IREDA Fined ₹28.4 Lakhs by NSE & BSE for Board Composition Non-Compliance
Indian Renewable Energy Development Agency Ltd (IREDA) has been fined ₹14,19,540 (inclusive of GST) by both the National Stock Exchange (NSE) and BSE Limited (BSE) for non-compliance with Listing Regulations concerning the composition of its Board of Directors and Committees. The company attributes this non-compliance to its status as a Government Company, where the appointment of Directors is vested with the President of India acting through the Ministry of New and Renewable Energy (MNRE), with IREDA having no role in the appointment process. The matter is being placed before the Board of Directors, and IREDA is actively pursuing the appointment of requisite Independent Directors with MNRE to ensure future compliance.
Key Highlights
- IREDA fined ₹28.4 Lakhs total by NSE and BSE for regulatory non-compliance.
- Fines relate to non-compliance in Board of Directors and Committee composition.
- Company cites Government Company status and MNRE's role in director appointments.
- IREDA is pursuing appointment of Independent Directors with MNRE.
- Matter to be placed before the Board of Directors for review.
Price Impact
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