Indian Railway Catering & Tourism Corporation Ltd announced that Sh. Sandip Trivedi has ceased to be a Senior Management Personnel with effect from August 31, 2026.

The departure follows his superannuation. Mr. Trivedi served as Group General Manager/HRD, a position one level below the Board.

Regulatory Disclosure

The company issued the intimation pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was made through BSE Limited and the National Stock Exchange of India Limited.

Suman Kalra, Company Secretary & Compliance Officer, signed the disclosure.

Indian Railway Catering & Tourism Corporation Ltd ( IRCTC ) has been penalised ₹10,23,060 each by the Bombay Stock Exchange and the National Stock Exchange for failing to maintain compliant board composition during the quarter ended June 30, 2026.

The penalties stem from non-compliance with Regulations 17(1), 18(1), 19(1)/(2), 20(2)/(2A), and 21(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The exchanges issued notices via email on August 25, 2026, citing deficiencies in the composition of the Board of Directors and its committees.

Regulatory Context

The company disclosed the event under Regulation 30 of the SEBI (LODR) Regulations, 2015. The non-compliance period covers the quarter ending June 30, 2026. IRCTC noted that as a Government of India enterprise, the power to appoint directors, including independent directors, vests with the President of India through the Ministry of Railways.

The company stated it is following up with the Ministry of Railways for the appointment of the requisite number of independent directors, including a woman independent director. IRCTC highlighted that similar letters have been received in the past, with waivers granted by exchanges after compliance was achieved.

Financial Impact Assessment

IRCTC confirmed that the imposed fines have no impact on its financial, operational, or other activities. The total penalty outflow is minimal relative to the company’s scale, suggesting no material strain on liquidity or profitability metrics.

What the Numbers Show

The disclosure reveals a structural dependency rather than an operational failure. The non-compliance arises from statutory appointment processes controlled by the government, not internal governance lapses. The company’s assertion of no financial impact aligns with the relatively small absolute value of the fines compared to typical corporate revenues in this sector.