)