11.1.3-Companies (Appointment and Qualification of Directors) Rules,2014
India
Gender
Yes
Minorities
LGBTQ+
Veterans
Applicable to
Every listed company;
every other public company having – paid–up share capital of one hundred crore rupees or more; or
turnover of three hundred crore rupees or more
Key requirements
3. Woman director on the Board.—
The following class of companies shall appoint at least one woman director-
every listed company;
every other public company having – paid–up share capital of one hundred crore rupees or more; or
turnover of three hundred crore rupees or more:
Provided that a company, which has been incorporated under the Act and is covered under provisions of second proviso to sub-section (1) of section 149 shall comply with such provisions within a period of six months from the date of its incorporation:
Provided further that any intermittent vacancy of a woman director shall be filled-up by the Board at the earliest but not later than immediate next Board meeting or three months from the date of such vacancy whichever is later.
Explanation.– For the purposes of this rule, it is hereby clarified that the paid up share capital or turnover, as the case may be, as on the last date of latest audited financial statements shall be taken into account.
Penalties
Section 450: Punishment where no specific penalty or punishment is provided.
450. If a company or any officer of a company or any other person contravenes any of the provisions of this Act or the rules made thereunder, or any condition, limitation or restriction subject to which any approval, sanction, consent, confirmation, recognition, direction or exemption in relation to any matter has been accorded, given or granted, and for which no penalty or punishment is provided elsewhere in this Act, the company and every officer of the company who is in default or such other person shall be liable to a penalty of ten thousand rupees, and in case of continuing contravention, with a further penalty of one thousand rupees for each day after the first during which the contravention continues, subject to a maximum of two lakh rupees in case of a company and fifty thousand rupees in case of an officer who is in default or any other person.