New Delh: IRCON International Limited has informed stock exchanges about the outcome of its Board meeting held on February 3, 2026, during which the Board reviewed fines levied by the stock exchanges for past non-compliances and approved the designation of a senior executive as Key Managerial Personnel (KMP).
Board Reviews Fine Imposed by Exchanges
The Board took note of fines imposed by BSE Limited and the National Stock Exchange of India (NSE) for non-compliance with Regulations 17(1), 18(1), and 19(1)/19(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter ended September 30, 2025. The non-compliance pertained to the composition of the Board of Directors and its Audit Committee and Nomination & Remuneration Committee.
During deliberations, the Board reiterated that IRCON is a Government Company under Section 2(45) of the Companies Act, 2013, and that the appointment of directors, including Independent Directors and Woman Directors, rests solely with the President of India through the Ministry of Railways. The Board noted that the company has no role in appointing directors unless nominated by the Government and has been consistently requesting the Ministry of Railways to appoint the requisite number of Independent Directors to ensure regulatory compliance.
In this context, the Board observed that the levy of fines by the exchanges is unreasonable and not applicable to IRCON.
Sudhir Singh Designated as KMP
The Board also approved the designation of Shri Sudhir Singh (DIN: 11288339), Director (Projects) on additional charge, as a Key Managerial Personnel of the company under Section 203 of the Companies Act, 2013. The designation is effective from January 2, 2026, the date on which he assumed additional charge, and will remain in force until further orders from the Ministry of Railways.
Shri Singh is a civil engineering graduate from the University of Roorkee (now IIT Roorkee) and joined Indian Railways in September 2000. With over 26 years of experience, he has been associated with several major railway infrastructure projects, including the Udhampur–Srinagar–Baramulla Rail Link (USBRL) project and the commissioning of Anand Vihar Terminal. He has also worked in RDSO, Rail Land Development Authority, and various construction and doubling projects across Indian Railways.