NSE, BSE impose Rs 5.36 lakh fine each on Power Grid Corporation

BSE and National Stock Exchange have imposed a fine of Rs 5.36 lakh each on state-owned Power Grid Corporation for not having the required number of independent directors including one woman on their board in the June quarter.

“Company has received notices from National Stock Exchange of India (NSE) and BSE on August 21, 2023, regarding non-compliance with the provision…. for not having requisite number of Independent Directors (including one woman Independent Director) on the Board of the Company during the quarter ended 30th June 2023 and has imposed a fine of Rs 5,36,900 each by NSE & BSE for such non-compliance,” a BSE filing said.

“The Power Grid, being a Government Company within the meaning of Section 2(45) of the Companies Act, 2013, the power to appoint functional/ Official Part-time Directors/ non-Official Part-time Directors (Independent Directors) vests with the President of India,” it stated.

The said non-compliance of the regulation for the quarter ended 30th June 2023 was not a lapse on the part of the Company, it explained.

The matter has been regularly taken up with Administrative Ministry i.e. Ministry of Power for filling up the vacant posts of Independent Directors (including one woman Independent Director), it stated.

Mcap of three of top-10 most-valued firms erodes by Rs 82,082.91 cr; Reliance biggest laggard

The combined market valuation of three of the top-10 most valued firms eroded by Rs 82,082.91 crore last week, with Reliance Industries taking the biggest hit.

From the top-10 pack, Reliance Industries, HDFC Bank and State Bank of India were the three laggards, while Tata Consultancy Services (TCS), ICICI Bank, Hindustan Unilever, Infosys, ITC, Bharti Airtel and Bajaj Finance were the gainers.

HDFC Bank’s valuation eroded by Rs 20,893.12 crore to Rs 11,81,835.08 crore and that of State Bank of India declined by Rs 2,498.89 crore to Rs 5,08,926 crore. However, the market capitalisation (mcap) of Bajaj Finance jumped Rs 21,025.39 crore to Rs 4,36,788.86 crore.

The valuation of ICICI Bank rallied Rs 13,716.34 crore to Rs 6,79,267.17 crore and that of Infosys climbed Rs 13,199.82 crore to Rs 5,89,579.08 crore. Bharti Airtel added Rs 9,731.21 crore taking its mcap to Rs 4,88,461.91 crore.

The mcap of TCS advanced Rs 4,738.47 crore to Rs 12,36,978.91 crore and that of Hindustan Unilever gained Rs 2,972.23 crore to Rs 6,03,222.31 crore. The market valuation of ITC climbed Rs 2,430.64 crore to Rs 5,53,251.90 crore.

Reliance Industries continued to rule the top-10 most valued firms chart followed by TCS, HDFC Bank, ICICI Bank, Hindustan Unilever, Infosys, ITC, State Bank of India, Bharti Airtel and Bajaj Finance.