Suzlon Energy - Resignation Of Independent Director Marc Desaedeleer: ICICI Securities

ICICI Securities Report

Suzlon Energy Ltd. hosted a call on June 09, 2024 post the resignation of independent director - Mr. Marc Desaedeleer. We note that in the letter, he had highlighted that corporate governance and transparency (at the company) have not met his expectations.

However, he is satisfied with financial and operational turnaround of the company. It may be noted that the letter does not say that there is any financial or legal impropriety.

The management is taking several steps to increase the transparency and improving the process of sharing information.

Given this, the management is confident of addressing the specific issues of corporate governance and is looking to strengthen the corporate governance and disclosures.

We have Buy rating on Suzlon with target price of Rs 60.

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