Azure Power Suspends SEC Reporting Obligations, Shares Now Only Available on OTC Market
The company revealed that its reporting requirements under Section 15(d) of the Securities Exchange Act of 1934, as amended, were officially suspended on April 1, 2024.
April 05, 2024. By Abha Rustagi
The company revealed that its reporting requirements under Section 15(d) of the Securities Exchange Act of 1934, as amended, were officially suspended on April 1, 2024.
This decision follows a series of regulatory actions initiated by the New York Stock Exchange (NYSE) and the Securities and Exchange Commission (SEC) over the past year. On October 31, 2023, the NYSE filed a Form 25 pursuant to Rule 12d2-2(b) under the Exchange Act, leading to the delisting of Azure Power's shares from the NYSE on November 13, 2023. Subsequently, on January 29, 2024, the company's shares ceased to be registered with the SEC under Section 12(b) of the Exchange Act.
Azure Power's suspension of SEC reporting obligations stems from its dwindling shareholder count, with less than 300 record holders of its equity securities as of the date of delisting. Consequently, the company's shares did not become registered under Section 12(g) of the Exchange Act. This latest development marks a shift in Azure Power's regulatory landscape, freeing it from the obligation to file periodic reports, including annual reports on Form 20-F and Form 6-K reports, with the SEC.
While Azure Power will no longer be subject to SEC reporting requirements, it emphasizes its commitment to transparency and compliance with other regulatory frameworks. The company's reporting obligations under Mauritius law and its responsibilities to bondholders under its Green Bond indentures will remain unaffected.
As a consequence of these regulatory changes, Azure Power's equity securities are now solely available for trading on the over-the-counter (OTC) 'expert' market. However, these quotations will only be directly accessible to broker-dealers and professional investors, excluding retail investors from direct access.
Azure Power clarified that it currently has no plans to seek listing on other trading markets or platforms, signaling a decision to focus on its current trading arrangement.
This decision reflects Azure Power's adaptability to evolving regulatory environments while maintaining its commitment to operational transparency and shareholder communication.
please contact: contact@energetica-india.net.
Vishal Gupta
Co-Founder and Chief Technical Officer
Maxvolt Energy Drives Innovation in Li-ion Battery Storage for EVs and Renewables
Sumit Kumar
Chief Strategy Officer
Skilled Apprentices: A Key to Higher ROI in Renewable Energy
Rajesh Gupta
Founder & Director
Recyclekaro Sets New Standards for Metal Extraction Efficiency in Recycling
Kunal Girap
Co-Founder and Director
India's Renewable Energy Sector Facing Leadership Shortage
H.S. Bhatia
Managing Director
DAEWOO Re-enters Indian Market with Green Energy Focus