Proxy advisory firm SES seeks clarity on Suzlon governance issues

Suzlon Energy and Marc Desaedeleer, who recently resigned as independent director from the company’s board citing transparency and governance issues, must reveal more about his claims, proxy advisory firm Stakeholders Empowerment Services (SES) said on Tuesday.

“At first, Desaedeleer, while resigning from the board, owed a duty to provide a better picture of what actually is lacking in the management or board, and not just throwing open-ended governance issues,” SES said.

It is the job of the board and management to protect value for shareholders, and they must give an assurance on an immediate basis that there are no non-compliance issues. Thereafter, they should release clarifications and answers for public consumption on issues raised by Desaedeleer and a road map to tackle shortcomings, if any, it said.

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Adani Power jumps 10% in two days after Reliance Industries’ stake buy in Madhya Pradesh power project

Adani Power’s share price surged by 5% to hit its upper circuit for the second consecutive session on Tuesday, April 2, despite overall market weakness. Opening at Rs 574.05, a 2.4% increase from its previous close of Rs 560.35, the stock quickly rose to Rs 588.35, the upper price band, on the BSE.

This follows a similar 5% surge in the previous session, attributed to Adani Power’s announcement regarding Reliance Industries, led by Mukesh Ambani, acquiring a 26% stake in a Madhya Pradesh power project owned by Gautam Adani. 

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