Date: May 29, 2026

Board Meeting Outcomes

The Board of Directors of Indian Renewable Energy Development Agency Limited (IREDA) met on May 29, 2026, to discuss notices received from BSE and NSE dated May 27, 2026. The notices levied fines totaling ₹202,960 for non-compliance with SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015 for the quarter ended March 31, 2026.

The Board noted:

  • The status of non-compliance and fines imposed by the stock exchanges
  • That the company is regularly following up with the Administrative Ministry (Ministry of New and Renewable Energy - MNRE) for appointment of requisite number of Independent Directors
  • That the matter relating to appointment of Independent Directors is beyond the control of the company
  • That there is no violation on the part of the company

The Board desired that:

  • MNRE be requested to expedite the process for appointment of Independent Directors (including women director)
  • The stock exchanges be requested to waive the fines imposed on the company
  • The stock exchanges refrain from imposing any further fine/penalty

Details of Non-Compliance and Fines

As per the BSE and NSE notices, the company was non-compliant with the following regulations for March 2026 quarter:

Regulation 17(1) - Board Composition

  • Nature: Non-compliance with requirements pertaining to composition of the Board including failure to appoint woman director
  • Fine: ₹5,000 per day
  • Base Fine: ₹130,000
  • GST: ₹23,400
  • Total: ₹153,400

Regulation 17(2A) - Quorum of Board Meetings

  • Nature: Non-compliance with requirements pertaining to quorum of Board meetings
  • Fine: ₹10,000 per instance
  • Base Fine: ₹10,000
  • GST: ₹1,800
  • Total: ₹11,800

Regulation 18(1) - Audit Committee Constitution

  • Nature: Non-compliance with constitution of audit committee
  • Fine: ₹2,000 per day
  • Base Fine: ₹8,000
  • GST: ₹1,440
  • Total: ₹9,440

Regulation 19(1)/19(2) - Nomination and Remuneration Committee

  • Nature: Non-compliance with constitution of nomination and remuneration committee
  • Fine: ₹2,000 per day
  • Base Fine: ₹8,000
  • GST: ₹1,440
  • Total: ₹9,440

Regulation 20(2)/(2A) - Stakeholder Relationship Committee

  • Nature: Non-compliance with constitution of stakeholder relationship committee
  • Fine: ₹2,000 per day
  • Base Fine: ₹8,000
  • GST: ₹1,440
  • Total: ₹9,440

Regulation 21(2) - Risk Management Committee

  • Nature: Non-compliance with constitution of risk management committee
  • Fine: ₹2,000 per day
  • Base Fine: ₹8,000
  • GST: ₹1,440
  • Total: ₹9,440

Total Fine Payable: ₹202,960 (₹172,000 base + ₹30,960 GST)

Regulatory Requirements

The exchanges mandated that:

  • Fines must be paid within 15 days from May 27, 2026
  • Non-payment may result in freezing of promoter shareholding and potential suspension of trading
  • This being the second consecutive quarter of non-compliance for Regulation 17(1), 18(1), and 27(2) could result in transfer to Z group and suspension of trading
  • The matter must be placed before the Board and their comments communicated to the exchanges

Waiver Process

The exchanges outlined parameters for waiver applications:

  • Waiver applications must be submitted through NEAPS portal (not via email)
  • Detailed submission indicating reasons for waiver required
  • Compliance is prerequisite for applying for waiver
  • Non-refundable processing fee of ₹10,000 + 18% GST if fine amount exceeds ₹5,000

Payment Instructions

For NSE: Payment to be made via RTGS/NEFT/Net Banking to National Stock Exchange of India Limited account with IDBI Bank Ltd, Bandra Kurla Complex, Mumbai (RTGS/IFSC: IBKL0001000)

For BSE: Payment to be made to Virtual Bank Account No. BSER10479 with ICICI Bank Ltd (IFSC: ICIC0000104) dedicated for SOP fines only