Indian Railway Finance Corporation Limited has re-appointed Pradeep Ahlawat and Manjula Mishra as non-official independent directors on its board. The confirmation followed a Board of Directors meeting held on August 25, 2026.

The directors were initially appointed as additional directors effective August 20, 2026, pursuant to Ministry of Railways order No. 2026/PL/57/16 dated August 13, 2026. The Board confirmed their reappointment for the term up to the next Annual General Meeting, in compliance with Regulation 30 and 51 read with Schedule III of the SEBI (LODR) Regulations, 2015.

Appointment Details

The reappointment formalizes the tenure of both directors, who hold no equity shares in IRFC and are unrelated to any existing director or key managerial personnel. Key details are outlined below:

Profile of New Directors

Pradeep Ahlawat brings diverse educational and professional experience to the board. He holds a Bachelor of Arts degree from Punjab University Chandigarh, a Masters of Accounting from Central Queensland University Australia, and a Masters Diploma in Human Rights, Humanitarian Law and Refugee Law from ISIL New Delhi. He also possesses training in broadcast journalism from ISOMES Noida. Professionally, he has experience in business management and corporate affairs, having served as a Director at Plutus Business Management Private Limited. His expertise spans finance, human rights, public service, and media.

Manjula Mishra is an MBA in Marketing with over 20 years of experience in business management, development, and strategic planning. She is an accomplished MSME entrepreneur and serves as the Promoter-Director of Holosafe Security Labels Pvt. Ltd. and Whole-time Director of Holosafe Packaging Solutions Pvt. Ltd. Previously, she served as a Member of the National Board of MSME during 2014-19. Her expertise includes corporate governance, digital transformation, and security solutions in manufacturing and packaging industries.

Indian Railway Finance Corporation Ltd received a show cause notice from the GST Authority demanding ₹549.32 crore. The notice, issued under Section 73 of the Central Goods and Services Tax Act, 2017, cites excess input tax credit claims for FY23.

Indian Railway Finance Corporation Ltd disclosed the receipt of the notice on August 24, 2026, pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The Assistant Commissioner of State Tax, Delhi Zonal Unit, issued the communication via email.

Notice Details

The authority identified a discrepancy in input tax credit reconciliation for the period April 2022 to March 2023. The breakdown of the demand is as follows:

The core issue relates to an excess input tax credit claim of ₹305.38 crore due to non-reconciliation of information. When combined with applicable interest and penalties, the total liability cited in the notice rises to ₹549.32 crore.

Company Response

IRFC stated there is no immediate financial impact at this stage. The company is evaluating the notice with its tax advisors and plans to file a detailed reply within prescribed timelines. It intends to pursue all available legal remedies.

No penalty, restriction, or sanction has been imposed as of the date of disclosure. The communication remains a preliminary show cause notice pending adjudication.