Suzlon Energy has received a warning letter from the National Stock Exchange (NSE) for failing to comply with the Securities and Exchange Board of India‘s Listing Obligations and Disclosure Requirements Regulations (SEBI LODR).

What Happened: The warning was in response to a disclosure made by Suzlon Energy on November 6, 2023, about an “Intimation of Analyst/Institutional Investors Meet”. The NSE pointed out that the disclosure was made on the same day as the meeting, contravening Regulation 30 of the SEBI LODR, which requires the schedule of such meetings to be informed at least two working days in advance.

See Also: Market Unimpressed By VBL’s 26% Jump In Net Profit, Shares Tank 5%

The NSE has taken this non-compliance seriously, the letter added, advising Suzlon Energy to be cautious in the future and take corrective measures to avoid such lapses. The company has been warned that any future deviations will be viewed seriously and could lead to appropriate action.

Furthermore, the NSE has directed Suzlon Energy to share a copy of the warning letter with the stock exchanges where they are listed and to discuss the warning letter and the corrective measures taken to avoid such lapses with their Board of Directors.

Last month, Marc Desaedeleer, an Independent Director, resigned from the Suzlon’s board. Desaedeleer cited concerns regarding the firm’s compliance and transparency as his reasons for stepping down.

Price Action: Suzlon was trading 4.99% higher at ₹68.22 on Tuesday afternoon.

Read Next: Shailesh Saraf Of Value Stocks Sees Big Opportunity In Green Energy Stocks Tata Power Suzlon Others