MSTC Limited has announced the completion of tenure of Shri Ramesh Kumar Soni as Independent Director, marking a significant board-level change for the government enterprise. The company communicated this development to stock exchanges on 15th April, 2026, in compliance with regulatory disclosure requirements.

Director Tenure Completion Details

Shri Ramesh Kumar Soni's tenure as Non-Official Independent Director concluded on 14th April, 2026, with his cessation from the Board taking effect from 15th April, 2026. The director held the Director Identification Number (DIN) 09399355 during his tenure with the company.

Committee Leadership Changes

Following the completion of his directorship tenure, Soni also ceased to hold key committee positions within MSTC Limited's governance structure. His departure resulted in simultaneous changes across multiple board committees where he served as Chairman.

The affected committee positions include:

• Chairman of Audit Committee
• Chairman of Nomination and Remuneration Committee
• Chairman of Risk Management Committee
• Chairman of Corporate and Social Responsibility Committee

Regulatory Compliance

MSTC Limited made this disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company provided the required information as per SEBI Circular No. SEBI/HO/CFD/CFD-Pod-1/P/CIR/2023/123 dated 13th July, 2023.

The notification was sent to both major stock exchanges where the company is listed - BSE Limited and National Stock Exchange of India Limited. Company Secretary & Compliance Officer Ajay Kumar Rai signed the disclosure document on behalf of MSTC Limited.

About the Change

This board composition change represents a routine completion of directorship tenure rather than any resignation or removal. The transition reflects the natural conclusion of Soni's appointed term as Independent Director, maintaining the company's adherence to corporate governance norms and regulatory compliance requirements.

MSTC Limited has submitted a formal declaration to stock exchanges confirming that it does not qualify as a Large Corporate under the SEBI regulatory framework. The declaration was made pursuant to SEBI circular SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021, which establishes criteria for identifying large corporates in the Indian financial market.

Regulatory Compliance Declaration

The government enterprise communicated its status to both BSE Limited and National Stock Exchange of India Limited through a formal letter dated 9th April, 2026. The declaration was signed by Ajay Kumar Rai, Company Secretary & Compliance Officer, and Subrata Sarkar, Director (Finance) & CFO, ensuring proper authorization and compliance oversight.

Financial Position and Credit Rating

MSTC Limited provided detailed information about its financial standing as part of the declaration requirements:

The company reported nil outstanding borrowings as on 31st March 2026, which appears to be a key factor in its classification as a non-large corporate under the SEBI framework. The maintenance of an A1+ credit rating from Acuité Ratings & Research Limited demonstrates the company's strong creditworthiness despite not meeting the large corporate criteria.

SEBI Framework Implications

The SEBI circular SEBI/HO/DDHS/P/CIR/2021/613 establishes specific applicability criteria for determining large corporate status, which impacts various regulatory requirements and compliance obligations. Companies that do not meet these criteria, such as MSTC Limited, are required to make formal declarations to maintain transparency with stock exchanges and investors.

The declaration serves as an official record for both BSE (Scrip Code: 542597) and NSE (Scrip Code: MSTCLTD), ensuring that the company's regulatory status is clearly communicated to all stakeholders. This compliance measure helps maintain market transparency and ensures proper categorization of listed entities under the SEBI regulatory framework.