Indian Railway Finance Corporation Ltd was fined ₹13.72 lakh each by the Bombay Stock Exchange and the National Stock Exchange for non-compliance with board composition regulations.

Indian Railway Finance Corporation Ltd disclosed the penalties on August 26, 2026, under Regulation 30 of the SEBI (LODR) Regulations, 2015. The fines relate to violations observed during the quarter ended June 30, 2026.

Regulatory Violations

The exchanges cited breaches of Regulations 17(1), 17(2A), 18(1), 19(1)/19(2), 20(2)/(2A), and 21(2). These rules govern:

• Composition of the Board
• Quorum of Board meetings
• Constitution of statutory committees including Audit, Nomination and Remuneration, Stakeholder Relationship, and Risk Management

The company stated that the penalties have no impact on its financial or operational activities.

Government Appointment Process

As a Government of India Enterprise, IRFC noted that the power to appoint directors rests with the President of India through the Ministry of Railways. The company confirmed it has no control over these appointments but has repeatedly requested the ministry to appoint the requisite number of independent directors, including a woman independent director, to ensure compliance with SEBI listing regulations and DPE guidelines.

Waiver Request

IRFC highlighted that BSE and NSE had previously waived similar fines for periods between March 2021 and December 2025. Consequently, the company has requested both exchanges to waive the current fines levied under the SEBI Standard Operating Procedure circular.

Indian Railway Finance Corporation Limited ( Indian Railway Finance Corporation Limited ) has declared the voting results for its 39th Annual General Meeting held on August 25, 2026. All resolutions presented to shareholders were approved with the requisite majority.

The meeting was conducted through Video Conferencing or Other Audio Visual Means in compliance with the Companies Act, 2013, and SEBI Listing Regulations. The quorum was present throughout the proceedings.

Key Highlights from Chairman's Address

Manoj Kumar Dubey, Chairman and Managing Director, presented the company's operational and financial achievements for FY26. He emphasized that the company achieved its highest-ever levels across several key metrics during the year.

Dubey noted that these achievements were supported by strong financial fundamentals and business diversification initiatives. He outlined the strategic roadmap for future growth prospects.

Governance and Resolutions

Shareholders approved several ordinary resolutions during the meeting. These included the adoption of audited financial statements for the financial year ended March 31, 2026. The Board also confirmed the payment of first and second interim dividends paid during FY26.

Ms. Laya Madduri was re-appointed as a Nominee Director. Additionally, Dr. Ranjay Choudhary was appointed as Director (Finance) on the Board. All resolutions were passed via electronic voting.

Voting Results

The consolidated scrutinizer report submitted by Parul Jain of VAP & Associates confirmed that all resolutions were duly approved. The voting process involved remote e-voting and e-voting at the AGM.

Meeting Proceedings

Ranjay Choudhary, Director (Finance), extended the vote of thanks. Ten registered speaker shareholders raised questions during the session. The management noted these queries for email responses, while prior email queries had already been addressed.

Vijay Babulal Shirode, Company Secretary, confirmed that e-voting remained open for 15 minutes post-meeting. The consolidated voting report will be submitted to stock exchanges within two working days.