BSE and National Stock Exchange have imposed a fine of Rs 5.36 lakh each on state-owned Power Grid Corporation for not having the required number of independent directors including one woman on their board in the June quarter.
“Company has received notices from National Stock Exchange of India (NSE) and BSE on August 21, 2023, regarding non-compliance with the provision…. for not having requisite number of Independent Directors (including one woman Independent Director) on the Board of the Company during the quarter ended 30th June 2023 and has imposed a fine of Rs 5,36,900 each by NSE & BSE for such non-compliance,” a BSE filing said.
“The Power Grid, being a Government Company within the meaning of Section 2(45) of the Companies Act, 2013, the power to appoint functional/ Official Part-time Directors/ non-Official Part-time Directors (Independent Directors) vests with the President of India,” it stated.
The said non-compliance of the regulation for the quarter ended 30th June 2023 was not a lapse on the part of the Company, it explained.
The matter has been regularly taken up with Administrative Ministry i.e. Ministry of Power for filling up the vacant posts of Independent Directors (including one woman Independent Director), it stated.