Tata Motors Passenger Vehicles Limited has announced an update to its credit ratings, following a review by Crisil Ratings Limited. The ratings for long-term bank facilities and certain non-convertible debentures have been reaffirmed at AA+/Stable. Ratings for some other debentures were withdrawn following their transfer to Tata Motors Limited. The rating for short-term bank facilities and commercial papers is reaffirmed at A1+.

Credit Rating Reaffirmation

Tata Motors Passenger Vehicles Limited (formerly Tata Motors Limited) has received updated credit ratings from Crisil Ratings Limited, as of November 27, 2025. Several ratings have been reaffirmed, providing insight into the company’s financial stability.

Ratings Details

The following ratings have been reaffirmed:

Long-Term Bank Facilities and loan: AA+/ Stable (Reaffirm)

Non-Convertible Debentures:

• INE155A08431: AA+/ Stable (Reaffirm)
• INE155A08456: AA+/ Stable (Reaffirm)
• INE155A08472: AA+/ Stable (Reaffirm)
• INE155A08480: AA+/ Stable (Reaffirm)

Short-Term Bank Facilities and Commercial Papers: A1+ (Reaffirm)

Debenture Rating Withdrawals

Ratings for the following Non-Convertible Debentures have been withdrawn:

• INE155A08407: Withdrawn*
• INE155A08415: Withdrawn*
• INE155A08423: Withdrawn*
• INE155A08449: Withdrawn*
• INE155A08464: Withdrawn*

These Non-Convertible Debentures were transferred to Tata Motors Limited (Formerly TML Commercial Vehicles Limited) pursuant to a Composite Scheme of Arrangement.

Source: BSE

Mr. Vibhash Naik, Chief Human Resource Officer (CHRO) of HDFC Life Insurance Company Limited, will be transitioning to the role of CHRO at HDFC Bank Limited. His resignation from HDFC Life has been accepted, effective November 28, 2025. The company has initiated its succession planning process and is evaluating suitable alternatives to ensure a smooth transition.

Senior Management Change

Vibhash Naik, the Chief Human Resource Officer (CHRO) at HDFC Life Insurance Company Limited, is set to take on a new role as the CHRO of HDFC Bank Limited. This transition is due to a transfer of his employment to the bank.

Resignation and Acceptance

Mr. Naik tendered his resignation from his position at HDFC Life, which was accepted by the Company on November 28, 2025.

Company’s Response

HDFC Life acknowledges Mr. Naik’s dedicated service and expresses its sincere appreciation for his contributions during his tenure.

Succession Planning

The Company has commenced its succession planning process to find a suitable replacement. It is currently evaluating various alternatives to ensure a smooth transition. Further updates will be communicated in accordance with regulatory requirements.

Transition Details

Mr. Naik’s last day with HDFC Life is expected to be on January 30, 2026, or earlier, subject to mutual agreement.

Source: BSE

The Shipping Corporation of India Ltd. (SCI) has been penalized by both BSE Limited and the National Stock Exchange of India Limited due to non-compliance with regulations regarding the composition of its Board of Directors. The total fine levied by each exchange amounts to ₹5,42,800, inclusive of 18% GST. SCI is taking steps to rectify the situation by coordinating with the appropriate authorities to appoint the required number of directors.

Financial Penalties Incurred

The Shipping Corporation of India (SCI) has received notices from both the BSE Limited and the National Stock Exchange of India Limited concerning non-compliance with regulations governing the composition of the Board of Directors. Each exchange has imposed a fine of ₹5,42,800, which includes 18% GST. This results in a total expense of ₹10,85,600 for the company.

Reason for Penalties

The fines are related to non-compliance with specific stipulations regarding the composition of the Board, specifically pertaining to Regulation 17(1) of SEBI Listing Regulations concerning the board’s composition. SCI is actively working to address these deficiencies.

Company’s Response

As a Navratna Public Sector Undertaking (PSU), SCI is actively coordinating with the Competent Authority to appoint the required number of Independent Directors, including an Independent Women Director. The company is submitting formal requests to both stock exchanges, demonstrating its commitment to resolving the compliance issue. It is expected the process to address the issue will soon be completed.

Impact Assessment

SCI has stated that the financial impact of these penalties is not expected to be significantly material to its overall financial operations.

Date of Occurrence

The penalties were incurred on November 28, 2025, with the BSE notice received at 14:12 hours IST and the NSE notice received at 18:33 hours IST.

Source: BSE

HDFC Bank has announced the appointment of Mr. Vibhash Naik as the new Chief Human Resource Officer (CHRO), effective February 1, 2026. Mr. Naik will also be a Senior Management Personnel of the Bank. The decision was based on the recommendations of the Governance, Nomination and Remuneration Committee and approved by the Board of Directors on November 28, 2025.

Appointment of New CHRO

HDFC Bank has appointed Mr. Vibhash Naik as the Chief Human Resource Officer (CHRO), effective February 1, 2026. This appointment follows recommendations from the Governance, Nomination, and Remuneration Committee. Mr. Naik will also serve as a Senior Management Personnel of the Bank.

Vibhash Naik’s Background

Prior to joining HDFC Bank, Mr. Vibhash Naik was the Chief Human Resources Officer at HDFC Life Insurance Company Limited (HDFC Life). During his 14-year tenure with HDFC Life, he focused on creating technology-enabled people ecosystems to enhance employee experience and streamline processes.

Mr. Naik has over 25 years of experience in Talent Management, Organization Development, Performance Management, HR Technology, and Rewards. He has also held roles at Lehman Brothers, Religare Macquarie Wealth Management, Tata Interactive, and Atos Origin.

Effective Date and Previous Role

The appointment is effective from February 1, 2026. Before this role, Mr. Naik oversaw Human Resources, Learning and Development, and Corporate Administration at HDFC Life. He holds a Master’s degree in Labour Studies from the University of Mumbai.

Source: BSE

The National Stock Exchange (NSE) has levied a fine of ₹9,77,040 (inclusive of GST) on Rail Vikas Nigam Limited (RVNL). The fine is due to non-compliance with regulations regarding the composition of the Board and its committees for the quarter ended September 30, 2025. RVNL has clarified it is a government company, and director appointments are made by the President of India.

NSE Fine Imposed

Rail Vikas Nigam Limited (RVNL) has received a fine from the National Stock Exchange (NSE) amounting to ₹9,77,040, inclusive of Goods and Services Tax (GST). The NSE communicated this decision via letter number NSE/LIST/C/2025/1268, dated November 28, 2025.

Reason for the Fine

The penalty was imposed due to non-compliance with specific regulations. These included Regulation 17(1), 18(1), and 19(1)(2), related to the composition of RVNL’s Board and its various committees. The period of non-compliance pertains to the quarter ending September 30, 2025.

Company Clarification

RVNL, in its letter dated November 12, 2025, clarified to the NSE that it is a Government company. As such, the power to appoint Directors, including Independent and Woman Independent Directors, rests with the President of India. The appointments are facilitated through the Ministry of Railways (MoR). RVNL has no direct influence on these appointments.

Impact Assessment

RVNL states that the imposition of this fine is not expected to have any financial or operational impact on the activities of the company.

Source: BSE

RailTel has been fined by both the National Stock Exchange (NSE) and the BSE for non-compliance regarding the composition of its board for the quarter ended September 30, 2025. The fine amounts to ₹5,42,800 each, inclusive of GST. The company stated that the non-compliance is beyond its control as director appointments are made by the Government of India through the Ministry of Railways.

Fines Imposed for Non-Compliance

RailTel has received fines from the National Stock Exchange (NSE) and BSE due to non-compliance with regulations concerning the composition of the Board. The fines, amounting to ₹5,42,800 each (including GST), were imposed for the quarter ending September 30, 2025.

Reason for Non-Compliance

The company clarified that the non-compliance relates to Regulation 17(1) of the SEBI LODR, concerning the composition of the Board. RailTel emphasized that as a Government Company, the appointment of Directors, including Independent Directors, rests with the President of India, acting through the Ministry of Railways (MoR). The company asserts it has limited control over these appointments and has made repeated requests to the MoR to appoint the required number of directors.

Company’s Position

RailTel maintains that the non-compliance is beyond its control and is actively engaging with the Ministry of Railways to address the board composition requirements.

Source: BSE

RailTel Corporation of India has announced the appointment of Ms. Sarika Aggarwal Synrem as the new Chief Vigilance Officer (CVO). The appointment is effective from November 21, 2025, and is for an initial term of three years. Ms. Synrem brings over two decades of experience in finance, governance, and administration to the role.

New CVO Appointment

Ms. Sarika Aggarwal Synrem has been appointed as the Chief Vigilance Officer (CVO) of RailTel Corporation of India Ltd. The appointment follows a Ministry of Railway order and is effective from November 21, 2025 (FN).

Terms of Appointment

Ms. Synrem’s tenure as CVO will be for an initial period of three years from the date of assuming charge, or until further notice. She is now considered part of the Senior Management Personnel of the Company.

Professional Background

Ms. Synrem, an Indian Defence Accounts Service officer from the 2001 batch, has over two decades of experience in defence finance, governance, and administration. Her experience includes roles such as Integrated Financial Adviser in the Indian Army and Air Force, Commissioner & Secretary in Meghalaya departments, and Director at the Meghalaya Administrative Training Institute.

Source: BSE

Tata Technologies has appointed Uttam Gujrati as its new Chief Financial Officer (CFO), effective December 31, 2025. He succeeds Savitha Balachandran, who is resigning to pursue other opportunities. Gujrati brings over 20 years of experience in strategic finance and business transformation, and most recently led global business finance and strategy at Tata Technologies.

CFO Appointment

Uttam Gujrati has been appointed as the new Chief Financial Officer (CFO) of Tata Technologies, effective December 31, 2025. This announcement was made on November 28, 2025. The company highlighted his extensive experience in strategic finance, mergers & acquisitions (M&A), and business transformation across global engineering and technology services.

Leadership Transition

The outgoing CFO, Savitha Balachandran, has resigned from her position to explore opportunities outside of the Tata Group. Her resignation will be effective at the close of business hours on December 30, 2025. The Board of Directors has acknowledged and appreciated her contributions to the company during her tenure, particularly in strengthening financial governance and enhancing operational efficiency.

Gujrati’s Background

Mr. Gujrati has over 20 years of experience and was previously responsible for heading global business finance and strategy, and driving IPO readiness. He previously held CXO-level positions. Warren Harris, MD & CEO of Tata Technologies, expressed his confidence in Mr. Gujrati’s capabilities and acknowledged Savitha’s contributions.

Gujrati’s Expertise

Uttam Gujrati is recognized for his data-driven approach and growth-oriented operating style, and is seen as a strategic partner to CEOs and boards. He has experience in strategic finance, M&A, pricing, and business transformation. In his previous roles, he drove IPO readiness, pricing governance, digital finance modernization, and margin expansion.

Source: BSE

Tata Technologies has appointed Uttam Gujrati as its new Chief Financial Officer (CFO), effective December 31, 2025. He succeeds Savitha Balachandran, who has resigned to pursue other opportunities. Gujrati brings over 20 years of experience in strategic finance, M&A, and business transformation. The company acknowledges Balachandran’s contributions to strengthened financial governance and consistent growth during her tenure.

CFO Transition Announced

Tata Technologies has announced the appointment of Uttam Gujrati as the company’s new Chief Financial Officer (CFO), effective December 31, 2025. This follows the resignation of Savitha Balachandran, who served as CFO since 2020 and is now pursuing opportunities outside the Tata Group.

Uttam Gujrati’s Background

Uttam Gujrati brings to Tata Technologies over 20 years of experience in strategic finance, M&A, pricing, and business transformation across global engineering and technology services. He previously headed global business finance and strategy, driving IPO readiness, pricing governance, and digital finance modernization. He has also served in CXO-level roles, including as a Chief Financial Officer.

Recognition and Expertise

Gujrati has received multiple national awards for finance leadership excellence and is recognized for his data-driven, disciplined, and growth-oriented operating style.

Savitha Balachandran’s Contributions

The Board of Directors expressed their appreciation for Savitha Balachandran’s contributions during her tenure, during which the company strengthened its financial governance, enhanced operational efficiency, and delivered consistent growth across key markets.

Leadership Commentary

Warren Harris, MD & CEO of Tata Technologies, expressed his confidence in Uttam Gujrati’s abilities and acknowledged Savitha Balachandran’s exceptional leadership and support, including the crucial phase of the public issue of the company.

Source: BSE

Shri Vishwanath V Shenoy has completed his term of three years as a Shareholder’s Director at Bank of India, with his tenure officially ending on November 28, 2025. This announcement confirms the change in the board composition. No immediate replacement has been named in this disclosure.

Shareholder Director Transition

Bank of India announced that Shri Vishwanath V Shenoy has completed his three-year term as a Shareholder’s Director, effective November 28, 2025. The announcement confirms that he demitted office on the same day.

Impact on the Board

With Shri Vishwanath V Shenoy’s departure, there is a change in the composition of Bank of India’s board of directors. Further announcements will be made as necessary regarding any potential replacements or changes in board structure.

Source: BSE