Azure Power CEO resigns after one month in role

A solar installation owned by Azure Power in the Indian state of Rajasthan. Image: Azure Power.

The CEO of Indian independent power producer (IPP) Azure Power has stepped down after just one month in the role.

Harsh Shah joined Azure as CEO on 1 July following the resignation of his predecessor in April. The Indian company announced earlier this week Shah has now resigned, effective immediately.

“I was looking forward to working with the team to deliver Azure’s potential. However, owing to unforeseen circumstances and matters beyond my control, I have decided to step down from my role of the chief executive officer,” Shah said.

Rupesh Agarwal, who joined Azure earlier this month as chief strategy and commercial officer, has been appointed acting CEO.

The company said its board will consider the appointment of a new permanent CEO in due course.

Azure Power also revealed earlier this week it received a whistleblower complaint in May 2022 alleging potential procedural irregularities and misconduct by certain employees at a plant belonging to one of its subsidiaries.

The company said that as part of its review of these allegations, it “discovered deviations from safety and quality norms” and it has implemented mechanisms to remediate them.

Having announced earlier this month a delay in reporting its financial statements for its financial year ending 31 March 2022, the company said it is currently working in consultation with its advisers to close its annual accounts.

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