New Delhi: Within days of regulator Sebi's barb, listed corporations have begun operating from pillar to publish to nominate women directors on their respective boards with no less than 50 such appointments being made Tuesday itself.
The corporations that introduced appointment of women directors right now included huge names like Tata International, Bajaj Auto, as additionally a number of mid-cap and small-cap companies, with the deadline approaching quick for all listed companies to have at the very least one lady director earlier than April 1.
Coming onerous on listed companies avoiding appointment of at the least one lady director, Sebi Chairman D T Sinha final Friday stated it's "very shameful" that 8,000-9,000 corporations aren't discovering even one lady competent sufficient to be on their board.
The corporations that fail to satisfy the deadline would face strict regulatory motion by Sebi and inventory exchanges.
Tata International stated in a regulatory submitting that its board has determined to nominate Vedika Bhandarkar as a Non-Executive Independent Director with impact from at the moment.
Bajaj Auto, however, introduced resignation of Suman Kirloskar as an indendent director from shut of workplace hours on March 31, however introduced appointment of one other lady member, Gita Piramal, on its board. Kirloskar has been on its board for over 12 years.
Shriram EPC Ltd additionally introduced appointment of Chandra Ramesh as a lady member on its board.
Other corporations that introduced appointment of lady directors as we speak included Maxwell Industries, Simplex Infra, Ceenik Exports India, Piramal Phytocare, Vyapar Industries, Shree Nath Commercial and Finance, TANFAC Industries, Shri Bajrang Alloys, Saraswati Commercial India, Banas Finance, Jaysynth Dyestuff, ABC Bearings and Tilak Finance.
Besides, corporations like ABC India, Cigniti Technologies, AVI Photochem, Trident Tools, Vaswani Industries, Nikhil Adhesives, Anna Infrastructures, Parnax Lab, Triochem Products, Crestchem, Pasari Spinning Mills, Mazda Properties, PVV Infra Ltd and SRM Energy introduced board conferences over the subsequent few days for appointment of women directors. Most of them have already recognized the individuals to be appointed.
Asserting that the results can be very critical, Sebi Chairman had additionally rejected ideas that the businesses can be allowed to go scot-free even when they don't adjust to the brand new norms, which have been introduced in February 2014.
Sebi had given a six-month extension to its preliminary deadline of October 1, 2014, and requested all listed corporations to have at the least one lady member on their respective boards earlier than April 1.
The regulator, which has discovered that almost one-third of the highest-500 listed corporations would not have any lady member on their respective boards, just lately requested the inventory exchanges to make sure strict adherence to the timeline. Sebi additionally wrote to greater than one hundred sixty such corporations to make sure compliance.
Sebi has additionally written to the Corporate Affairs Ministry, requesting it to tell the registered corporations of making certain compliance to the requirement for all listed corporations to have at the least one lady director earlier than April 1.
The Institute of Company Secretaries of India (ICSI) has additionally been requested to inform its members to make sure compliance, as the corporate secretaries usually function 'compliance officers' within the corporations for adhering to itemizing norms