Suzlon independent director resigns over compliance and transparency issues - Hindustan Times
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Suzlon independent director resigns over compliance and transparency issues

Jun 10, 2024 03:01 PM IST

Independent director resigns citing governance issues amid the company closing the financial year 2023-24 with its largest ever order book.

Marc Desaedeleer, an independent director of Suzlon resigned on Saturday, citing compliance and transparency issues with the company, according to the company's regulatory filing on June 8, 2024.

A windmill turbine is pictured here for representation. (Reuters)
A windmill turbine is pictured here for representation. (Reuters)

Desaedeleer wrote in his letter of resignation, “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.”

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The letter, addressed to Vinod Tanti, chairman and managing director of Suzlon, added that several of these situations were already discussed.

“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,” it read.

Desaedeleer wrote, “As a result of the above, I decided to resign from my position as independent director of the company and from all associate committee memberships.”

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This comes as Suzlon closes the financial year 2023-24 with its largest ever order book ever at 3.3 GW, having recently won a repeat order from Juniper Green Energy.

The wind energy giant will supply and install 134 wind turbine generators with a rated capacity of 3 MW each for this order in Fatehgarh, Rajasthan.

Suzlon denied the allegations, stating that “there are no financial irregularities or compliance violations within the organization,” and added that “the Company takes Mr. Desaedeleer’s suggestions on procedural enhancements constructively.”

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