Shares of Suzlon Energy fell 4.42 per cent and remained at an intraday low of Rs 76.20 on the BSE on Thursday after the company received warning and advisory letters from the National Stock Exchange and the Bombay Securities Board following the resignation of independent director Marc Desaedeleer over concerns. had raised about governance practices at Suzlon Energy.
The letters mention that on June 8, 2024, Suzlon revealed that Desaedeleer had resigned citing the deficiency of corporate governance standards at Suzlon. For example, he said there was a lack of openness and transparency in some communications.
Stock exchanges also cited governance failures in their warnings, although Suzlon confirmed this based on material reasons behind the resignation. According to the exchanges, stricter governance measures could have been applied in this case.
It appears that governance practices in Suzlon have not been satisfactory to Desaedeleer, who states in his resignation letter that many situations in recent times did not reach the desired level of transparency and openness. The resignations and currency warnings prompted a re-examination of the renewable energy company’s governance standards.
Shares of Suzlon Energy were trading 3.67 per cent lower at Rs 76.80 at 12:51 pm, lagging the Sensex which was down 1.57 per cent.
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