Rail Vikas Nigam has notified the National Stock Exchange of India Ltd. and BSE Ltd. that Shri A. K. Khandelwal ceases to be a director on its Board effective November 1, 2023. The change in directorate stems from his promotion to General Manager at East Central Railway, issued via Railway Board office order dated October 30, 2023. This regulatory disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, updates the composition of the Board following the departure of the Government Nominee Director.

The notification was signed by Kalpana Dubey, Company Secretary and Compliance Officer of Rail Vikas Nigam Limited, on November 1, 2023. The company stated that the Railway Board order was received on November 1, 2023, triggering the immediate cessation of Khandelwal’s tenure. As Principal Executive Director (GS) at the Railway Board and Government Nominee Director on the Rail Vikas Nigam Limited Board, Khandelwal’s exit marks a routine administrative change in the public sector undertaking’s leadership structure.

Updated Board Composition

With the departure of Shri A. K. Khandelwal, the Board of Directors now comprises eight members. The updated list reflects the current designation and roles of the remaining directors as on November 1, 2023.

The Board retains its full complement of executive and non-executive members, with Mr. Pradeep Gaur continuing as Chairman and Managing Director. The remaining directors cover key functional areas including projects, operations, finance, and personnel, ensuring continuity in governance and operational oversight during the transition period.

Regulatory Compliance and Governance Implications

The disclosure adheres strictly to Regulation 30 of the SEBI (LODR) Regulations, 2015, which mandates timely reporting of changes in board composition. The prompt notification on November 1, 2023, demonstrates compliance with listing obligations. For investors, the departure of a government nominee director is a standard procedural event in public sector undertakings, typically driven by internal promotions or transfers within the parent ministry. The promotion of Shri A. K. Khandelwal to General Manager at East Central Railway indicates career progression within the Indian Railways hierarchy rather than any adverse governance issue. The Board remains fully constituted with no vacancies requiring immediate filling, allowing Rail Vikas Nigam Limited to maintain stable strategic direction and operational execution without disruption.

Rail Vikas Nigam will host an investor conference call on Friday, November 10, 2023, at 12:00 PM IST to discuss its financial performance for the second quarter of FY24. The management team will address analysts and investors regarding the results for the quarter ended September 30, 2023. This disclosure is made pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The call aims to provide clarity on the company's operational and financial metrics for the period. Management representatives include Pradeep Gaur, Chairman and Managing Director; Rajesh Prasad, Director (Operations); and Sanjeeb Kumar, Director (Finance) & CFO. Investors can access the call via dial-in numbers or through a DiamondPass™ link provided by IDBI Capital Markets and Securities.

Conference Call Details

The event is organized in collaboration with IDBI Capital Markets and Securities. Participants can join using the following contact information:

International Access Numbers

Investors outside India can use the toll-free numbers listed below:

For further inquiries, Vishal Periwal, Head Research (Institutional) & Analyst at IDBI Capital Markets and Securities Ltd, can be contacted via email. The transcript of the conference call will subsequently be hosted on the Rail Vikas Nigam Limited website.