In the expanse of New Delhi, an event transpired on the twenty-fifth day of August, as the BSE and the National Stock Exchange revealed their mandates. A monetary tribute, quantified at Rs 5.36 lakh, was imposed on the state-owned Power Grid Corporation. The reason for this monetary imposition arose from the absence of autonomous directors on their board during the June quarter. The call for diversity, embodied by a single woman director, remained unheeded.
A communication of significance arrived through messages sent by the esteemed National Stock Exchange of India (NSE) and the venerable BSE, dated August twenty-first in the year 2023. The essence of these letters reverberated with an accusation of non-adherence to regulations. The breach was exposed—an inadequacy in the assembly of Independent Directors, a violation compounded by the lack of feminine representation. The ensuing penalty manifested, as fines totaling Rs 5,36,900 were enforced by NSE and BSE, in tandem, as a reprimand for this infraction. These penalties, symbolic of financial chastisement, epitomized the result of disharmony.
In a symphony of reaction, the focal entity—the esteemed corporation—dispatched a letter, composed eloquently on August twenty-second in the year 2023. A plea wafted through the halls of officialdom, entreating the leniency of NSE and BSE. The plea, resembling melodious notes, resonated with requests for clemency. The violation, though recorded, implored exoneration from the vigilant gaze of Sebi regulations.
Within the epistolary symposium, a proclamation of authority and legality found articulation. The Power Grid Corporation, nestled within the halls of Government classification as designated by Section 2(45) of the Companies Act, 2013, professed the prerogative vested in the office of the President of India. This prerogative, a beacon of governance, vested the authority to appoint functional and official part-time directors—luminaries who operated autonomously in the capacity of Independent Directors. This announcement, woven from legal foundations, bestowed authority in the highest echelons of governance.
In a narrative of chronology, the non-compliance that persisted in the quarter culminating on the thirtieth day of June in 2023 was explained. A narrative, elucidated by the corporation itself, unfurled the mantle of clarification. The stance, an affirmation of innocence, underscored that the transgression was not an inadvertent lapse. The entity, resolute in its assertion, stood unwavering in its vindication.
The chronicle of pursuit was illuminated by the recurring engagement with an Administrative Ministry—the Ministry of Power. This endeavor, a testament to diligence, elucidated the corporation’s steadfast commitment to fulfillment. The vacancies that marred the ensemble of Independent Directors, mandated for inclusivity, resonated in the corridors of authority—a resonance that sought rectification.