ObjectOne Information Systems has appointed Muttuluri Narsimhappa as an Additional Director (Non-Executive, Independent) to strengthen its board composition following the tenure completion of two existing independent directors. The Board of Directors approved the appointment during a meeting held on July 25, 2026, at the company’s registered office in Hyderabad. This move ensures continuity in governance as Jaya Prakash Narayana Valluru and Earneni Kavitha cease to hold office upon completing their statutory second and final terms.

The cessation of Valluru and Kavitha is effective from the close of business hours on July 30, 2026. The company confirmed that their departure is solely due to the completion of their terms and not due to resignation or any other reason. Concurrently, the Board reconstituted the Audit Committee, Nomination and Remuneration Committee, and Stakeholders' Relationship Committee to reflect these changes, with the new composition also effective from the close of business hours on July 30, 2026.

Muttuluri Narsimhappa, a retired Indian Revenue Service (IRS) officer with over three decades of experience in the Income Tax Department, joins the board as an Additional Director. His appointment is subject to shareholder approval via a Special Resolution at the ensuing Annual General Meeting. Upon approval, he will serve a first term of five consecutive years starting from July 25, 2026. As he has attained the age of 75 years, his appointment also requires specific shareholder approval under Regulation 17(1A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Nomination and Remuneration Committee recommended Narsimhappa’s appointment after verifying his integrity, expertise, and independence criteria under the Companies Act, 2013, and SEBI LODR Regulations. He holds a Master’s Degree in Economics from Sri Venkateswara University, Tirupati, and has previously served as Chief Commissioner of Income Tax and represented India at international forums. The Board confirmed that he is not debarred by SEBI or any other authority from holding directorship.

Board Committee Reconstitution

Following the transition, Mr. Ramesh Kode continues to chair the Audit Committee, Nomination and Remuneration Committee, and Stakeholders' Relationship Committee. Mrs. Himabindu Kantamneni serves as a member across all three committees. Mr. Muttuluri Narsimhappa is added as a member to each committee, replacing the outgoing directors.

Governance Implications

The appointment of a senior tax professional like Narsimhappa may enhance the company’s regulatory compliance capabilities, given his extensive background in public service and tax administration. The requirement for a Special Resolution for his permanent appointment, due to his age, underscores strict adherence to SEBI guidelines regarding senior independent directors. The seamless reconstitution of key board committees ensures no disruption in oversight functions during this leadership transition.

ObjectOne Information Systems reported two specific compliance deviations for the financial year ended March 31, 2026, in its Annual Secretarial Compliance Report submitted to BSE. The report, certified by Practicing Company Secretary Manish Kumar Singhania, highlighted a penalty imposed by the exchange regarding the tenure of a director and a delay in regulatory filing by the company's promoters.

The primary deviation involved Ramesh Kode, a Non-Executive Director who continued on the Board after attaining the age of 75 years without the required shareholder approval. BSE imposed a fine of ₹2,17,120 on the company for this violation of Regulation 17(1A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company stated that a special resolution was passed for Kode's appointment at the 29th Annual General Meeting held on September 30, 2025, and argued that it had complied with the regulation.

The second deviation concerned the late submission of a declaration under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The company received a notice from BSE for failing to submit the declaration from the promoters within the stipulated seven working days. The promoters eventually submitted the declaration on April 16, 2025, attributing the delay to constant travel and network issues in a remote area.

Compliance Status Overview

Despite these deviations, the report confirmed that the entity complied with the majority of SEBI regulations and circulars during the review period. The status included adherence to Secretarial Standards, maintenance of a functional website, and timely disclosures of events under Regulation 30.

The report also noted that no statutory auditors had resigned during the year, rendering several compliance requirements related to auditor resignation as not applicable. The company confirmed that it had preserved documents as per regulations and conducted performance evaluations for the Board and its committees.