IRCON/SECY/STEX/124 Dated: 25th August, 2026

Key Quantitative Figures

  • Fine amount: ₹9,66,420/- each by NSE and BSE (including GST)
  • Total fine exposure: ₹19,32,840/- (contingent liability)

Dates of Action

  • Fine imposition date: 25th August, 2026 (via letter/email)
  • Woman Independent Director appointment date: 17th August, 2026 (effective from)
  • Ministry of Railways order date: 13th August, 2026
  • Event date and time: 25th August, 2026 at 1907 Hrs

Parties Involved

  • National Stock Exchange of India Limited (NSE)
  • BSE Limited (BSE)
  • Ircon International Limited (IRCON)
  • Ministry of Railways (MoR), Government of India
  • President of India (as appointing authority)

Reason for Non-Compliance

IRCON is a Government Company as per Section 2(45) of Companies Act, 2013. The President of India holds the power to appoint Directors (including Independent Directors/Woman Director) on the Board of IRCON through the Ministry of Railways. The company has no role in director appointments unless nominated by the Government of India.

Company's Response

IRCON clarified to both exchanges via letter dated 25th August, 2026 about its government company status and continuous requests to MoR for appointment of requisite number of Independent Directors (including Woman Independent Director) to ensure compliance with board composition requirements.

Financial Impact

The fine imposed has no impact on the financial, operation or other activities of the Company. The amounts are being identified under "contingent liability" in the financial statements.

Resolution of Non-Compliance

Pursuant to MoR order dated 13th August, 2026, One Woman Independent Director has been appointed on the Board of IRCON effective 17th August, 2026. Subsequently, the Audit Committee (AC) and Nomination and Remuneration Committee (NRC) have been properly re-constituted effective 17th August, 2026 as per applicable provisions.

Waiver Eligibility

The Company is now eligible for waiver of fines as per SEBI's policy for exemption of fines, given that the non-compliance has been rectified. In earlier instances of non-compliance, NSE & BSE had already waived off fines imposed on the Company upon attaining requisite compliances.