NEW DELHI – In a board meeting held on February 3, 2026, the leadership of IRCON International Limited took a firm stance against penalties imposed by the National Stock Exchange (NSE) and BSE Limited. Simultaneously, the company strengthened its core leadership by designating Shri Sudhir Singh as a Key Managerial Personnel (KMP).

The "Government Company" Defense

The primary agenda of the meeting was to address fines levied by stock exchanges regarding the non-compliance of Board and Committee compositions for the quarter ended September 30, 2025.

The Regulatory Conflict:

• The Fines: BSE and NSE imposed penalties (approximately ₹9.77 lakh each) for violating SEBI (LODR) Regulations 17(1), 18(1), and 19.

• The Violation: A lack of the required number of Independent Directors and a Woman Director, which subsequently affects the composition of the Audit and Nomination & Remuneration Committees.

• IRCON’s Stand: The Board maintains that since IRCON is a Government Company under Section 2(45) of the Companies Act, 2013, the power to appoint directors rests solely with the President of India via the Ministry of Railways.

"The Board observed that the levy of fines is unreasonable. IRCON has no role in appointing directors unless they are nominated by the Government," the company stated in its regulatory filing.

Sudhir Singh Designated as KMP

The Board formally approved the designation of Shri Sudhir Singh (DIN: 11288339), Director (Projects) on additional charge, as Key Managerial Personnel (KMP) effective from January 2, 2026.

Professional Profile of Sudhir Singh:

• Education: Civil Engineering graduate from IIT Roorkee (1998 batch).

• Experience: A veteran of the Indian Railway Service of Engineers (IRSE) with over 26 years of service.

• Notable Projects: Played a pivotal role in the Udhampur–Srinagar–Baramulla Rail Link (USBRL) project and the development of the Anand Vihar Terminal.

• Current Standing: He assumed the additional charge of Director (Projects) following the superannuation of Anand Kumar Singh on December 31, 2025.

Operational Impact

Despite the ongoing regulatory friction, IRCON stated that the fines do not impact its financial or operational activities. The company continues to petition the Ministry of Railways to fill the vacancies, which would allow for a "waiver of fines" under SEBI’s policy for state-run enterprises.