Suzlon Energy Denies Financial Irregularities After Director Marc Desaedeleer Resigns, Stock Plunges By 5 Percent 

Suzlon Energy, a renewable energy solutions provider, announced on Monday that there have been no financial irregularities or compliance violations within the organization. This statement followed the resignation of independent director Mark Desedelaar on Saturday.

In his resignation letter dated June 8, 2024, Desedelaar raised concerns about corporate governance within the company. Despite expressing satisfaction with Suzlon’s operational and financial performance over the last 18 months, he cited issues with the company’s corporate governance standards. Desedelaar mentioned a lack of openness and transparency in communication as key issues.

Desedelaar stated, “We discussed many of these situations, some were shared with the Board of Directors, and I recently sent you a letter regarding these situations, hoping this information would be used appropriately.”

Due to these concerns, Desedelaar decided to resign from his position as an independent director and from all associated committee memberships.
Suzlon Energy responded by categorically denying any financial irregularities or compliance violations. The company expressed appreciation for Desedelaar’s contributions and his positive remarks on their recent performance. They emphasized their commitment to regulatory compliance and proactive disclosure. Suzlon also stated they would consider Desedelaar’s suggestions for process improvements constructively.

Following this announcement, Suzlon Energy’s stock saw a decline on Monday. It traded at Rs 47.38 on the BSE, down 4.94% or Rs 2.46. The stock’s 52-week high is Rs 52.19, and the 52-week low is Rs 13.28. Suzlon’s market cap on the BSE was Rs 64,455.09 crore.

Suzlon Energy reiterated its dedication to maintaining high standards of corporate governance and continuing its journey towards better operational performance.