Board Comments on fine levied by the Exchanges for the quarter ended 31st December, 2025
IRCON · price
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IRCON International Ltd's Board discussed fines imposed by NSE and BSE for non-compliance with SEBI LODR Regulations 17(1), 18(1), and 19(1)/19(2) regarding Board and committee composition (Audit Committee and Nomination & Remuneration Committee) for Q3 FY2025. The exchanges levied the fine on 27th February 2026. IRCON, a Government Company under Section 2(45) of the Companies Act, 2013, stated that appointment of all Directors including Independent Directors rests with the President of India through Ministry of Railways, leaving IRCON with no control over appointments. The company claims to have repeatedly requested MoR for required Independent Director appointments and disputes the fine as unreasonable. Separately, the Board also approved designation of Shri Rajesh Naik, Director (Projects) as Key Managerial Personnel (KMP) effective 13th February 2026 till his superannuation on 31st May 2030.
The SEBI LODR compliance issue signals weak corporate governance regarding board composition. While IRCON blames government appointment processes, repeated non-compliance could damage investor confidence. The company continues to await government action on Independent Director appointments.