Compliance under Regulation 24A(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
POWERGRID · price
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Power Grid filed its annual Secretarial Compliance Report for FY ending March 31, 2025, confirming compliance with most SEBI regulations. However, the report flagged non-compliance with four regulations relating to Board composition (Reg. 17(1)), Board meeting quorum (Reg. 17(2A)), and committee composition (Reg. 18, 19, 20, 21) — all stemming from vacant Independent Director positions during FY25. NSE and BSE levied monetary fines totaling around Rs 14 lakh per exchange per quarter for these lapses. Additionally, a Rs 5,42,800 fine was imposed by BSE for a minor one-day delay in submitting interest payment disclosure for POWERGRID Bond LXI Issue (interest of Rs 232.20 crore was paid on time). The company clarified that as a Government Company, appointment of Independent Directors lies with the Government of India and is not under Powergrid's control. POWERGRID has appointed 2 Independent Directors on April 16, 2025 and a Woman Independent Director on May 16, 2025, and is now fully compliant. It has requested waiver of all fines.
No long-term material impact on shareholders — fines are relatively small (under Rs 30 lakh total per exchange), and the company is actively seeking waivers citing that director appointments rest with the Government. The non-compliance issues are now fully resolved.