The warnings have been issued in connection with the company’s handling of announcements related to the resignation of independent director, Marc Desadelier, the company said in a regulatory filing.
On June 8, 2024, Mark Decedeler, an independent director on the board of Suzlon Energy, resigned.
“It was observed that there was no confirmation of material reason in the announcement of the resignation letter of the independent director, however, the company had given such confirmation in its announcement,” BSE and NSE mentioned in their warning letters.
Desadelier’s resignation letter highlighted lapses in corporate governance.
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The exchanges added, “Details regarding the names of listed entities in which the resigning director holds directorships, category of director and membership of board committees, if any, were not provided in the said advertisement.”
Further, the company also failed to promptly inform the exchanges about the analyst call held the next day.
SEBI mandates that companies must report such incidents to the stock exchange at least two working days in advance.
In the advisory, NSE and BSE emphasized the importance of adhering to corporate governance best practices and SEBI regulations, warning Suzlon to exercise extra caution and ensure compliance in future announcements. The exchanges further warned that any further lapses would result in strict action.
Suzlon said there was no material impact on the company’s financials, operations or other activities.
On BSE on Tuesday, it fell 0.45% to Rs. ended at 79.73.
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