New York Stock Exchange (NYSE) has decided to initiate proceedings to delist Azure Power Global from the stock exchange. The trading of the company’s equity shares has been immediately suspended.

NYSE decided that Azure’s equity shares are not suitable for listing because the company is a late filer and has not filed with the U.S. Securities and Exchange Commission its annual report on Form 20-F for the fiscal year ended March 31, 2022, and current report on Form 6-K for the half year ended September 30, 2022.

The company informed the NYSE and made public disclosure on July 13, 2023, that it will not be able to complete its Delayed Filings by August 16, 2023, the maximum time allowed under Section 802.01E of the NYSE’s Listed Company Manual.

NYSE has allowed Azure Power Global to seek a review of this decision by its board of directors committee. The NYSE will apply to the Securities and Exchange Commission to delist the equity shares upon completion of all applicable procedures, including any appeal by the company of the NYSE Regulation staff’s decision.

As reported by Mercom in May, Azure Power Global had not yet released its 2022 annual report, citing the need for internal reassessment. The Exchange subsequently provided the company with an extension to submit the report and an extended trading period until July 15, 2023.

Azure Power announced the appointment of a new Chief Executive Officer (CEO) and Group Chief Financial Officer (CFO) following significant changes in the company’s top management over the past year. Last year, CEO Ranjit Gupta and COO Murali Subramanian resigned in April 2022, leading to a management crisis. Sunil Gupta took over as the new CEO and Managing Director of Azure Power, while Sugata Sircar was appointed as the new Group CFO and Executive Director, Finance of Azure Power India.