Shares of Suzlon Energy, a wind energy company, have been gaining momentum for the past few days. The market cap of the company, led by Tulsi Tanti, has risen to Rs 93029 crore as of July 30. Amid this, the National Stock Exchange of India Limited (NSE) has issued a warning letter to the company for non-compliance with disclosure rules.
In its letter to Suzlon, NSE observed that a disclosure of an analyst's call of the company held on November 6, 2023, was submitted to the exchange on the same day. The disclosure seems to be at shorter notice as required under Sebi's LODR (listing obligations and disclosure requirements) rule, the letter dated July 29 said.
The LODR rule requires a listed entity to inform the schedule of analysts or institutional investors to meet at least two working days in advance (excluding the date of intimation and date of meet). "The aforesaid non-compliance on your part is viewed seriously. You are, hereby, warned and advised to be careful in future, exercise due caution and initiate corrective steps to avoid the recurrence of such lapses so as to ensure due compliance with the applicable provisions of SEBI LODR," the NSE said.
It further said that any aberration in future on the part of the company would be viewed seriously, and appropriate action would be initiated. Meanwhile, the Suzlon Energy shares rose 5% to hit a fresh record high of Rs 68.22 on NSE.
(With inputs from PTI)
