Suzlon To Undergo Corporate Governance Review With Khaitan & Co After Director Resignation

Suzlon Energy has enlisted the services of Khaitan & Co, a prominent Indian law firm, to conduct a comprehensive review of its corporate governance practices.

What Happened: The decision was announced on Thursday, in the wake of the sudden resignation of the independent director, Marc Desaedeleer. The Chairman of the Audit Committee, Gautam Doshi, has assumed the task of examining corporate governance practices at the behest of the company’s Chairman, Vinod Tanti.

Doshi has chosen Khaitan & Co for the review, and the company might engage more advisors if needed. The initiative is designed to spot and fill any gaps in the current corporate governance practices and to fortify them.

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“The company wishes to reiterate and clarify that it is committed to achieving the highest standards of corporate governance,” the company added in an exchange filing. The company will share updates once the exercise is completed.

Why It Matters: Desaedeleer cited concerns regarding compliance and transparency as his reasons for stepping down. Desaedeleer, who joined the Suzlon Board in 2016, stated in his resignation letter that while he was satisfied with the operational and financial performance of the company over the last 18 months, he had reservations about the company’s corporate governance standards. He pointed out instances where the company’s communications lacked the desired level of openness and transparency.

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