Gujarat Industries Power Company has announced a key board appointment, naming Smt. Shalini Agarwal, IAS, as Additional Director (Nominee) of the company. The appointment was formalized during the 340th Board of Directors meeting held on 22nd April, 2026, following recommendations from the Nomination and Remuneration Committee.

Board Meeting Details and Regulatory Compliance

The board meeting commenced at 03:00 p.m. and concluded at 05:15 p.m. on 22nd April, 2026. The appointment was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has formally notified both BSE Ltd. and National Stock Exchange of India Ltd. about this appointment through official regulatory filings.

Director Profile and Background

Smt. Shalini Agarwal is a distinguished IAS officer from the 2005 batch, Gujarat cadre, known for her leadership in urban governance, revenue administration, and energy management. She has held various important positions in the Government of Gujarat throughout her career.

Her extensive experience includes:

• Early Career: Assistant Collector in Dahod District, Revenue Officer in Panchmahal, and Under Secretary in the General Administration Department
• Development Administration: District Development Officer in Tapi Vyara and Panchmahal
• District Leadership: District Collector in Tapi-Vyara, Kheda, Aravalli, and Vadodara
• Urban Governance: Municipal Commissioner in Vadodara and Surat, spearheading smart city planning, sanitation, and infrastructure modernization initiatives
• Fiscal Management: Additional Commissioner of Commercial Tax in the Finance Department

Current Responsibilities and Recognition

Currently, Smt. Agarwal serves as Managing Director of Gujarat Urja Vikas Nigam Limited (GUVNL) and Director of Gujarat Fibre Grid Network Limited, where she leads Gujarat's energy and digital infrastructure initiatives. Her role involves overseeing critical aspects of the state's power sector development and digital transformation.

Smt. Agarwal has been recognized for her innovative governance approach and has received awards for water conservation projects and sustainable urban development. She also holds multiple world records for impactful community-driven initiatives, demonstrating her commitment to public service and development.

Compliance and Independence Confirmation

The company has confirmed that Smt. Shalini Agarwal is not related to any of the existing Directors of the company and is not debarred from holding the Office of Director by virtue of any SEBI order or any other authority. This appointment strengthens the board's expertise in energy sector management and governance, aligning with the company's strategic focus on power generation and infrastructure development.

Gujarat Industries Power Company Ltd has officially notified BSE that it does not fall under the purview of SEBI's Large Corporate framework for disclosure requirements. The communication, dated April 7, 2026, clarifies the company's position regarding compliance with SEBI Circular SEBI/HO/DDHS/P/CIR/2021/613.

SEBI Large Corporate Framework Criteria

The SEBI circular establishes three specific criteria for applicability of the Large Corporate framework to listed entities as of the last day of the financial year. All three conditions must be met simultaneously for the framework to apply:

Credit Rating Assessment

The company's assessment reveals that while it may meet other criteria, its credit rating falls short of the mandatory threshold. As of March 31, 2026, Gujarat Industries Power Company Ltd holds a CARE AA- (Double A minus) credit rating for its long-term borrowing, which is below the required AA (Double A) rating specified in clause 1.2(c) of the SEBI circular.

The circular specifically states that where an issuer has multiple ratings from multiple rating agencies, the highest of such rating shall be considered for the purpose of applicability of this framework. However, even with this provision, the company's rating remains insufficient.

Compliance Status and Corporate Governance

Due to the credit rating shortfall, the company is not obligated to make Initial and Annual Disclosures as a Large Corporate to stock exchanges. The official communication demonstrates proper corporate governance protocols, with dual authorization from key executives:

Gujarat Industries Power Company Ltd has committed to regularly review provisions of the SEBI circular, monitor changes in its compliance status, and submit required disclosures when the framework becomes applicable. The company maintains its registered office at P.O. Ranoli – 391 350, Dist. Vadodara, Gujarat, and operates under CIN: L99999GJ1985PLC00786.