The renewable energy firm of the Gautam Adani-led conglomerate, Adani Green Energy, announced in an exchange filing on Tuesday that the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) have imposed a Rs 2.24 lakh fine each for certain non-compliance. 

Share of the green energy company fell in the early hours of opening. At 11:35 pm, the stock was trading at Rs 1,005, 1% lower from the previous closing price on the NSE. 

The exchange filing stated that the fines had been imposed “for non-compliance with the requirements pertaining to the composition of the Board, including failure to appoint a woman director”. 

The company received letters from the BSE and NSE on August 21 at 8 pm and 9 pm, respectively, imposing a fine of Rs 2,24,000 under Regulation 17(1) of the SEBI Listing Regulations for certain non-compliance. 

The company clarified that the non-compliance has occurred due to the untimely demise of a woman director and the exit of an independent director. Since then, the company has been running an extensive process of identifying potential independent directors. 

They are in the advanced stage of discussions and are close to finalising a candidate to fill these vacancies. The company remains committed to ensuring optimum compliance with all applicable laws.