March 23, 2023

Harsh Shah has stepped down from the position of CEO of New York Stock Exchange-listed renewable energy company Azure Power, in just two months of taking up the role. The company has now appointed Rupesh Agarwal as the acting CEO. Agarwal had joined Azure recently in the capacity of Chief Strategy & Commercial Officer.

Shah was earlier CEO of IndiGrid, India’s first power transmission InvIT. In an exchange notification, IndiGrid said it has reinstated Shah as the CEO.

In a public statement, Azure said there has been a delay in the filing of the company’s annual report on Form 20-F for the financial year ended March 31, 2022. “The Company reiterates that it is working in close consultation with its advisers to close its annual accounts. At this point, the company is unable to give a firm timeline for submission of its Form 20-F for FY 2021-22” said the statement.

Azure’s statement also said it received a whistleblower complain alleging “potential procedural irregularities and misconduct by certain employees” at a plant belonging to one of its subsidiaries.

“As part of the company’s review of these allegations, it discovered deviations from safety and quality norms, and it has implemented mechanisms to remediate them and in so doing strengthen safety and quality protocols,” the statement said.

Azure is backed by Canadian pension funds, CDPQ and Ontario Municipal Employees’ Retirement System (OMERS) and World’s Bank International Finance Corporation (IFC).

Agarwal, who will now steer Azure, has held leadership roles at Convergence Energy Services Ltd (CESL) a state owned energy efficiency company, Lightsource India, BDO, and EY. He was also the founder of AEM Energi & Motum, a zero-emission electric mobility company.

Azure was founded by Inderpreet Wadhwa in 2008 and was listed at NYSE in 2016. The scrips of the company took a beating post this announcement falling by 39 per cent on Monday.

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