BSE, NSE fines Rs 2 lakh each on Adani Green Energy for non-compliance

Adani Green Energy on Tuesday said BSE and National Stock Exchange have imposed a fine of Rs 2.24 lakh each on the company for certain non-compliance.

The fines have been imposed "for non-compliance with the requirements pertaining to the composition of the Board, including failure to appoint a woman director", the company stated in an exchange filing.

"BSE Ltd and the National Stock Exchange of India Ltd have, vide their letter dated August 21, 2023 (received by us at 8.00 pm and 9.00 pm, respectively), imposed a fine of Rs. 2,24,200 each on the Company...for certain non-compliance," the filing said.

Adani Green Energy said that the non-compliance has occurred due to untimely demise of a women director and the exit of an independent director.

Since then, the company has been running an extensive process of identifying potential independent directors who can fill these vacancies and is in advanced stage of discussions / finalisation.

The company remains committed to ensuring optimum compliance with all applicable laws, it stated.