IRCON Board Comments on Exchange Fine for Q1 FY26 Non-Compliance
IRCON International Ltd's Board of Directors met on June 26, 2026, to discuss a fine levied by NSE and BSE for non-compliance with regulations concerning the composition of the Board and its committees for the quarter ended March 31, 2026. The Board noted the non-compliance and the imposed fine. IRCON, being a Government Company, stated that the appointment of Directors, including Independent and Woman Directors, is solely vested with the President of India through the Ministry of Railways. The company argued that the fine is unreasonable as IRCON has no role in director appointments and has continuously requested the Ministry for the requisite appointments. Additionally, the Board approved the appointment of Shri Saleem Ahmad as CMD on an additional charge, designating him as CEO and KMP for a period of one year.
Key Highlights
- Board discussed and noted fines from NSE/BSE for Q1 FY26 composition non-compliance.
- Company argues fines are unreasonable due to government control over director appointments.
- Shri Saleem Ahmad appointed as CMD on additional charge, also designated CEO and KMP.
- Appointment of Shri Saleem Ahmad is for one year or until a regular incumbent is appointed.
Price Impact
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