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An announcement from SJVN Limited ( (IN:SJVN) ) is now available.
SJVN Limited has disclosed that it has received fines from the National Stock Exchange of India and BSE for non-compliance with certain provisions of SEBI’s Listing Obligations and Disclosure Requirements Regulations, 2015, specifically relating to board composition. The board has recorded that SJVN itself has no authority to appoint directors, as this power lies with the President of India acting through the Ministry of Power, and it has formally requested the Ministry of Power and the Himachal Pradesh government to expedite the appointment of independent, whole-time directors and the CMD so that the company can meet regulatory requirements; the company understands that these appointments are expected to be made soon, which would help regularize its governance compliance and address concerns raised by the stock exchanges.
More about SJVN Limited
SJVN Limited is a Government of India and Government of Himachal Pradesh joint venture and a Navratna central public sector enterprise (CPSE) in the power sector. The company is governed by the Companies Act, 2013, with the power to appoint its directors vested in the President of India acting through the Ministry of Power, reflecting its strategic role as a state-owned utility in India’s energy infrastructure.
Average Trading Volume: 268,285
Technical Sentiment Signal: Sell
Current Market Cap: 282B INR
Find detailed analytics on SJVN stock on TipRanks’ Stock Analysis page.