The state government-owned Maharashtra State Road Development Corporation (MSRDC) Ltd's subsidiary MSRDC Sea Link Ltd has been fined for delay in appointing a female director on board in violation of the Companies Act by the Adjudication Officer and Registrar of Companies, Ministry of Corporate Affairs (MCA), Mumbai.
Three other listed companies were also fined for failure to appoint female directors within the stipulated time prescribed by the Companies Act (Appointment and Qualification of Directors) rules. Mumbai-based JM Financial Properties and Holdings, Shankar Packagings and Krishna Solvechem were amongst the private companies who were fined for their lapses and delays in appointing female board directors.
Fines imposed
The orders issued by the Mumbai Regional Registrar of Companies imposed fines of Rs 1,85,000 on MSRDC Sea Link Ltd for 270 days delay in appointing a female director on board while a total of Rs 4,85,500 was imposed on JM Financial Properties and Holdings Ltd and its key executives including manager Rizwan Nagothane, company secretary Mudrika Desai and CFO Vishal Kantilal Solanki for delay of 271 days.
MSRDC Vice Chairman and Managing Director former IAS Radheshyam Mopalwar and JM Financial CFO Vishal Solanki did not respond to mails and calls for comments.
Registrar of companies impose penalties
The registrar of companies also imposed penalties on Shankar Packaging Ltd, company secretary Pranab Lalit Mitra, Managing Director Vikram Shankar Pandya and CFO Avaneesh Rajnikant Dubey Dwivedi totalling Rs 4,85,000 for a delay of 270 days while Krishna Solvechem and its managing director Atul Manmohan Vora, whole time director Yogesh Manmohandas Vora and whole time director Prakash Manmohan Vora were collectively fined Rs 4,85,000 for 270 days delay in appointing female director.
The MCA has started crackdown on defaulting companies for violation of section 149 (1) of the Companies Act that stipulates every listed and public company with a capital of over Rs 100 crore or turnover of Rs 300 crore should have a woman on board of directors.
