At least 65 companies rushed to comply with the Securities and Exchange Board of India’s directive to appoint a woman director on their boards on the last day of the grace period which ended on Tuesday.
Even after that, at 7.30 pm on Tuesday, it still leaves 248 firms, or one out of every six firms listed on the National Stock Exchange, without a lady director, according to data compiled by Prime Database. Some company board meetings will extend well into the night and it is possible that some of these firms may still make the cut before the deadline expires midnight.
This rush has come about despite Sebi extending the deadline by six months for meeting the quota for women directors. The rush became all the more pronounced after Sebi chairman UK Sinha on Monday warned firms about “very serious” consequences if they fail to meet the norm.