Woman board member: Over 300 NSE-listed companies yet to comply
As many as 313 companies listed on the National Stock Exchange have not inducted a woman director as required by the Companies Act till Monday evening - a day before the deadline of having at least one woman on their board.
The deadline for most of the listed companies to comply with the stipulation is set to expire on March 31.
"Till yesterday (Monday), 313 companies out of 1,498 NSE listed companies have not complied with the legal requirement," Pranav Haldea, managing director, Prime Database, told IANS by phone. 
The company operates in the database space pertaining to the primary capital market, covering fund raising by Indian corporates.
He said many companies have inducted the close relatives of the promoters to comply with the law.
"This is just compliance with the law in letter but not in spirit. There are good number of qualified and experienced women in India who could have been inducted by companies in their boards," Haldea said.
Supreme Court advocate and insurance/company/competition law expert D. Varadarajan said: "Simply put, every listed company or every other public company having a paid up capital of Rs.100 crore or more or a turnover of Rs.300 crore or more should have a woman on their board." 
A company and every officer of the company who is in default shall be punishable with fine which shall not be less than Rs.50,000 but which may extend to Rs.500,000 under the company law, Varadarajan told IANS.
According to Haldea, inducting relatives is a pan-India phenomenon though there are worthwhile exceptions to the general trend.
In south India, companies belonging to the Murugappa Group have independent and qualified women as their board members.
Similarly, some listed companies in Chennai have also inducted qualified and experienced woman into their board.
"It has been a year since these new requirements were introduced with a one-year implementation window, and the results have been mixed," Sai Venkateshwaran, partner and head, Accounting Advisory Services, KPMG in India, told IANS.
"Some companies have managed to either bring on an external person as a woman director or promote a key executive to the board, whereas several others have brought on a member from the promoter group to serve as a woman director. However, there is still ground to be covered," he said.
According to Venkateshwaran, the new regulatory regime, including the more onerous duties and responsibilities of directors, has made the potential directors more choosy about which company's board they want to serve on, and that has made the process of finding a woman director all the more challenging.
"Therefore, while the regulators enforce these requirements, it is important for them to ensure that companies are encouraged to comply with the spirit of the regulation and achieve the objectives rather than just comply in legal form," he said.
"Globally there has been an increasing tendency to provide for statutory appointment of women on boards of companies, and India did not lag behind and seized the opportunity while enacting the Act to align our company law to be in tandem with contemporary global company laws. It has also been the experience overseas that the efficiency and functioning of boards have increased with women on top," Varadarajan remarked.
Several noted women business leaders are in good demand and leading companies have already roped them as their board members.
Board members are paid sitting fees (maximum Rs.100,000 per meeting) and a share in the profits.
The final data on the number of companies that have complied with the law will be known by Tuesday night or on Wednesday morning.


How to make skin summer friendly with basic tips

Doctor Sangeeta Velaskar, vice president and head, Medical Services and R&D, Kaya Skin Clinic, recommends a few tips for a carefree and skin friendly summer


Summer season brings along various skin related problems including rashes, tanning and sunburn. From following the essential routine of cleansing, toning and moisturizing to maintaing a healthy diet, expert suggests various tips of taking care of yourself in the hot and humid weather.
Doctor Sangeeta Velaskar, vice president and head, Medical Services and R&D, Kaya Skin Clinic, recommends a few tips for a carefree and skin friendly summer:
* Screen the sun: Zero down on a sunscreen that best meets your requirements and contains sun protection factor (SPF). SPF 30 is best recommended for Indian skin types. Apply sun screen 20 to 30 minutes before stepping out and ensure you wear sunscreen every day, even when you stay indoors.
* Follow the essential routine: Follow the cleansing, toning and moisturising ritual twice a day for best results. Summers are most nightmarish time for skin issues, specially acne. To keep your skin acne-free use a cleanser which contains salicylic acid and helps reduce acne and prevent future breakouts. 
* Exfoliate: Incorporating exfoliation into your skin care regime is a must to avoid dull skin! Exfoliants remove old, dry, dead skin cells, toxins and other deposits and allow new skin cells to surface. Scrub your elbows and knees at least twice a week to get rid of dead tissues. Rub a slice of lemon with sugar every alternate day to keep them clean and to remove tan.
* Hair woes: Since hair tends to be moisture-deprived during summers, overuse of any kind of chemical and hair styling tool should be avoided. Shampooing often results in loss of shine and moisture. Consider switching to a gentle shampoo and use a deep conditioner to replenish the loss of moisture. Massage your hair with a mixture of coconut oil, castor and olive oil regularly to keep your hair nourished. 
* Happy Feet: Start with wearing an open sandal in the summer to keep your feet dry and give them a chance to "breathe". Your feet are subject to sunburn just like the rest of your body. Use sunscreen during the day and during the evenings apply a lightweight moisturiser. 
* Maintain a healthy diet: With summers in full swing, it is advised that apart from drinking lots of water, a special summer diet consisting of light and healthy food would ensure a cool mind and body. To keep your skin hydrated, eat lot of fresh fruits and green vegetables. Include fruits and vegetables like bitter gourd, spinach, cucumber, watermelons, oranges, cherries, plums and lychee to your diet.




2 years ago

Awesome tips...
skin care is summer is quite challenging, These tips will definitely ad more value in protecting ore skin. just read one more simpler article on skincare( which is more relevant.
thank you for sharing this tips...

Financial Technologies proposal for spot exchange traders

The settlement is proposed with the traders who lost their money while dealing on the exchange


The ongoing battle over the merger of Financial Technologies India Ltd and the now inoperational National Spot Exchange Ltd (NSEL) took a new turn on Tuesday with the former's management proposing a settlement with traders who lost their money while dealing at the commodity bourse.
"We believe that a resolution or settlement path is better alternative for all including the brokers and trading clients of National Spot Exchange," a statement from Prashant Desai, chief executive and managing director of Financial Technologies said.
"We have proposed a solution that ensures that 94 percent trading clients receive between 50 and 100 percent of their claims. We sincerely hope all affected parties will opt for this path than the long legal litigation route, which is anyways being pursued by one and all," he said.
"We also hope that the government will also provide its guidance and assistance to help recover dues from defaulters to whom all money trails have been established," added Desai, who is among those opposed to the amalgamation proposal, floated by the government.
The settlement is proposed with the traders who lost their money while dealing on the exchange. Financial Technologies, which promotes the NSEL in the first place, has made the following proposal:
- Payment of 100 percent dues to claimants below Rs.10 lakh (7,053 in number) 
- Payment of 50 percent of dues to claimants between Rs.10 lakh and Rs.1 crore (4,901 in number) 
- Payment of 100 percent of the dues to state-run companies.
- Payment of 50 percent of dues to high net-worth trading clients (781 in number)
The government-mandated merger of National Spot Exchange and Financial Technologies, companies founded by Jignesh Shah, the prime accused in the Rs.5,600-crore commodity markets case, scaled into a major discord among the investors and the traders -- one in favour, the other opposed.
The investor forum formed by the exchange, among the aggrieved parties that is seeking government intervention in facilitating the merger, says the merger is the only option top address the woes of its 13,000-odd members, each one of whom it claims has been a genuine investor.
On the other hand, the board of Financial Technologies that is opposed to the merger feels the Ministry of Corporate is being unfair to the company's 63,000 shareholders and that this should be kept in abeyance till such time the courts do not take a decision on their pleas.
The connection between the two companies is thanks to the founder of the group, Jignesh Shah. Financial Technologies India is the flagship company of the group. And it, in turn, co-promoted the National Spot Exchange with the National Agricultural Cooperative Marketing Federation.
The Financial Technologies board says investigating agencies have established the money trail to 22 defaulting members of National Spot Exchange and that it is imperative for them to honour their ‘pay-in’ obligations. 
"While eight defaulters account for Rs.4,823 crore of the pay-in, constituting 86 percent of the outstanding, Rs.513 crore worth decrees have been obtained against five defaulters from the Bombay High Court," it said.
The payment crisis at exchange came to light in July 2013, due to the non-payment of money or the non-delivery of purchased commodities to investors. Although these commodities were traded on the exchange, there was no physical existence of the items in warehouses.
The modus operandi was: Investors bought commodities through the exchange from sellers. For that, they were given what are called warehousing receipts -- an assurance that the stocks physically exist in the warehouses of the exchange. 
When the time of delivery came, some investors were compensated with monetary returns, rather than physical delivery of stocks. But some suspicion arose, it was found that the warehousing receipts were allegedly forged. This led to immediate suspension of trading.


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