Leading exchanges BSE and NSE have imposed a fine of Rs 5,42,800 each on state-owned Power Grid Corporation for not having the required number of independent directors, including one woman.
The NSE and BSE have imposed a fine of Rs 5,42,800 for non-compliance, Power Grid Corporation said in a regulatory filing said.
It informed that the company has received notices from NSE and BSE on November 21, 2023, regarding non-compliance with the provision of Regulation 17(1) of the Sebi (LODR) for not having a requisite number of independent directors (including one woman independent director) on the Board during the quarter ended September 30, 2023.
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The company said that in response to the notices, it has requested NSE and BSE to grant a waiver of the fine with regard to non-compliance of Regulation 17(1) of the Sebi (LODR), Regulations, 2015.
Powergrid, being a government company within the meaning of Section 2(45) of the Companies Act, 2013, the power to appoint functional/Official Part-time Directors/non-official Part-time Directors (Independent Directors) vests with the President of India, it explained.
The said non-compliance of Regulation 17(1) of the SEBI (LODR), Regulations, 2015, for the quarter ended September 30, 2023, was not a lapse on the part of the company, it pointed out.
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The matter has been regularly taken up with the administrative ministry -- the Ministry of Power for filling up the vacant posts of Independent Directors (including one woman Independent Director), it stated.
