𝗣𝗲𝗻𝗮𝗹𝘁𝘆 𝗜𝗺𝗽𝗼𝘀𝗲𝗱 𝗼𝗻 𝗧𝗣𝗜 𝗜𝗻𝗱𝗶𝗮 𝗟𝗶𝗺𝗶𝘁𝗲𝗱 𝗳𝗼𝗿 𝗡𝗼𝗻-𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝘄𝗶𝘁𝗵 𝗪𝗼𝗺𝗮𝗻 𝗗𝗶𝗿𝗲𝗰𝘁𝗼𝗿 𝗔𝗽𝗽𝗼𝗶𝗻𝘁𝗺𝗲𝗻𝘁 𝗥𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗦𝘂𝗺𝗺𝗮𝗿𝘆 𝗼𝗳 𝘁𝗵𝗲 𝗢𝗿𝗱𝗲𝗿 𝗣𝗮𝘀𝘀𝗲𝗱 𝗯𝘆 𝗥𝗢𝗖 𝗙𝗮𝘂𝗹𝘁 𝗮𝗻𝗱 𝗟𝗲𝗴𝗮𝗹 𝗕𝗮𝘀𝗶𝘀 The Registrar of Companies (ROC), Mumbai, issued a penalty order against TPI India Limited under Section 454 of the Companies Act, 2013, for violating Section 149(1) and Rule 3 of Companies (Appointment and Qualification of Directors) Rules, 2014. [img:XiSdgfzkG]

𝗦𝗲𝗰𝘁𝗶𝗼𝗻 𝟭𝟰𝟵(𝟭): Mandates that listed companies must appoint at least one woman director. 𝗥𝘂𝗹𝗲 𝟯: Requires filling any intermittent vacancy of a woman director within three months or by the next board meeting, whichever is earlier.

𝗗𝗲𝘁𝗮𝗶𝗹𝘀 𝗼𝗳 𝘁𝗵𝗲 𝗠𝗶𝘀𝘁𝗮𝗸𝗲 𝟭)𝗖𝗼𝗺𝗽𝗮𝗻𝘆'𝘀 𝗙𝗮𝗶𝗹𝘂𝗿𝗲: The company failed to appoint a woman director after the previous woman director, Mrs. Darshana Bharat Parekh, resigned on November 12, 2021. The default period is considered from February 13, 2022 (three months after resignation) to January 15, 2023 (date of appointment of a new woman director, Ms. Anjali Sapkal).

𝟮)𝗖𝗼𝗺𝗽𝗮𝗻𝘆’𝘀 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹𝘀 (𝗮𝘀 𝗼𝗳 𝗠𝗮𝗿𝗰𝗵 𝟯𝟭, 𝟮𝟬𝟮𝟮): 𝗣𝗮𝗶𝗱-𝘂𝗽 𝗦𝗵𝗮𝗿𝗲 𝗖𝗮𝗽𝗶𝘁𝗮𝗹: ₹4,29,63,470. 𝗧𝘂𝗿𝗻𝗼𝘃𝗲𝗿: ₹22,81,29,826. 𝟯) 𝗗𝗲𝗳𝗲𝗻𝘀𝗲 𝗯𝘆 𝘁𝗵𝗲 𝗖𝗼𝗺𝗽𝗮𝗻𝘆: The company stated its poor financial condition and prior status as a sick industrial company under BIFR. However, it was determined that the company no longer falls under the Sick Industrial Companies Act.

𝗣𝗲𝗻𝗮𝗹𝘁𝗶𝗲𝘀 𝗟𝗲𝘃𝗶𝗲𝗱 𝟭) 𝗧𝗣𝗜 𝗜𝗻𝗱𝗶𝗮 𝗟𝗶𝗺𝗶𝘁𝗲𝗱 (𝗖𝗼𝗺𝗽𝗮𝗻𝘆): ₹2,18,500 (₹50,000 base penalty + ₹500/day for 337 days of default). 𝟮) 𝗕𝗵𝗮𝗿𝗮𝘁 𝗖𝗵𝗶𝗺𝗮𝗻𝗹𝗮𝗹 𝗣𝗮𝗿𝗲𝗸𝗵 (𝗪𝗵𝗼𝗹𝗲-𝗧𝗶𝗺𝗲 𝗗𝗶𝗿𝗲𝗰𝘁𝗼𝗿): ₹2,18,500. 𝟯)𝗧𝗼𝘁𝗮𝗹 𝗣𝗲𝗻𝗮𝗹𝘁𝘆 𝗣𝗮𝘆𝗮𝗯𝗹𝗲: ₹3,18,500.

𝗥𝗲𝗾𝘂𝗶𝗿𝗲𝗱 𝗔𝗰𝘁𝗶𝗼𝗻𝘀 𝟭)𝗣𝗲𝗻𝗮𝗹𝘁𝘆 𝗣𝗮𝘆𝗺𝗲𝗻𝘁: The company and its officer must pay the penalties via the Ministry of Corporate Affairs (MCA) portal within 90 days of receiving the order. 𝟮)𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲: The company must ensure ongoing adherence to Section 149(1).