Suzlon appoints Khaitan & Co to review corporate governance practices

To further help the process, certain additional advisors may be appointed as required from time to time, Suzlon said in the exchange notification.

Suzlon Energy has appointed Khaitan & Company to review its corporate governance practices, the company informed stock exchanges on June 13.

Gautam Doshi, the Chairman of Suzlon's Audit Committee will take up the responsibility of evaluating suggestions on corporate governance practices of the Company. This follows the exit of independent director Marc Desaedeleer, who resigned on Saturday, June 8, citing concerns over compliance and transparency, a concern that Suzlon has denied.

To further help the process, certain additional advisors may be appointed as required from time to time, Suzlon said in the exchange notification.

Suzlon reiterated its commitment to highest standards of corporate governance, and said the exercise intends to identify any gaps in the existing corporate governance practices and ways to further strengthen them.

Upon his exit, Independent Director Desaedeleer had said that the concerns he raised were discussed with chairman Vinod Tanti and shared with the board as well, "with the hope that this information can be used in a constructive manner."

Proxy advisory service Stakeholders Empowerment Services (SES) had come out with a note, seeking clarifications on issues raised by the independent director, and said, "They (the board) have a duty to tell whether the board atmosphere is such that IDs (independent directors) are not having courage to speak up till fag end of their term or they are not in agreement with him."