REC Limited has announced a board meeting scheduled for March 25, 2026, to consider the approval of its Market Borrowing Programme for the financial year 2026-27. The meeting notification was issued in accordance with regulatory requirements under SEBI guidelines.

Meeting Details and Purpose

The Board of Directors meeting will be held on Wednesday, March 25, 2026, with the primary agenda being the consideration and approval of the Market Borrowing Programme for FY 2026-27. This announcement was made through an official communication dated March 20, 2026, addressed to both major stock exchanges.

Regulatory Compliance

The meeting intimation has been issued in compliance with Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates listed companies to inform stock exchanges about board meetings where material decisions are expected to be taken.

Exchange Notifications

REC Limited has formally notified both stock exchanges where its shares are listed. The communication was sent to the National Stock Exchange of India Limited and BSE Limited, ensuring full regulatory compliance and transparency with stakeholders.

The notification was signed by Dinesh Garg, Company Secretary and Compliance Officer of REC Limited, ensuring proper authorization and documentation of the board meeting announcement.

REC Limited has formally addressed the non-compliance fines imposed by stock exchanges NSE and BSE for failing to meet Board composition requirements during the quarter ended December 31, 2025. The Maharatna company's Board of Directors discussed the matter in their meeting held on March 16, 2026, following notices received from both exchanges on February 27, 2026.

Fine Details and Regulatory Breach

Both exchanges imposed identical penalties under Regulation 17(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically targeting non-compliance with Board composition requirements including failure to appoint adequate Independent Directors.

Board's Response and Waiver Request

The Board acknowledged the non-compliance position and fines imposed by both stock exchanges. Key decisions taken during the March 16, 2026 meeting included:

• Regular follow-up with Ministry of Power, Government of India to expedite Independent Director appointments
• Formal request to exchanges for fine waiver
• Appeal against imposition of future penalties

The Board emphasized that appointment responsibility lies beyond company control, with no violation attributable to REC Limited's actions.

Government Company Constraints

REC Limited highlighted its unique position as a Government company where director appointments follow constitutional procedures. According to the company's Articles of Association, the power to appoint Independent Directors vests with the President of India through the administrative Ministry of Power. The company maintains no direct role in the appointment process, making compliance dependent on government decision-making timelines.

Exchange Requirements and Deadlines

Both exchanges have mandated payment within 15 days of their February 27, 2026 notices. The exchanges also outlined waiver application procedures:

• Applications must be submitted through designated online portals
• Processing fee of ₹10,000 plus 18% GST required for fines exceeding ₹5,000
• Compliance achievement prerequisite for waiver consideration
• Detailed reasoning and personal hearing requests permitted

The company has been advised that continued non-compliance could result in additional penalties and potential trading restrictions.

Source: None/Company/INE020B01018/0df2ff94-4384-4bb1-b5fc-72f0d8a31ab3.pdf