Mumbai, Dec 18: Nearly 11.6 lakh women directors are currently associated with public and private companies in the country, the government informed the Parliament on Tuesday, as it continues to encourage women participation in decision-making at various levels in enterprises across the spectrum.While 11,11,040 women are directors in private companies (including OPCs), 46,939 are associated with unlisted public companies and 8,672 with listed public companies, Minister of State for Corporate Affairs, Harsh Malhotra, told the Rajya Sabha in a written reply.
The MCA has included several provisions in the Companies Act, 2013, to boost the participation of women at top levels in companies, like making it mandatory for prescribed classes of companies to have at least one woman director.
Also, every listed company and every other public company having paid-up share capital of Rs 100 crore or more or having a turnover of Rs 300 crore or more, is required to appoint at least one woman director.
If a company makes default in complying with this provision of the Act, the company and every officer of the company who is in default, is liable for a penalty provided under section 172 of the Companies Act, 2013, according to the ministry.
The total number of companies registered during the current fiscal (FY25) stands at 1,12,962 (till November 30).
Meanwhile, to strengthen the process of insolvency resolution and to ensure proper implementation of the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC), the government has made six amendments to the IBC.
According to Malhotra, the Insolvency and Bankruptcy Board of India has made more than 100 amendments in regulations since the inception of IBC based on the needs of the market to streamline processes and maximise the value of the assets of the corporate debtor. IBC provides a consolidated framework for reorganisation, insolvency resolution and liquidation of corporate persons, except financial service providers (FSPs).
However, Section 227 of the IBC enables the central government to notify FSPs and categories of FSPs for the purpose of insolvency and liquidation proceedings.