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Azure Power Global Limited (NYSE: AZRE) held its 2022 Annual Meeting of Shareholders on September 30, 2022, in New Delhi. All proposals submitted received shareholder approval. Key decisions included the re-appointment of Ernst & Young as the independent auditor for the fiscal year ending March 31, 2023, and the re-election of directors Deepak Malhotra and M. S. Unnikrishnan, along with the ratification of Christine Ann McNamara and Delphine Voeltzel as new directors. Azure Power continues to lead in renewable energy solutions, emphasizing its commitment to sustainability and operational excellence.
Azure Power Global Limited (NYSE: AZRE) announced the appointment of Sugata Sircar as an Independent non-executive Director effective October 01, 2022. This brings the Board to ten directors, including five independent members. Sircar has over 32 years of experience in various sectors, notably as CFO at Schneider Electric India and Managing Director at Gujarat Gas. The company believes Sircar's diverse expertise will enhance its growth in India's renewable energy sector, as stated by the Chairman and Acting CEO.
Azure Power (NYSE: AZRE) has appointed Ms. Shweta Srivastava as the new Chief Human Resource Officer (CHRO) effective September 21, 2022. She brings over two decades of HR experience from various Fortune 500 companies, previously serving as Group Head Talent Acquisition at Vedanta Ltd. In her role, she will focus on human resource strategy, succession planning, and talent management to strengthen Azure's organizational culture and performance. Azure Power is recognized as a leader in India's renewable energy sector, committed to developing large-scale solar projects.
Azure Power has signed an agreement with First Solar for 600 MW DC of advanced thin film solar modules. This marks the first order from First Solar's Tamil Nadu facility, set to commence in H2 2023. The deal will allow Azure Power to receive deliveries of Series 7 modules from late 2023 through 2025. First Solar's new facility will have a nameplate capacity of 3.3 GW DC and is designed to produce modules tailored for India. This partnership enhances Azure Power's supply chain stability and assures them of advanced technology in the competitive energy market.
Azure Power Global Ltd. (NYSE:AZRE) announced on August 29, 2022, the departure of its newly appointed CEO, just two months into the role. The company revealed a whistleblower complaint from May regarding alleged misconduct at a subsidiary's plant, including data manipulation by employees. Following these disclosures, Azure's stock price fell by over 41%. Investors are urged to contact Barrack, Rodos & Bacine for information about their legal rights in light of the ongoing investigation into potential violations of federal securities laws.
Azure Power Global Limited (NYSE: AZRE) has appointed Mr. Rupesh Agarwal as Acting CEO, following the resignation of Mr. Harsh Shah. Agarwal, previously Chief Strategy & Commercial Officer, brings extensive leadership experience in cleantech. The company announced a delay in filing its annual report for FY 2021-22, though it has completed a 600 MW solar project in Rajasthan. Azure is also addressing whistleblower allegations and two Public Interest Litigations (PILs) related to its Power Purchase Agreements. Despite challenges, the company remains on track with cash flow and debt obligations.
Azure Power Global Limited (NYSE: AZRE) announced the immediate resignation of CEO Harsh Shah, who joined the company on July 1, 2022. The Board, led by Chairman Alan Rosling, expressed regret over Shah's unexpected departure. Shah cited unforeseen circumstances influencing his decision, despite optimism about India's renewable energy sector. The company plans to release further updates regarding future leadership. Azure Power is recognized for its pioneering role in India’s solar energy landscape, having developed the country's first utility-scale solar project in 2009.
Azure Power Global Limited (NYSE: AZRE), a leader in sustainable energy in India, will hold its Annual Meeting of shareholders on September 30, 2022, at 3 p.m. IST in New Delhi. Key proposals include re-appointing Ernst & Young as independent auditor for the fiscal year ending March 31, 2023, and re-electing several directors. Only shareholders on record as of September 2, 2022, are eligible to vote. Full details will be available on the company's website.
Azure Power (NYSE: AZRE) announced a delay in filing its Annual Report on Form 20-F for the fiscal year ended March 31, 2022, which was originally due on August 1, 2022. The revised deadline is now August 16, 2022, as the company reviews its internal controls and compliance with assistance from advisers. Despite this delay, Azure does not expect any impact on its ongoing renewable energy operations. The company is committed to enhancing processes under new leadership.