Shri Ramesh Patlya Mawaskar has ceased to be a Part-time Non-Official Independent Director on the Board of Bharat Heavy Electricals Limited upon completion of his tenure on June 1, 2026. The change in the board composition was communicated to the stock exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The filing confirmed that the director's association with the company concluded on the specified date. No additional details regarding the succession plan or the appointment of a new director were provided in the regulatory disclosure.

Bharat Heavy Electricals Limited has been fined ₹5,49,880 each by BSE Limited and National Stock Exchange of India Ltd. for non-compliance with board composition requirements for the quarter ending March 31, 2026. The penalties, inclusive of GST, were imposed following notices dated May 27, 2026, under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The fines stem from lapses in adhering to specific clauses of Regulation 17, 18, and 19 regarding the structure of the Board and its key committees.

Non-compliance details

As on March 31, 2026, the company failed to meet the requirements of Regulation 17(1) as the number of Independent Directors (IDs) was less than 50% of the actual strength of the Board. This included the requirement of having at least one independent woman director. While the Audit Committee and Nomination and Remuneration Committee (NRC) were compliant until March 27, 2026, the completion of the tenure of two Independent Directors on that date left only one ID on the Board. This resulted in a breach of composition norms for the Audit Committee under Regulation 18(1) and the NRC under Regulation 19(1) effective March 28, 2026.

Regulatory response and waiver proposal

In response to the penalties, Bharat Heavy Electricals indicated that it proposes to seek a waiver of the fines levied by the stock exchanges. The company referenced the provisions of the SOP Circular issued by the exchanges in this regard. Management highlighted that as a Government Company, the appointment of Directors, including Independent Directors, is conducted by the Government of India. The firm stated it is regularly pursuing the matter with the government to secure the appointment of the requisite number of Independent Directors to ensure future compliance with the regulations.