Azure Power Global Limited encountered a demanding fiscal year, experiencing continued financial losses as it navigated significant operational and legal complexities. The company undertook a comprehensive review of its projects, leading to the termination of several contracts due to viability concerns and regulatory uncertainties. Simultaneously, it confronted the aftermath of past compliance issues, which resulted in substantial legal proceedings and a renewed focus on strengthening internal governance.
• The company has had to reassess its project pipeline, withdrawing from significant ventures due to economic viability and legal complications • It is addressing the repercussions of serious past allegations, which have led to legal actions against former associates and a notable resolution in a class action lawsuit • Despite these challenges, there has been a concerted internal effort to fortify compliance and financial controls, ensuring a more robust operational framework moving forward
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