National Aluminium Company Limited has officially notified stock exchanges regarding the cessation of tenure of three Independent Directors, marking a significant change in the company's board composition. The intimation was made in compliance with regulatory requirements under SEBI listing regulations.

Directors Stepping Down

The company has informed that the following Independent Directors will cease to hold their positions effective from March 31, 2026:

All three directors are completing their tenure as Independent Directors of the company on the specified date.

Regulatory Compliance

The intimation was made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. This ensures full compliance with mandatory disclosure requirements for listed companies.

The notification was signed by Bharat Kumar Sahu (B. K. Sahu), Company Secretary & Compliance Officer (ACS: 9953), and was digitally signed on March 31, 2026. The communication was addressed to both BSE Limited and National Stock Exchange of India Ltd., where the company's shares are listed under scrip code 532234 and symbol NATIONALALUM respectively.

Company Information

National Aluminium Company Limited operates as a Government of India Enterprise with its registered and corporate office located at Nalco Bhawan, Nayapalli, Bhubaneswar. The company maintains its commitment to regulatory transparency through timely disclosures of material events and changes in board composition.

National Aluminium Company Limited has formally responded to regulatory fines imposed by stock exchanges for non-compliance with SEBI regulations. The company's Board of Directors addressed the penalty during their 365th meeting and submitted detailed explanations to both BSE and NSE regarding the compliance issue.

Fine Details and Regulatory Action

The exchanges imposed a fine structure based on non-compliance with SEBI LODR Regulation 17(1) for the quarter ended December 31, 2025:

Board Response and Justification

The Board of Directors convened their 365th meeting on March 6, 2026, to address the regulatory notices dated February 27, 2026. The company submitted its response on March 3, 2026, highlighting several key points:

• Government Control: NALCO operates as a Central Public Sector Enterprise where director appointments are vested with the President of India
• Limited Company Authority: The company lacks control over the appointment process for independent directors
• Compliance Efforts: Continuous engagement with the Administrative Ministry for expedited director appointments
• Waiver Request: Formal application submitted requesting penalty waiver based on circumstances beyond company control

Administrative Escalation

The company has escalated the matter through proper government channels:

Company's Position

National Aluminium Company emphasized that the appointment of independent directors remains beyond its direct control due to its public sector status. The company secretary B.K. Sahu signed the communication to exchanges, reiterating that all director appointments require government approval through established procedures.

The Board advised management to continue engaging with the Administrative Ministry to apprise them of the penalties and request priority consideration for independent director appointments to ensure compliance with both Companies Act 2013 and SEBI LODR Regulations 2015.

Regulatory Compliance Framework

The company maintains that it continuously pursues compliance with statutory requirements despite structural constraints inherent in government-controlled enterprises. The Board's response demonstrates ongoing efforts to balance regulatory obligations with operational realities of public sector governance structures.