The concept of Women Directors came up with Companies Act, 2013, where the government added an ordinance and made it mandatory to appoint a women director in the board of directors of Company meeting specific criteria.
(a) As per second Proviso to Section 149(1) read with Rule 3 of the Companies(Appointment and Qualification of directors)Rules,2014, following is the Criteria of Companies who need to appoint women directors according to Companies Act, 2013 are:
(b) Roles and Responsibilities:
Like the roles and responsibilities played by any other Director, a women director act as an independent director and is responsible for improving corporate credibility and also to improve governance standards of the company.
The Tenure of the appointment of women director is till the next Annual General Meeting from the date Appointment, and can resign at any time she wishes by giving notice to the Company.
A women Director can be appointed during the time of Company Registration or after incorporation by the Board of Director and the Shareholders.
(e) Intermittent Vacancy:
In case of any intermittent vacancy of women director the same has to 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.(Rule 3 of Companies (Appointment and Qualification of Directors )Rules, 2014 hereinafter referred in this chapter as Rule).
(f) Penalty for Non-Compliance:
Penalty for non-compliance of appointment of women director is not mentioned separately, the punishment prescribed under Section 172 shall be applicable.
Chapter XI of the Companies Act, 2013 Appointment and Qualification of Directors- it has Sections 149 to 172 which exclusively deal with all the provisions related to directors.
By virtue of Section 172 which prescribes punishment for contraventions of any of the provisions of this chapter (Chapter XI of the Act) for which no specific punishment is provided therein,