Ircon International has formally addressed concerns regarding non-compliance with board composition norms for the quarter ended December 31, 2025. The company maintains that as a government entity, appointments remain under the purview of the Ministry of Railways. Additionally, the company has announced the formal designation of Shri Rajesh Naik as Key Managerial Personnel (KMP) in his capacity as Director (Projects).
Clarification Regarding Regulatory Compliance
Following correspondence from stock exchanges regarding non-compliance with board and committee composition requirements for the third quarter (Oct-Dec) of 2025, Ircon International’s Board of Directors has reviewed the situation. The company has clarified that it is a Government of India enterprise where the power to appoint directors, including independent and woman directors, rests solely with the government via the Ministry of Railways.
The company continues to actively engage with the ministry to ensure all requisite appointments are made to maintain full compliance. Consequently, the board has noted that the fines levied for these composition gaps are considered unreasonable and inapplicable given the company’s dependency on government nomination processes.
Appointment of Key Managerial Personnel
In a separate board action, Shri Rajesh Naik has been designated as Key Managerial Personnel (KMP) of the company. His term is effective from February 13, 2026, continuing until his superannuation on May 31, 2030, or until further notice.
Profile of Director (Projects)
Shri Rajesh Naik brings over 32 years of professional experience to the leadership team, including 12 years of international exposure across regions such as Oman, Bangladesh, and Guyana. He holds a Bachelor’s degree in Civil Engineering and is a certified professional in Advanced Project Management and Contractual Dispute Resolution.
Throughout his career, Shri Naik has held pivotal roles at various infrastructure organizations, including RITES Ltd. and Konkan Railway Corporation Ltd. His leadership focuses on leveraging Artificial Intelligence, adopting global best practices, and positioning the company as a one-stop provider of comprehensive engineering solutions.
Source: BSE
