Latemark deduction rules as per company act

Are there any specific provisions within the Company Act that address late mark deduction rules for employees, and what are the requirements for their implementation?

Companies Act is not an Act to regulate employment, terms and conditions of employment etc. You can introduce rules relating to employment by following the relevant Acts like Industrial Employment (Standing Order) Act and Payment of Wages Act. If you frame standing orders with clauses for late coming and deduction of wages for late coming, and then get it certified by the competent authority, the same will become a rule enforceable by law. In the case of daily rated workers you can decide the hourly rate of wages in accordance with the Minimum Wages Act and start paying for the hours worked, implying deduction for late coming.

Dear Madhu,
Will you please explain that is it mandatory for the companies to register the Standing Order with the Labour Department else it can only be a model standing order.
Thanks

Once an establishment becomes covered by the Act, the Model Standing orders can be used for the time being, say for six months, and within this period you have to draft a standing orders and get it certified. That means the model is only a model which can be adapted for the time being. It will also form a base for your certified Standing Order.