Suzlon shares dip 4% on NSE, BSE’s warning letter for non-compliance
Suzlon Energy fell by 4% to their day’s low of Rs 76.35 on the BSE after the company informed that it has received ‘advisory cum warning letters’ from NSE and BSE about the resignation of an Independent Director, who had raised corporate governance issues
The warning letters by the stock exchanges to the renewable energy company are about the disclosure submitted by the company on June 8 concerning the resignation of Marc Desaedeleer as Independent Director.
In his resignation letter, Desaedeleer underlined that the corporate governance standards applied by Suzlon did not meet expectations, including situations where communications lacked the level of openness and transparency.
“This is in reference to the disclosure submitted by Suzlon Energy Limited (‘the Company’) on June 08, 2024, with respect to the resignation of Mr. Marc Desaedeleer as Independent Director (‘ID’) of the Company” where-in the resignation letter of the ID highlighted that the corporate governance standards applied by the Company did not meet the expectations including situations were communications lacked the level of openness and transparency and another disclosure dated June 09, 2024 for the Analysts / Investors call to provide certain additional information on the intimation by the Company on 8th June 2024 regarding the resignation of an independent director,” said the letter to Suzlon from NSE.
NSE and BSE have flagged governance concerns at Suzlon Energy despite the disclosure of the Independent Director's resignation. While Suzlon
