Ircon International plans to challenge a ₹147.14 crore arbitration award declared against it by AFCON in the High Court of Delhi. The award relates to a dispute over work package T-74R-A, where the claim value stood at ₹359.72 crore.

The dispute was initially raised by AFCON on February 22, 2023, and reported to stock exchanges on August 14, 2023. On June 29, 2026, the Majority Tribunal declared an award of ₹147,14,48,522 against the total claim. Subsequently, on September 23, 2026, the Minority Tribunal issued a dissenting opinion, awarding ₹23,64,20,885 against the same claim value.

Arbitration Outcome Details

The arbitration process is now complete, with significant divergence between the majority and minority tribunal opinions regarding the payable amount.

Regulatory Disclosure and Next Steps

The company disclosed this development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Ircon stated it will challenge the award before the High Court of Delhi in accordance with the law. No settlement terms or financial impact details were provided in the immediate disclosure, as the matter proceeds to litigation.

What the Numbers Show

The Majority Tribunal awarded approximately 41% of the total claimed amount (₹147.14 crore out of ₹359.72 crore), while the Minority Tribunal awarded only about 6.6% (₹23.64 crore). This stark difference highlights the contested nature of the liability assessment within the arbitration panel itself.

Ircon International Limited has commenced the electronic dispatch of its Annual Report for FY26 and the Notice for its 50th Annual General Meeting. The Navratna company issued the intimation on September 1, 2026, pursuant to SEBI (LODR) Regulations, 2015.

The documents are available on the company’s website under the Investors Relations section. Shareholders without registered email addresses will receive a letter with weblinks to access the report and notice.

Key Dates and Timelines

Dividend Details

The record date for the final dividend for FY26 is fixed for September 17, 2026. If declared at the AGM, the dividend payment will commence on or after Monday, October 12, 2026.

The Board of Directors has recommended a final dividend of ₹0.70 per share on the face value of ₹2 each, amounting to ₹65.84 crore. This is subject to shareholder approval at the AGM. Additionally, shareholders will confirm the payment of an interim dividend of ₹1.20 per share (₹112.86 crore), which was declared earlier and paid from February 25, 2026.

Board Appointments and Re-appointments

The AGM agenda includes several key board-level resolutions:

• Re-appointment of Smt. Ragini Advani: Director (Finance) who retires by rotation and offers herself for re-appointment.
• Appointment of Shri Rajesh Naik: As Director (Projects), liable to retire by rotation. He was appointed as an Additional Director effective February 13, 2026.
• Appointment of Shri Saleem Ahmad: As Chairman and Managing Director (additional charge), liable to retire by rotation. He assumed charge effective July 1, 2026, for a period of one year or until further orders.
• Appointment of Smt. Suman Bala: As Independent (Part-time Non-Official) Director, not liable to retire by rotation, for a term of three years.

Auditor Remuneration

Shareholders will authorize the Board to fix the remuneration of Statutory Auditors for FY27, appointed by the Comptroller and Auditor General of India (C&AG). The notice also seeks ratification of the remuneration for Cost Auditors, M/s Bandyopadhyaya Bhaumik & Co., set at ₹82,500 plus GST and actual out-of-pocket expenses for FY27.

Meeting Logistics

The AGM will be conducted through Video Conferencing or Other Audio Visual Means. The physical address of C-4, District Centre, Saket, New Delhi-110017, serves as the deemed venue for the meeting.