SJVN subsidiary STPL has successfully completed the 72-hour trial run of 660 MW Unit-2 at the Buxar Thermal Power Plant on August 31, 2026, marking a key step toward commercial operation.

Key development details

The following table summarises the key details of this milestone:

Significance of the milestone

The successful completion of the 72-hour trial run represents a critical step in the commissioning process for STPL. A 72-hour continuous trial run is a standard requirement in the power sector before a generating unit is declared commercially operational, demonstrating the unit's ability to sustain stable generation over an extended period.

SJVN Chairman and Managing Director Bhupender Gupta stated that with the successful completion of the trial run, the company is now set for the commercial operation of Unit-2. Director (Finance) Parthajit De highlighted that this achievement strengthens SJVN's generation portfolio and reinforces its position as a multidimensional energy company.

The 1,320 MW Buxar Thermal Power Project, implemented by wholly owned subsidiary STPL, uses state-of-the-art supercritical technology. The project comprises two units of 660 MW each and is equipped with advanced emission control technology. Once fully commissioned, the project will generate approximately 9,828.72 million units of electricity annually.

Director (Projects) Rajesh Kumar Chandel described the completion as a significant achievement in SJVN's thermal power journey, while Director (Personnel) Ajay Kumar Sharma commended the team's professionalism and commitment despite various challenges.

SJVN Limited has been fined ₹13,44,020 each by the Bombay Stock Exchange and National Stock Exchange for non-compliance with SEBI listing regulations regarding board composition.

The penalties were levied due to the absence of the requisite number of independent directors on the company’s board. This shortfall impacted the quorum requirements for board meetings and the statutory composition of key committees.

Regulatory Violations

The stock exchanges cited violations of multiple regulations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The specific breaches included:

• Regulation 17(1) and 17(2A): Board composition and quorum requirements.
• Regulation 18(1): Audit Committee composition.
• Regulation 19(1)/19(2): Nomination and Remuneration Committee composition.
• Regulation 20(2)/(2A): Stakeholder Relationship Committee composition.
• Regulation 21(2): Risk Management Committee composition.

The notices were issued on August 25, 2026, and received by the company on the same date.

Remedial Actions Taken

SJVN Limited, a Navratna Central Public Sector Enterprise and a joint venture between the Government of India and the Government of Himachal Pradesh, stated that the power to appoint directors vests with the President of India through the Ministry of Power.

The company confirmed that Smt. Arti Kujur was appointed as an independent director effective July 17, 2026. Following this appointment, the relevant board committees have been reconstituted. SJVN asserts it is now compliant with Regulations 17(2A), 20(2)/(2A), and 21(2).

Financial Impact and Waiver Request

The company disclosed that the fines have no quantifiable impact on its financial or operational activities. SJVN plans to submit a request to both exchanges for a waiver of the imposed fines, citing the subsequent compliance achieved through the new appointment.

What the Numbers Show

The total penalty liability stands at ₹26,88,040 (₹13,44,020 x 2). While the company declares no financial impact, this figure represents a direct cash outflow unless waived. The timeline shows a gap between the appointment of the new director in July 2026 and the issuance of the penalty notices in August 2026, suggesting the regulatory action was based on the period of non-compliance prior to the appointment.