Power Grid Corporation of India Limited — Important, 18-03-2025: General Updates

POWERGRID has received notices from BSE and NSE regarding non-compliance with SEBI’s listing regulations, specifically related to the composition of its Board and statutory committees for the quarter ended 31st December 2024. The company faces fines of Rs. 10,21,880 each from both exchanges due to a lack of the requisite number of Independent Directors. POWERGRID has clarified that this situation stems from its status as a Government Company, where the appointment of Directors falls under the purview of the President of India. Consequently, the company has engaged with the Ministry of Power to expedite the filling of these vacancies. Additionally, POWERGRID has sought a waiver for the imposed fines, underscoring that the non-compliance should not be attributed to its own management failures. Continuing oversight in this matter is advisable, as it impacts both governance and compliance standing.