IREDA Board Seeks Waiver of ₹14.2 Lakh Fines for Non-Compliance with Board Composition Rules

Indian Renewable Energy Development Agency Limited (IREDA) has addressed the fines totaling ₹14.2 lakh (including GST) imposed by the BSE and NSE for non-compliance with Listing Regulations concerning the composition of its Board of Directors and Committees for the quarter ended June 30, 2026. The company had received notices on August 25, 2026, detailing the non-compliance, which primarily relates to the appointment of Independent Directors, including a woman director.

At a Board meeting held on September 1, 2026, IREDA's Board noted the imposed fines and the status of non-compliance. Recognizing that the appointment of Directors is vested with the President of India, exercised through the Ministry of New and Renewable Energy (MNRE), the Board resolved to request MNRE to expedite the appointment of the requisite number of Independent Directors. Furthermore, the Board decided to request the Stock Exchanges to waive the imposed fines and refrain from imposing further penalties, arguing that the matter of Independent Director appointments is beyond the company's direct control and that there has been no violation on IREDA's part.

The fines levied include ₹5,36,900 for non-compliance with Regulation 17(1) (composition of the Board including failure to appoint a woman director), ₹23,600 for Regulation 17(2A) (quorum of Board meetings), and ₹2,14,760 each for non-compliance with Regulations 18(1) (audit committee), 19(1)/19(2) (nomination and remuneration committee), 20(2)/(2A) (stakeholder relationship committee), and 21(2) (risk management committee). The total fine payable, including GST, amounts to ₹14,19,540. The company was advised to pay the fines within 15 days or risk further actions, including potential transfer to the Z group and suspension of trading if non-compliance persists for a second consecutive quarter.