- SJVN fined Rs 6,73,780 each by BSE and NSE for SEBI listing norms breach
- Fines relate to lack of required Independent Directors on Board and Committees
- No financial or operational impact reported from the non-compliance
Stock exchanges BSE and NSE have imposed fines on state-owned SJVN for non-compliance with certain provisions of market regulator SEBI's listing regulations.
In a filing, the company said both NSE and BSE have imposed a fine of Rs 6,73,780 each for non-compliance with norms.
The notices are for 'non-compliance with the requirements pertaining to the composition of the Board, Audit Nomination Committee, and Remuneration Committee, respectively, due to absence of the requisite number of Independent Directors on the Board of the Company'.
SJVN said there is no impact on financial, operational or other activities of the listed entity, quantifiable in monetary terms to the extent possible.
The company said it is a government firm, and as per the Articles of Association of the Company, the power to appoint or remove the Directors vests with the President of India acting through the Ministry of Power.
Regarding the appointment of independent directors on the Board, the company is actively pursuing the matter with the Ministry of Power for the appointment of the requisite number of independent directors on its Board in compliance with the SEBI Listing Regulations.
Furthermore, Committees have been duly reconstituted following the appointment of the requisite number of independent directors, and as of now, the company is fully compliant with the relevant SEBI Listing Regulations.
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