𝗣𝗲𝗻𝗮𝗹𝘁𝘆 𝗢𝗿𝗱𝗲𝗿 𝗜𝘀𝘀𝘂𝗲𝗱 𝘁𝗼 𝗔𝗮𝘀𝘁𝗵𝗮 𝗕𝗿𝗼𝗮𝗱 𝗖𝗮𝘀𝘁𝗶𝗻𝗴 𝗡𝗲𝘁𝘄𝗼𝗿𝗸 𝗟𝗶𝗺𝗶𝘁𝗲𝗱 𝗳𝗼𝗿 𝗩𝗶𝗼𝗹𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗗𝗶𝗿𝗲𝗰𝘁𝗼𝗿 𝗔𝗽𝗽𝗼𝗶𝗻𝘁𝗺𝗲𝗻𝘁 𝗥𝘂𝗹𝗲𝘀 𝗦𝘂𝗺𝗺𝗮𝗿𝘆 𝗼𝗳 𝘁𝗵𝗲 𝗢𝗿𝗱𝗲𝗿 𝗣𝗮𝘀𝘀𝗲𝗱 𝗯𝘆 𝗥𝗢𝗖 𝗙𝗮𝘂𝗹𝘁 𝗮𝗻𝗱 𝗟𝗲𝗴𝗮𝗹 𝗕𝗮𝘀𝗶𝘀 The Registrar of Companies (ROC), Mumbai, issued a penalty order against Aastha Broad Casting Network Limited for violating Section 149(1) of the Companies Act, 2013, which mandates that certain classes of companies must appoint at least one woman director. [img:mlmxTfcex]

𝗥𝘂𝗹𝗲 𝟯 𝗼𝗳 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 (𝗔𝗽𝗽𝗼𝗶𝗻𝘁𝗺𝗲𝗻𝘁 𝗮𝗻𝗱 𝗤𝘂𝗮𝗹𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗗𝗶𝗿𝗲𝗰𝘁𝗼𝗿𝘀) 𝗥𝘂𝗹𝗲𝘀, 𝟮𝟬𝟭𝟰: Specifies that public companies with paid-up share capital of ₹100 crore or more or turnover of ₹300 crore or more must appoint a woman director. 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 𝟭𝟳𝟮: Provides penalties for general non-compliance with provisions under the Companies Act, 2013.

𝗗𝗲𝘁𝗮𝗶𝗹𝘀 𝗼𝗳 𝘁𝗵𝗲 𝗠𝗶𝘀𝘁𝗮𝗸𝗲 𝟭)𝗖𝗼𝗺𝗽𝗮𝗻𝘆'𝘀 𝗙𝗮𝗶𝗹𝘂𝗿𝗲: As of March 31, 2022, the company's financials showed: 𝗣𝗮𝗶𝗱-𝘂𝗽 𝘀𝗵𝗮𝗿𝗲 𝗰𝗮𝗽𝗶𝘁𝗮𝗹: ₹10 crore. 𝗧𝘂𝗿𝗻𝗼𝘃𝗲𝗿: ₹4.96 crore. The company crossed the thresholds requiring the appointment of a woman director but failed to comply.

𝟮)𝗦𝗽𝗲𝗰𝗶𝗳𝗶𝗰 𝗩𝗶𝗼𝗹𝗮𝘁𝗶𝗼𝗻: The company did not appoint a woman director by the prescribed deadline of July 1, 2022, resulting in a default period of 270 days (July 1, 2022 – March 28, 2023). Neither the company nor its directors replied to the show-cause notice issued by ROC on March 28, 2023, or rectified the default within the stipulated period.

𝗣𝗲𝗻𝗮𝗹𝘁𝗶𝗲𝘀 𝗟𝗲𝘃𝗶𝗲𝗱 1) Aastha Broad Casting Network Limited (Company): ₹1,85,000 (₹50,000 base penalty + ₹500/day for 270 days). 2) Officer in Default (Managing Director - Mr. Kishan Vir Sharma): ₹1,00,000. 3)Total Penalty Payable: ₹2,85,000.

𝗥𝗲𝗾𝘂𝗶𝗿𝗲𝗱 𝗔𝗰𝘁𝗶𝗼𝗻𝘀 𝟭)𝗣𝗲𝗻𝗮𝗹𝘁𝘆 𝗣𝗮𝘆𝗺𝗲𝗻𝘁: The company and its officer must pay the penalties via the Ministry of Corporate Affairs (MCA) portal within 60 days of receiving the order. 𝟮)𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲: Rectify the default by appointing a woman director immediately.