SJVN Limited has been levied a fine of ₹13,44,020 each by both the BSE and NSE for non-compliance with specific provisions of the SEBI Listing Regulations. The violations pertained to the composition of the Board, Audit Committee, Nomination and Remuneration Committee, Stakeholder Relationship Committee, and the quorum requirements for Board Meetings, attributed to a shortage of independent directors. The company has since appointed an independent director and reconstituted its committees, seeking a waiver for the fines.
SJVN Fined by Stock Exchanges
SJVN Limited announced that it has received notices from the BSE Limited and the National Stock Exchange of India Limited, levying a fine of ₹13,44,020/- each. These penalties are for non-compliance with certain provisions of the SEBI Listing Regulations, specifically concerning the composition of the Board and its various committees, including the Audit Committee, Nomination and Remuneration Committee, Stakeholder Relationship Committee, and Risk Management Committee. The core issue cited was the absence of the requisite number of Independent Directors, which also impacted the quorum requirements for Board Meetings.
Appointment of Independent Director and Compliance
In response to these concerns, SJVN has taken corrective measures. The Ministry of Power has appointed Smt. Arti Kujur as an independent director to the Board, effective July 17, 2026. Following her appointment, the relevant Committees of the Board have been duly reconstituted. The company stated that it is now compliant with the requirements of Regulation 17(2A), 20(2)/(2A), and 21(2) of the SEBI Listing Regulations. Consequently, SJVN will submit a request to both stock exchanges for a waiver of the imposed fines.
Impact and Future Actions
The company has indicated that the current situation has no impact on its financial, operational, or other activities. SJVN, being a Government Company, noted that the power to appoint or remove directors rests with the President of India through the Ministry of Power. The company has been actively pursuing the matter of appointing the necessary number of independent directors. With the recent appointment, SJVN is now seeking to resolve the penalty situation.
Source: BSE
