Failure to Appoint Woman Director Since Incorporation: MCA penalizes Rs.2.85 lakhs on Company & MD

The Ministry of Corporate Affairs (MCA) has imposed a penalty of ₹2.85 lakhs on the Managing Director (MD) of a company for the company's failure to appoint a woman director on its board since its incorporation. This penalty underscores the strict enforcement of the provisions of the Companies Act, 2013, which mandate the appointment of at least one woman director for certain classes of companies. The fact that the non-compliance persisted since the company's incorporation indicates a prolonged oversight of this crucial corporate governance requirement. The penalty specifically on the MD highlights the responsibility of the company's leadership in ensuring adherence to all statutory obligations, particularly those aimed at promoting gender diversity in corporate boards.