WOMEN DIRECTOR & INDEPENDENT DIRECTOR UNDER COMPANY LAW REGIME

The  concept of women Directors and Independent Directors was introduced  through Companies Act ,2013 Section 149 of the Companies Act, 2013 and the Companies (Appointment and Qualifications od Directors)Rules, 2014 deal with the provisions pertaining to the directors on Board of a Company.

Second proviso  to sub- section(1) of section 149 of the Companies Act, 2013 prescribes that  certain  class of companies as prescribed shall at least have one women director on its board.

Rule 3 of Companies(Appointment and Qualifications of  Directors)Rules, 2014 deals with Women Director in detail and it also prescribes the class of companies as referred to in section 149 of the Act on which this provision  is applicable. The saId rules lays down the following

1 The class of companies for which appointment of women director is mandatory

Every listed company

Every other public company having

a) paid- up share capital of one hundred crore rupees or more

b)  turnover of three hundred crore rupees or more.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 in to account

2 Time period given to the company for compliance with the provision

When the provision of appointment of women director is applicable to the company, the company shall comply with such provisions within a period of six months from the date of its incorporation

3  Intermittent Vacanhy of a Women Director

Any intermittent Vacany of a Women director shall be filled up by the Board at the earliest but not later than

1   Immediate next Board Meeting

2   Three months from the date of such vacany

Further, a  women Director can be a executive director or a non-executive director, A women director can hold the position of a director until the next Annual General Meeting from the date of appointment. She is also entitled to seek reappointment at thew general meeting. It is pertinent to note that the tenure of a women director is liable to retirement by rotation(sub section 6 of section 152) similar to other types of directors.