Suzlon Energy has received warning letters from both the National Stock Exchange (NSE) and BSE for not following certain rules set by SEBI (Securities and Exchange Board of India) about company disclosures.
These warnings are related to how the company handled the resignation of Independent Director Marc Desaedeleer. Marc resigned from Suzlon’s board on June 8, 2024.
The exchanges pointed out that Suzlon did not properly confirm the reason for the resignation and also missed giving details about other companies where Marc held directorships. Additionally, Suzlon failed to inform the stock exchanges in time about an analyst call that was held the day after Marc’s resignation. SEBI requires companies to notify exchanges about such events two days in advance.
The NSE and BSE stressed the need for Suzlon to follow corporate governance rules and warned the company to be more careful in the future. They also stated that further mistakes could lead to stricter actions.
Suzlon, however, clarified that these issues do not affect its financial or business operations. On Tuesday, Suzlon’s stock closed at Rs 79.73, down by 0.45% on the BSE.
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