SJVN’s Board addressed notices from the National Stock Exchange of India (NSE) and BSE regarding fines for non-compliance. The company clarified the appointment of Directors rests with the President of India. Committees have been reconstituted, and the company is now compliant with Regulations 18(1) and 19(1)/19(2). SJVN has requested the Ministry of Power to expedite Independent Director appointments to comply with Regulation 17(1).
Response to Exchange Notices
SJVN Limited (SJVN) has addressed the notices received from the National Stock Exchange of India (NSE) and BSE regarding fines related to non-compliance. The company issued an initial disclosure on September 01, 2025, regarding these notices. During a board meeting, the board of directors took note of these notices received from the stock exchanges.
Director Appointment Authority
SJVN clarified that, as a Central Public Sector Undertaking (CPSU), the authority to appoint Directors resides with the President of India, acting through the Ministry of Power. According to SJVN, the company’s Board does not have the power to make these appointments.
Current Compliance Status
Following the appointment of the required number of independent directors, the committees have been duly reconstituted. As of now, SJVN states that it is fully compliant with Regulation 18(1) and 19(1)/19(2).
Addressing Board Composition
SJVN has sent multiple requests to the Ministry of Power, Government of India, to expedite the appointment of Independent Directors to ensure compliance with Regulation 17(1). The company is awaiting these appointments to fully meet the listing regulation requirements. SJVN understands the government is actively working to appoint the Independent Directors.
NSE Fine Details
According to an exchange document dated August 29, 2025, the non-compliance fines from NSE totaled ₹673,780, including ₹571,000 in fines and ₹102,780 in GST. The fines stemmed from regulations 17, 18(1) and 19(1)/19(2) for the quarter ending June 30, 2025. The company was warned that continued non-compliance could lead to the freezing of promoter shareholding or the transfer of trading to ‘Trade for Trade’ status.
Source: BSE
