Adani Green Energy has been penalized by both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) with fines totaling ₹11.22 lakh (INR1 lakh = approx. USD1199) for not adhering to listing regulations. The company faced a fine of ₹5.61 lakh from each exchange, as per notifications received on November 21, for failing to comply with certain regulatory requirements.
The energy firm, in a regulatory filing on Tuesday, acknowledged its non-compliance with the Securities and Exchange Board of India (Sebi) Listing Regulations, specifically citing the need to have a woman director as per Regulation 17(1), and to maintain a proper nomination and remuneration committee structure in line with Regulation 19(1). This admission follows the action taken by Adani Green Energy earlier this year.
On September 7, the company took corrective measures by appointing two independent directors and reorganizing its committees. These steps were taken to ensure full adherence to Sebi's guidelines concerning board composition and committee organization, bringing the company into compliance from that date onward.
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