India Power Corp accepts Naveen Prakash resignation as director
India Power Corporation Limited has accepted Naveen Prakash's resignation as Independent Director effective July 31, 2026, due to his new role as Chairman of the 7th State Pay Commission. The disclosure was made under SEBI Listing Regulations while the company remains under CIRP proceedings initiated by NCLT Hyderabad in May 2026.
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India Power Corporation Limited ( dpsc ) has accepted the resignation of Naveen Prakash as an Independent Director, effective from the close of business hours on July 31, 2026. The departure follows Prakash’s appointment as Chairman of the 7th State Pay Commission by the Government of West Bengal, a role that imposes significant time constraints and commitments incompatible with his board duties.
The company disclosed the change pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, along with Part A of Schedule III and SEBI master circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The intimation was filed with the National Stock Exchange of India Ltd. and the Metropolitan Stock Exchange of India Ltd. on August 1, 2026.
Prakash tendered his resignation via email on August 1, 2026, citing personal and professional commitments arising from his new government role. In a letter dated July 31, 2026, addressed to Interim Resolution Professional (IRP) Ms. Sreenivasa Mano Ranjani, he stated that he would not be able to do justice to his responsibilities at India Power Corporation Limited due to the increased demands of the Pay Commission position.
The company confirmed that there are no other material reasons for the resignation beyond those explicitly stated in Prakash’s resignation letter. He holds DIN 00059549 and had no other listed entity directorships or board committee memberships requiring disclosure at the time of his exit.
This leadership change occurs while India Power Corporation Limited remains under Corporate Insolvency Resolution Process (CIRP). The Hon’ble National Company Law Tribunal, Hyderabad Bench-I, admitted the petition for CIRP initiation on May 15, 2026, and appointed Ms. Sreenivasa Mano Ranjani as the IRP. Dhananjay Karmakar, Company Secretary & Compliance Officer, issued the disclosure under the authority of the IRP.
Key Details of Resignation
| Particulars | Details |
|---|---|
| Resigning Director | Naveen Prakash |
| Designation | Non-Executive Independent Director |
| Effective Date | July 31, 2026 |
| Reason | Appointment as Chairman, 7th State Pay Commission |
| Other Material Reasons | None |
Governance Context
The resignation is processed under the oversight of the Interim Resolution Professional, reflecting the ongoing insolvency proceedings. The Board’s composition adjustments during CIRP are critical for maintaining regulatory compliance and facilitating resolution efforts. Prakash thanked the Chairperson, fellow Board members, and management for their cooperation during his tenure.
Historical Stock Returns for DPSC
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.94% | +1.94% | -0.81% | -16.38% | -42.08% | -54.77% |
How will the departure of an independent director impact the board's quorum and decision-making capacity during the ongoing CIRP proceedings?
What is the timeline for appointing a replacement independent director, and will the IRP prioritize this to maintain regulatory compliance?
Could Naveen Prakash's new role with the West Bengal State Pay Commission influence the resolution plan for India Power Corporation Limited given his government connections?
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