SJVN fined Rs 5.76 lakh for board composition non-compliance

SJVN Ltd has been fined a total of ₹5,75,840 by stock exchanges for non-compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically regarding the composition of its Board and committees. The penalties were levied by BSE Limited and National Stock Exchange of India Limited for the quarter ended March 2026. The Board of Directors noted that the company is a Government Company where the power to appoint directors vests with the President of India, acting through the Ministry of Power, and consequently, the Board lacks the authority to make these appointments directly.

The fines were imposed primarily for non-compliance with Regulation 17(1), which pertains to the composition of the Board including the failure to appoint a woman director, and Regulation 18(1), concerning the constitution of the audit committee. The company has communicated to the exchanges that it has sent requests to the Ministry of Power and the Government of Himachal Pradesh to expedite the appointment of Independent Directors. It stated that the government is in the process of appointing the CMD, Whole-time Directors, and Independent Directors.

The breakdown of the penalties indicates a significant portion of the fine is attributed to the delay in board composition. The total basic fine amounted to ₹4,88,000, with an additional GST of ₹87,840. The exchanges have advised the company to pay the fines within 15 days from the date of the notice, failing which action may be initiated to freeze the shareholding of the promoter. Furthermore, if the non-compliance continues for a second consecutive quarter, the company risks being transferred to the Z group and facing suspension of trading.

Regulation	Description	Fine Amount (Rs.)	GST (Rs.)	Total Payable (Rs.)
Regulation 17(1)	Board composition / Woman Director	450000	81000	531000
Regulation 18(1)	Audit Committee constitution	38000	6840	44840
Total		488000	87840	575840

The notices issued on May 27, 2026, referenced the SEBI Master Circular regarding penal actions for non-compliance. The company is required to ensure compliance with the regulations and submit the details of the action taken to the Board. The Board's comments regarding the government's role in director appointments have been submitted to the exchanges for dissemination.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE002L01015/00ff9dba0d504b76.pdf

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.65%	-2.72%	-7.40%	-4.40%	-30.72%	+150.55%

SJVN has inaugurated its 1000 MW Bikaner Solar Power Project in Rajasthan, developed with an investment of approximately ₹5,492 crore. The project, inaugurated by Prime Minister Shri Narendra Modi, is India's largest single EPC solar project under the Domestic Content Requirement (DCR) category at a single location. It will supply electricity to Rajasthan, Uttarakhand, and Jammu & Kashmir, strengthening the clean energy network in northern India.

Project Overview and Development

The Bikaner solar project has been developed by SJVN through its renewable energy arm, SJVN Green Energy Limited (SGEL). Spanning nearly 5,000 acres, the facility utilizes approximately 24.22 lakh domestically manufactured DCR solar modules and around 175 crore indigenous solar cells. This aligns with the Government of India's Make in India and Atmanirbhar Bharat initiatives by promoting domestic manufacturing capabilities.

Power Generation and Distribution

The project is expected to generate approximately 2,454.84 million units of electricity in its first year of operation and around 56,482.14 MU of clean energy over its 25-year operational life. The power allocation is distributed across three beneficiary regions to ensure sustainable energy supply.

Parameter:	Details
Project Location:	Bikaner, Rajasthan
Total Capacity:	1000 MW
Total Project Cost:	₹5,492 crore
Power to Rajasthan:	500 MW
Power to Jammu & Kashmir:	300 MW
Power to Uttarakhand:	200 MW

Environmental and Economic Impact

The project is estimated to reduce nearly 2.79 billion kilograms of carbon emissions over its operational life, contributing significantly to India's climate action commitments. During its construction and commissioning phases, it generated more than 2,000 direct and indirect employment opportunities. Additionally, the development facilitated the creation of critical infrastructure, including roads and transmission systems, accelerating regional growth in Bikaner.

SJVN, a Navratna Central Public Sector Enterprise under the Ministry of Power, presently has an installed capacity of 4,196.5 MW. The successful commissioning of this project reinforces the company's commitment to expanding India's renewable energy portfolio.