REC Limited has announced a key leadership appointment, designating Shri Mohan Lal Kumawat as Executive Director (Finance-Bonds) in a Key Managerial Personnel (KMP) position. The appointment, effective April 9, 2026, was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Leadership Transition Details

The appointment represents a role reassignment within the organization, with Shri Kumawat transitioning from his previous position as Executive Director to the specialized role of Executive Director (Finance-Bonds). This position has been specifically identified and approved as a KMP role within REC Limited's organizational structure.

Professional Background and Qualifications

Shri Mohan Lal Kumawat brings substantial expertise to his new role, with a comprehensive educational and professional background in finance and corporate governance. His qualifications demonstrate strong technical competency in the financial sector.

Key Qualifications:

• Member of the Institute of Chartered Accountants of India (ICAI)
• Member of the Institute of Company Secretaries of India (ICSI)
• MBA (Finance) degree holder
• Over 30 years of post-qualification experience

Areas of Expertise

Shri Kumawat's extensive professional experience spans multiple critical areas that align with his new role responsibilities. His background encompasses organizational and financial planning, financial accounting, and corporate governance, providing a solid foundation for managing finance and bonds operations.

Regulatory Compliance

The appointment announcement was made in compliance with regulatory requirements, with the company filing the necessary disclosures to both NSE and BSE. The notification was signed by Dinesh Garg, Company Secretary & Compliance Officer, ensuring proper adherence to listing obligations and disclosure norms.

REC Limited has announced a significant board change with the appointment of Shri Rajiv Ranjan Jha as Nominee Director, representing Power Finance Corporation Limited (PFC) on the company's Board of Directors. The appointment reflects the ongoing corporate relationship between the two major power sector financing institutions.

Appointment Details and Regulatory Compliance

The appointment was formalized through an official communication dated April 7, 2026, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Ministry of Power, Government of India, conveyed its approval through Office Order No. F.No. 27-46/1/2018-Office of KKM (DIR) dated April 6, 2026.

Professional Background and Experience

Shri Rajiv Ranjan Jha brings extensive experience in the power sector to his new role at REC Limited. His professional journey spans nearly four decades, with a significant portion dedicated to Power Finance Corporation Limited.

Career Highlights

• Total Experience: 37 years in the power and infrastructure sector
• PFC Tenure: Since March 1997 (over 29 years)
• Current Role: Director (Projects), PFC since October 28, 2021
• Previous Position: Executive Director (Projects), PFC since May 27, 2019

Educational Qualifications

Jha's educational background includes:

• Bachelor's Degree in Science (Mechanical Engineering) from NIT Jamshedpur, Ranchi University
• Diploma in Management from Indira Gandhi National Open University (IGNOU)

Corporate Governance and Compliance

The appointment adheres to stringent corporate governance standards and regulatory requirements. As per the declaration received from Shri Rajiv Ranjan Jha, he is not debarred from holding the office of Director by virtue of any SEBI Order or any other regulatory authority.

Strategic Context

This appointment stems from Clause 5.1 of the Share Purchase Agreement executed between the President of India and Power Finance Corporation Limited on March 20, 2019. The nomination reflects the structured corporate relationship between PFC and REC Limited, ensuring continued coordination in India's power sector financing landscape.

The appointment strengthens the board composition with Jha's extensive project management experience and deep understanding of power sector dynamics, particularly in project financing and implementation.