Shri M Venkatachalam has ceased to hold the office of Director (Power) at NLC India Limited upon attaining the age of superannuation on May 31, 2026. The change in leadership comes as the company, a 'Navratna' Government of India Enterprise, continues its operations in the power sector. Venkatachalam was relieved from his duties on May 30, 2026, as May 31 fell on a Sunday.

The Ministry of Coal, the Administrative Ministry, has entrusted the additional charge of the post of Director (Power) to Shri Rajesh Pratap Singh Sisodia, who is currently the Director (Planning & Projects). This assignment is for an initial period of three months effective June 1, 2026, or until the appointment of a regular incumbent or until further orders, whichever is the earliest.

Details of the Change

The disclosure was made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company submitted the information to the National Stock Exchange of India Ltd and BSE Ltd, referencing the SEBI circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

The brief profile and disclosure of relationships between directors were marked as not applicable (NA) in the regulatory filing. The communication was signed by Sushanta Kumar Panda, Company Secretary & Compliance Officer of NLC India Limited.

NLC India Limited was fined ₹5,68,760 each by the National Stock Exchange of India Limited (NSE) and BSE Limited for non-compliance with Board composition regulations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The exchanges imposed the penalties via email dated May 27, 2026, citing lapses in the composition of the Board of Directors and key committees. The total financial implication is limited to the fines, with no impact on the company's operations or other activities.

The non-compliance pertains to Regulation 17(1), 18(1), 19(1)/19(2), 20(2)/(2A) and 21(2) of SEBI LODR Regulations, 2015. These regulations govern the structure of the Board and its committees, including the Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, and Risk Management Committee. The specific failures include the absence of a Women Director and the requisite number of Independent Directors.

In response to the notices, NLC India submitted a letter to the exchanges on May 28, 2026, requesting a waiver of the fines. The company argued that as a Government Company, the power to appoint Directors vests with the President of India. It stated that the Ministry of Coal, the administrative ministry, is being periodically apprised regarding the requirement to appoint Independent Directors to comply with SEBI regulations.

The company clarified that the non-compliance was not attributable to any negligence or default on the part of the company or its management. The fines of ₹5,68,760 each include GST. NLC India Limited is a 'Navratna' Government of India Enterprise.

Details of Non-Compliance and Penalties