SJVN Limited has been fined ₹5.43 lakh by the BSE and NSE for non-compliance with SEBI‘s Listing Obligations and Disclosure Requirements Regulations, 2015. The fines were imposed due to the company’s failure to meet certain regulatory requirements, including the composition of its Board.
The company’s Board of Directors has acknowledged the notices from the stock exchanges and has communicated its comments back to the exchanges. SJVN clarified that, as a government company, the power to appoint directors on its Board rests with the President of India through the Ministry of Power. The company has made several requests to expedite the appointment of independent directors to comply with SEBI regulations.
The fines include a basic amount of ₹4,60,000 and an additional ₹82,800 as GST, totalling ₹5,42,800. The penalty specifically pertains to non-compliance with Regulation 17(1), which involves the composition of the Board, including the appointment of a woman director.
SJVN has assured that the government is in the process of appointing the necessary directors to rectify the compliance issues. The company is required to pay the fines within 15 days to avoid further actions, such as the freezing of the promoter’s shareholding.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).