IN RE: INDIAN ENERGY EXCHANGE LTD. Vs. STATE

JUDGEMENT

(1.) THE petitioner, Indian Energy Exchange Limited ("IEX") was accorded approval by the Commission to establish and operate a Power Exchange vide order dated 31.8.2007 in Petition No. 38/2007. The petitioner started its operation with effect from 27.6.2008. Central Electricity Regulatory Commission (Power Market) Regulations, 2010 (hereinafter "Power Market Regulations") came into force from 21.1.2010. In terms of the first proviso to Regulation 14 of the Power market Regulations, the petitioner is deemed to be registered under the Power Market Regulations. The petitioner is required to comply with inter alia the requirements of ownership and governance structure as laid down in the Power Market Regulations. Clause (ii) of Regulation 22 of the Power Market Regulations provides as under:

(2.) THUS according to the above provisions, the petitioner is required to comply with the following requirements while appointing the Independent Directors:

(3.) THE petitioner in its affidavit dated 25.6.2013 has submitted the fiduciary declarations in Form 24AA of the Companies Act, 1956 in respect of the above nine persons whose names have been included in the panel for Independent Directors In compliance with Regulation 22(ii) of the Power Market Regulations: