BSE has imposed a fine of ₹9,77,040 (inclusive of GST) on Rail Vikas Nigam Limited (RVNL) due to non-compliance in the composition of the Board and its committees for the quarter ended September 30, 2025. The non-compliance pertains to regulations 17(1), 18(1), and 19(1)/(2). RVNL has clarified its position as a Government company regarding director appointments.

BSE Fine Imposed

Rail Vikas Nigam Limited (RVNL) has received a fine from the Bombay Stock Exchange (BSE) amounting to ₹9,77,040, which includes Goods and Services Tax (GST). The matter relates to non-compliance concerning the composition of RVNL’s Board and various committees.

Details of Non-Compliance

The penalty arises from contraventions of regulations 17(1), 18(1), and 19(1)/(2), related to the appropriate structure of the Board and its committees. This non-compliance was flagged for the quarter ending September 30, 2025.

RVNL’s Clarification

RVNL, in its letter dated November 12, 2025, has clarified that it is a Government of India company. As such, director appointments, including independent directors and women independent directors, are handled by the President of India. The Ministry of Railways (MoR) oversees these appointments, and RVNL has no direct role in this process.

No Impact on Operations

RVNL has stated that this fine has no impact on its financial or operational activities.

Source: BSE

Adani Energy Solutions has appointed Mr. Anil Ahuja as an Additional Director (Non-Executive and Independent) to its Board of Directors. The appointment, effective from November 29, 2025, is for an initial term of three years and is subject to shareholder approval. Mr. Ahuja brings extensive experience in investment, entrepreneurship, and board leadership across diverse sectors in Asia.

Board Expansion

Adani Energy Solutions Limited has announced the appointment of Mr. Anil Ahuja as an Additional Director to its Board. This appointment, categorized as Non-Executive and Independent, is a strategic move to enhance the company’s governance and leverage Mr. Ahuja’s extensive expertise.

Appointment Details and Tenure

Effective from November 29, 2025, Mr. Ahuja will serve a first term of three consecutive years, subject to shareholder approval. His appointment follows the recommendation of the Nomination & Remuneration Committee, highlighting the company’s commitment to robust selection processes.

Anil Ahuja’s Background

Mr. Anil Ahuja brings a wealth of experience as an investor, entrepreneur, and board leader with a career spanning four decades in building and scaling businesses across Asia. He holds a Bachelor of Technology in Mechanical Engineering from IIT Delhi and a Post Graduate Diploma in Management from IIM Ahmedabad, where he was a gold medalist.

His background includes leadership roles at Citibank India, JP Morgan Partners Asia, and 3i Group plc. Mr. Ahuja also launched 88tuition, a social enterprise focused on democratizing access to high-quality education. He has also served on the boards of prominent companies such as HDFC Bank Limited, Jubilant Foodworks, and Adani Enterprises Limited.

Source: BSE

NTPC Limited has addressed notices from the National Stock Exchange of India (NSE) and BSE Limited (BSE) regarding non-compliance. The notices, dated November 28, 2025, resulted in a fine of Rs.5,42,800/- each. NTPC has responded, stating it is a government company and engaging with the Ministry of Power for resolution, contesting the levy of the fine.

Response to Exchange Notices

NTPC Limited has received notices from both the National Stock Exchange of India (NSE) and BSE Limited (BSE) citing non-compliance, dated November 28, 2025. These notices have resulted in a fine of Rs.5,42,800/- for each instance of non-compliance.

Company’s Position and Actions

In response to the notices, NTPC Limited, in a letter dated November 29, 2025, has clarified its position. NTPC asserts that it is a Government Company as defined under Section 2(45) of the Companies Act, 2013. The power to appoint or remove directors rests with the President of India through the Ministry of Power (MoP).

Engagement with Ministry of Power

NTPC Limited is actively engaging with the Ministry of Power (MoP) regarding the appointment of the required number of independent directors to ensure compliance. The company believes that the levied fine is not justified given its status as a Government Company and its ongoing efforts to comply with regulations.

Source: BSE

V-Guard Industries has announced the reaffirmation of its credit rating at CRISIL A1+ by Crisil Ratings. This rating applies to the company’s ₹150 crore Commercial Paper. The reaffirmation, dated November 28, 2025, indicates a very strong degree of safety regarding timely payment of financial obligations and signifies the lowest credit risk. The rating is valid for 60 days from the date of the letter.

Credit Rating Maintained

Crisil Ratings has reaffirmed the CRISIL A1+ rating for V-Guard Industries’ ₹150 crore Commercial Paper. This decision was communicated via a letter dated November 28, 2025. The CRISIL A1+ rating indicates a very strong capacity for timely payment of financial instruments.

Significance of the Rating

Securities with a CRISIL A1+ rating are considered to have a very strong degree of safety for timely payments. This rating is the highest assigned by Crisil, reflecting the lowest credit risk. The reaffirmed rating is valid for 60 calendar days from the date of the letter for the purpose of issuance.

Commercial Paper Details

The rating applies specifically to V-Guard’s Commercial Paper program, which has a maximum maturity of one year. According to the announcement, the rating is valid throughout the life of the Commercial Paper Programme, contingent on no revisions or withdrawals by Crisil Ratings based on new or unavailable information.

Source: BSE

Sagility announces the resignation of Chief Growth Officer, Sohail Djariri, effective November 28, 2025, due to personal reasons. Simultaneously, the company has appointed Chris Shiffert as the new Chief Growth Officer, effective December 1, 2025. Shiffert previously joined Sagility through the BroadPath acquisition earlier in the year and will now lead the company’s growth initiatives.

Leadership Change at Sagility

Sagility has announced a change in its senior management team. Sohail Djariri, the Chief Growth Officer, has resigned from his position effective November 28, 2025, citing personal reasons for his departure.

Appointment of New Chief Growth Officer

Following Djariri’s resignation, Chris Shiffert has been appointed as the new Chief Growth Officer, effective December 1, 2025. This appointment signals a seamless transition in leadership for the company’s growth strategies. Prior to this appointment, Chris Shiffert joined Sagility through the BroadPath acquisition in January 2025.

Chris Shiffert’s Background

Before joining Sagility, Shiffert held key responsibilities for business development, client solutions, and sales and marketing functions at BroadPath. During his tenure at BroadPath, he contributed to the company’s growth by securing new clients across the health plan sector. He also spent eight years with Xerox Services and served as a management consultant at Deloitte.

Source: BSE

Bank of India has announced that Shri Prabodh Parikh has assumed the role of Shareholder’s Director, effective November 29, 2025. His term will extend for a period of three years, concluding on November 28, 2028. The bank had previously submitted his brief profile on October 27, 2025, in connection with his appointment.

Appointment of Shareholder’s Director

Bank of India officially announces that Shri Prabodh Parikh has assumed the position of Shareholder’s Director. This appointment is effective as of November 29, 2025.

Term and Previous Submission

Shri Parikh’s term as Shareholder’s Director will span three years, concluding on November 28, 2028. The bank confirms that his brief profile was previously submitted on October 27, 2025.

Source: BSE

Hindustan Unilever Limited (HUL) has released frequently asked questions (FAQs) regarding the allotment of shares of Kwality Wall’s (India) Limited (KWIL). This follows the approved scheme of arrangement between HUL and KWIL. The allotment ratio is 1:1, with a record date of December 5, 2025, and shareholders can expect allotment by December 29, 2025. The FAQs clarify eligibility, dematerialization, and support for shareholders.

Understanding KWIL Share Allotment

Hindustan Unilever Limited (HUL) is providing clarity on the allotment of Kwality Wall’s (India) Limited (KWIL) shares following the approved demerger. These FAQs address key aspects of the allotment process.

Key Scheme Details

The scheme involves the demerger of HUL’s Ice Cream Business Undertaking to KWIL. This aims to create a leading, focused ice cream company. Key brands managed by KWIL include ‘Kwality Wall’s’, ‘Cornetto’, and ‘Magnum’. The effective date of the scheme is December 1, 2025.

Share Allotment Ratio and Dates

The share entitlement ratio is 1:1, meaning for every 1 equity share of HUL held, shareholders will receive 1 equity share of KWIL. The record date for determining eligible shareholders is Friday, December 5, 2025. Allotment of KWIL shares is expected on or before December 29, 2025.

Dematerialization Requirements

KWIL shares will be allotted in dematerialized form only. Shareholders holding HUL shares in physical form must ensure their folios are KYC compliant and demat account details are updated. If KYC details are not updated, shareholders should send relevant ISR forms with necessary documents.

Allotment to IEPF

If HUL shares are already transferred to the Investor Education Protection Fund Authority (IEPFA), the corresponding KWIL shares will also be credited to IEPFA. Shareholders can claim these shares by filing separate e-Forms IEPF-5 for HUL and KWIL.

Dividend Rights

Equity shares issued by KWIL will rank equally with existing shares, including dividend rights. The KWIL Board of Directors will decide on dividend recommendations.

Listing Timeline

The listing and trading of KWIL shares are expected within 60 days from the receipt of the certified copy of the order of the NCLT sanctioning the Scheme (in or around Q4 of FY26).

Demat Drive Initiative

HUL is offering a Demat Drive to assist shareholders in converting physical holdings to dematerialized form. There will be on-site support in Mumbai on December 3, 2025 (02:00 PM – 05:00 PM).

Support and Contact Information

For queries, shareholders can contact [email protected] or call +91 22 5043 2791 / 22 5043 2792.

Source: BSE

Sterling and Wilson Renewable Energy Limited reports that the Arbitral Tribunal has granted Conti LLC an additional amount of USD 4.97 million (approximately INR 44.45 crore) towards attorney’s fees, costs, and expenses. This is in addition to the amount previously granted under the Interim Award plus interest. The award finalizes the arbitration process detailed in the September 22, 2025 disclosure.

Arbitration Outcome

The Arbitral Tribunal has finalized its award in the matter involving Conti LLC. The award stipulates an additional payment to Conti LLC to cover attorney’s fees, costs, and expenses related to the proceedings.

Financial Impact

The additional amount awarded is USD 4.97 million, which is equivalent to approximately INR 44.45 crore. This amount is incremental to the compensation already awarded under the Interim Award, and is inclusive of applicable interest. The company initially disclosed the details of this arbitration process in its communication dated September 22, 2025.

Source: BSE

Mangalore Refinery and Petrochemicals Limited (MRPL) has received notices from both BSE and NSE for non-compliance regarding board composition for the quarter ended September 30, 2025. The resulting fine amounts to Rs. 5,42,800 from each exchange. MRPL has requested a waiver, citing its status as a Central Public Sector Enterprise and the governmental role in director nominations.

Financial Penalty Imposed

MRPL faces a financial penalty due to non-compliance concerning the composition of its board. The penalties stem from notices received from both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

Details of the Fine

For the quarter ending September 30, 2025, the company has been fined Rs. 5,42,800 by each of the exchanges (BSE and NSE). The reason for this penalty is related to the composition of MRPL’s board of directors.

Company’s Response

MRPL has formally requested a waiver of these fines. The company’s appeal is based on its status as a Central Public Sector Enterprise (CPSE), where the nomination of directors is managed by the Government of India.

Source: BSE

Hindustan Copper Limited (HCL) announces that Shri Ramanand Adhikari, a senior management figure, will cease to be the General Manager (Chemical) upon reaching superannuation on November 30, 2025. This transition marks a change in the company’s leadership structure. The information is being disclosed as per company policy and regulatory requirements.

Management Change

Hindustan Copper Limited (HCL) has announced an upcoming change in its senior management team. Shri Ramanand Adhikari, currently serving as General Manager (Chemical), will cease to hold this position effective November 30, 2025, due to superannuation.

Effective Date

The change will take effect on November 30, 2025, marking the end of Shri Ramanand Adhikari’s tenure in the role of General Manager (Chemical) at Hindustan Copper Limited (HCL).

Source: BSE