No financial irregularity, compliance violation within Co, says Suzlon as independent director quits

New Delhi: Renewable energy solutions provider Suzlon Energy on Monday clarified that there are no financial irregularities or compliance violations within the organization, following the resignation of its independent director Marc Desaedeleer.

Desaedeleer resigned on Saturday and raised corporate governance issues within the company in his resignation on June 8, 2024, as per a BSE filing.

In the resignation Desaedeleer said, "I am very pleased with the operational and financial performance recorded by the company over the last eighteen months. But, over the same period and including recently, several situations occurred where the corporate governance standards applied by the company did not meet my expectations including situations where communications lacked the level of openness and transparency, I would have liked to see."

He further said "we discussed several of these situations, some were shared with board members, and I sent you recently a note covering these situations with the hope that this information can be used in a constructive manner."

As a result, he said, "I decided to resign from my position as Independent Director of the company and from all associated committee memberships." "The company categorically reiterates that there are no financial irregularities or compliance violations within the organization. We appreciate Desaedeleer's contributions to the company over the past years and are thankful that he had expressed satisfaction with the company's operational and financial performance over the past eighteen months."

Suzlon emphasizes its commitment to adhering to all regulatory norms and maintaining proactive disclosures and compliance, it further stated.

The company takes Desaedeleer's suggestions on procedural enhancements constructively and will continue its journey towards enhanced operational performance, Suzlon added.