Central Electricity Regulatory Commission recently passed an order on granting registration to establish and operate a Power Exchange in accordance with the Central Electricity Regulatory Commission (Conduct of Business) Regulations, 1999.
Pranurja Solutions Limited, has filed the petition against Indian Energy Exchange Limited (IEX) and Power Exchange India Limited (PEIL).
Pranurja Solutions Limited has filed an Application to establish and operate a Power Exchange under Regulation 16 of Power Market Regulations, 2010.
The Commission notes that the Pranurja has complied with the requirements as per Regulation of the Power Market Regulations 2010. Pranurja has filed its reply to the objections or suggestions received in response to its public Notice and also met the net worth requirement of Rs.25 Crore as per Regulation of the Power Market Regulations 2010.
Pranurja did not comply with the shareholding pattern as required under Regulation 19 of the Power Market Regulations 2010. In its affidavit it has submitted that it will comply with Regulation 19 of the Power Market Regulations 2010 within a period of 8 weeks, as and when the Commission proposes to grant registration under Regulation 16 of the Power Market Regulations 2010.
The Commission states that if it grants registration then pranurja must publish a notice of its proposal to invite further objections or suggestions to its proposal. The Commission is of the view that without the details required under Regulation 19 of the Power Market Regulations 2010, such a proposal of the Commission would be incomplete and inviting further objections or suggestions to such an incomplete proposal would not be fair to the stakeholders.
Commission decides that further action under Regulation 16(v) and Regulation 16(vi) of the Power Market Regulations 2010 can be taken only after the company meets the requirements of Regulation 19 of the Power Market Regulations 2010.
Accordingly, the Pranurja is directed to comply with the requirements of Regulation 19 of the Power Market Regulations 2010 within a period of 8 weeks and only on compliance of the requirements of Regulation 19 of the Power Market Regulations 2010 the Commission will take further necessary action for grant of registration or otherwise in accordance with the Power Market Regulations 2010.
