IRCON International has been fined ₹9,77,040 each by the National Stock Exchange of India Limited (NSE) and BSE Limited for non-compliance related to the composition of its Board and committees for the quarter ended September 30, 2025. The Company has clarified that as a government entity, the appointment of directors rests with the Government of India. IRCON is seeking resolution with the Ministry of Railways.
Exchange Fine for Composition Issues
IRCON International has received fines from both the National Stock Exchange of India Limited (NSE) and BSE Limited. The fines, amounting to ₹9,77,040 each (including GST), are a result of non-compliance with regulations regarding the composition of the Board and its committees for the quarter ending September 30, 2025 (Q2).
Company Clarification
The Company has stated that it is a government company, and the appointment of Directors, including Independent Directors and Woman Directors, is the responsibility of the Government of India through the Ministry of Railways (MoR). IRCON has no direct control over these appointments.
IRCON has been continuously requesting the MoR to appoint the required number of Independent Directors, including a Woman Independent Director, to the Board. The company considers this matter a “contingent liability.”
Potential Waiver
The Company hopes to have the fines waived once the required number of Independent Directors are appointed. IRCON notes that similar fines have been waived in the past upon achieving compliance.
Source: BSE
