𝗣𝗲𝗻𝗮𝗹𝘁𝘆 𝗜𝗺𝗽𝗼𝘀𝗲𝗱 𝗼𝗻 𝗦.𝗦. 𝗙𝗼𝗿𝗴𝗶𝗻𝗴𝘀 𝗮𝗻𝗱 𝗘𝗻𝗴𝗶𝗻𝗲𝗲𝗿𝗶𝗻𝗴 𝗟𝗶𝗺𝗶𝘁𝗲𝗱 𝗳𝗼𝗿 𝗙𝗮𝗶𝗹𝘂𝗿𝗲 𝘁𝗼 𝗔𝗽𝗽𝗼𝗶𝗻𝘁 𝗮 𝗪𝗼𝗺𝗮𝗻 𝗗𝗶𝗿𝗲𝗰𝘁𝗼𝗿 𝗨𝗻𝗱𝗲𝗿 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 𝟭𝟰𝟵(𝟭) 𝗦𝘂𝗺𝗺𝗮𝗿𝘆 𝗼𝗳 𝘁𝗵𝗲 𝗢𝗿𝗱𝗲𝗿 𝗣𝗮𝘀𝘀𝗲𝗱 𝗯𝘆 𝗥𝗢𝗖 𝗙𝗮𝘂𝗹𝘁 𝗮𝗻𝗱 𝗟𝗲𝗴𝗮𝗹 𝗕𝗮𝘀𝗶𝘀 The Registrar of Companies (ROC), Mumbai, issued a penalty order against S.S. Forgings and Engineering Limited for violating Section 149(1) of the Companies Act, 2013, which mandates certain companies to appoint at least one woman director. [img:0f1Q9LTnH]

𝗦𝗲𝗰𝘁𝗶𝗼𝗻 𝟭𝟰𝟵(𝟭): Requires every listed company and public companies exceeding specified thresholds (paid-up capital of ₹100 crore or turnover of ₹300 crore) to appoint a woman director. 𝗥𝘂𝗹𝗲 𝟯 𝗼𝗳 𝘁𝗵𝗲 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 (𝗔𝗽𝗽𝗼𝗶𝗻𝘁𝗺𝗲𝗻𝘁 𝗮𝗻𝗱 𝗤𝘂𝗮𝗹𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗗𝗶𝗿𝗲𝗰𝘁𝗼𝗿𝘀) 𝗥𝘂𝗹𝗲𝘀, 𝟮𝟬𝟭𝟰: Specifies that any intermittent vacancy of a woman director must be filled within three months or by the next board meeting, whichever is earlier. 𝗣𝗲𝗻𝗮𝗹𝘁𝘆 𝗣𝗿𝗼𝘃𝗶𝘀𝗶𝗼𝗻 (𝗦𝗲𝗰𝘁𝗶𝗼𝗻 𝟭𝟳𝟮): Imposes a penalty of ₹50,000 for default and ₹500 per day for continuing failure, subject to a maximum of ₹3,00,000 for the company and ₹1,00,000 for each officer in default.

𝗗𝗲𝘁𝗮𝗶𝗹𝘀 𝗼𝗳 𝘁𝗵𝗲 𝗠𝗶𝘀𝘁𝗮𝗸𝗲 𝟭) 𝗖𝗼𝗺𝗽𝗮𝗻𝘆'𝘀 𝗙𝗮𝗶𝗹𝘂𝗿𝗲: The company, being listed on the Bombay Stock Exchange (BSE), was required to appoint a woman director as per Rule 3(i). However, it failed to appoint a woman director within the prescribed timeline.

𝟮) 𝗗𝗲𝗳𝗮𝘂𝗹𝘁 𝗣𝗲𝗿𝗶𝗼𝗱: The period of non-compliance was calculated from July 1, 2022, to March 28, 2023, totaling 270 days. 𝟯) 𝗟𝗮𝗰𝗸 𝗼𝗳 𝗥𝗲𝘀𝗽𝗼𝗻𝘀𝗲: Show Cause Notice was issued on March 28, 2023, but neither the company nor the officers in default responded.

𝗣𝗲𝗻𝗮𝗹𝘁𝗶𝗲𝘀 𝗟𝗲𝘃𝗶𝗲𝗱 𝟭) 𝗦.𝗦. 𝗙𝗼𝗿𝗴𝗶𝗻𝗴𝘀 𝗮𝗻𝗱 𝗘𝗻𝗴𝗶𝗻𝗲𝗲𝗿𝗶𝗻𝗴 𝗟𝗶𝗺𝗶𝘁𝗲𝗱 (𝗖𝗼𝗺𝗽𝗮𝗻𝘆): ₹1,85,500. 𝟮) 𝗢𝗳𝗳𝗶𝗰𝗲𝗿𝘀 𝗶𝗻 𝗗𝗲𝗳𝗮𝘂𝗹𝘁: Suresh Sharma (Managing Director): ₹1,00,000. 𝟯) 𝗧𝗼𝘁𝗮𝗹 𝗣𝗲𝗻𝗮𝗹𝘁𝘆 𝗣𝗮𝘆𝗮𝗯𝗹𝗲: ₹2,85,500.