Shares of Suzlon Energy Ltd will be in focus during the trading session on Friday after the company announced to appoint a domestic law firm to evaluate the corporate governance practices of the company after the resignation of one of its independent directors earlier this week.
Gautam Doshi, the chairman of the audit committee of the company has decided to appoint Khaitan & Co, an eminent law firm in India, to conduct a review, Suzlon Energy said in an exchange filing with the bourses on June 13, Thursday, after the market hours.
The chairman of the audit committee Gautam Doshi has agreed to take up the responsibility of evaluating suggestions on corporate governance practices of the company on the request of Vinod Tanti, the chairman of the company, said the filing further. Certain additional advisors may be appointed as required from time to time to further aid the process, it said.
"The company wishes to reiterate and clarify that it is committed to achieving the highest standards of corporate governance and the aforesaid exercise is being carried out with the intention of identifying any gaps in the existing corporate governance practices of the company and ways to further strengthen them," said the company in its clarification.
Earlier this week, Suzlon’s Independent Director Marc Desaedeleer resigned due to concerns regarding communication and transparency within the company's governance. The company insisted that the resignation is not due to any financial or operational discrepancies and promises to work upon the areas of concern.
Shares of Suzlon Energy had settled at Rs 49.86 on Thursday, falling about a per cent in the previous trading session. The total market capitalization of the company stood slightly above Rs 67,800 crore mark. Shares of Suzlon Energy have remained flat in the current week so far.
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