The Board of Directors of SJVN took note of notices and letters received from stock exchanges regarding fines levied under SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.
The fines were imposed for non-compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The Board observed that as a Central Public Sector Undertaking (CPSU), the power to appoint Directors vests with the President of India, and the matter should be followed up with the Ministry of Power.
Committees have been reconstituted, and the company is now compliant with Regulations 18(1), 19, 20, and 21(2) of the SEBI Listing Regulations.
The company has requested the Ministry of Power to expedite the appointment of Independent Directors to comply with Regulation 17(1).
The Board also addressed cautionary letters from NSE and BSE for delayed intimation regarding an analyst/institutional investor meeting held on August 16, 2024.
SJVN has initiated steps to reinforce procedural compliance to prevent future delays in disclosures.