Garden Reach Shipbuilders & Engineers Limited has appointed Dr. Vijay Namdeorao Zade as Part-Time Official Director on its Board, replacing Shri Dinesh Mahur, effective June 5, 2026. The nomination was made by the Ministry of Defence, Government of India, via its letter No. 8(29)/2026-D(Coord/DDP) dated June 5, 2026. Shri Dinesh Mahur has relinquished his position as Part-Time Official Director and Government Nominee Director with effect from the same date.

The company has received the Director Identification Number (DIN: 05142336) and a brief profile for Dr. Vijay Namdeorao Zade. These details were disclosed to the stock exchanges under Regulation 30 of the SEBI (LODR) Regulations, 2015. It was confirmed that the new director is not debarred from holding the office of director by SEBI or any other statutory authority.

Dr. Vijay N. Zade is a 2002 batch IAS officer of the Punjab cadre. He holds a Doctorate in Horticulture from the Indian Agricultural Research Institute, New Delhi, an MBA from Sikkim Manipal University, and an MSc in Public Management and Governance from the London School of Economics & Political Science. Prior to joining the IAS, he worked as a Junior Scientist at NRCG, Pune, and in the Indian Audit and Accounts Service.

He has extensive experience across various departments of the Government of Punjab, including Finance, Housing & Urban Development, and Health & Family Welfare. He also served in the Government of Maharashtra and the Union Territory of Chandigarh in roles such as Finance Secretary and Secretary for multiple departments including Engineering, Excise & Taxation, and Urban Planning. He has also served as Managing Director of state PSUs and on their boards.

Since May 2026, Dr. Zade has served as Joint Secretary (Naval Systems) in the Department of Defence Production (DDP), Ministry of Defence. In this role, he handles financial, administrative, and operational matters of Defence Public Sector Undertaking Shipyards, focusing on indigenisation of technologies and policy matters. He also manages international cooperation with SAARC, ASEAN, and East Asian countries to promote defence industrial collaboration. He has no inter-se relationship with other directors and does not hold any equity shares in the company.

Garden Reach Shipbuilders & Engineers Limited has been fined ₹9,55,800 by BSE Ltd for failing to comply with board composition requirements during the quarter ended 31 Mar 2026. The penalty, inclusive of GST, was levied due to the non-availability of the required Independent Directors, including a Woman Independent Director, and the non-constitution of the Audit Committee and Nomination and Remuneration Committee. The exchange cited violations under Regulation 17(1), 18(1), and 19(1)/19(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Garden Reach Shipbuilders & Engineers Limited submitted a response to BSE on 29 May 2026, explaining that it is a Central Public Sector Enterprise under the administrative control of the Ministry of Defence. The company stated that the President of India, acting through the Ministry of Defence, is the Promoter and that Directors are appointed via Presidential Orders. Consequently, the company argued that the non-compliance arose due to the non-appointment of Independent Directors by the Government of India, a matter beyond its control.

Details of Non-Compliance

The specific lapses identified by the exchange during Q4FY26 included the absence of mandated Independent Directors and the failure to constitute key committees required for corporate governance.

The company has formally requested that the fine be waived, asserting it should not be held liable for the delays in appointments. Garden Reach Shipbuilders & Engineers Limited confirmed it continues to actively pursue the matter with the Government of India through the Ministry of Defence to ensure the timely appointment of the requisite Independent Directors.