REC Limited has declared the voting results for its 57th Annual General Meeting held on August 25, 2026. The company confirmed that all resolutions were approved by shareholders with the requisite majority.

The virtual meeting commenced at 11:00 am and concluded at 12:07 pm. Shareholders were provided an e-voting facility from August 22 to August 24, 2026. The portal remained open for an additional 15 minutes post-meeting until 12:22 pm to allow further votes.

Key Resolutions Approved

Shareholders approved the adoption of audited financial statements for FY26 and several board appointments. Statutory auditors Kailash Chand Jain & Co. and SCV & Co. LLP issued an unqualified report on the standalone and consolidated financials for the year ended March 31, 2026.

Board Appointments

The special business segment saw the approval of the following director appointments:

• Thangarajan Subash Chandira Bosh as Director (Projects)
• Rajesh Kumar as Director (Finance)
• Rajesh Kumar Agarwal as Nominee Director of Power Finance Corporation Limited

Three independent directors—Dr. Anil Kumar Gupta, Dr. Kanchiappan Ghayathri Devi, and Smt. Poonam Chauhan—were appointed via special resolutions. Shri Shashank Misra was re-appointed as a Government Nominee Director upon retiring by rotation.

Governance and Compliance

Secretarial auditors noted that the Board composition lacked the requisite number of Independent Directors during certain periods in FY26. Management clarified that as a Government Company, director appointments are vested with the President of India through the Ministry of Power.

The Chairman released the company’s third ESG report for FY26. Shareholders engaged with management on topics including the proposed merger with Power Finance Corporation Limited, CSR initiatives, and borrowing strategies.

REC Limited has been penalised a total of ₹21,54,680 by Indian stock exchanges for regulatory non-compliance regarding its board structure. The National Stock Exchange of India Limited and BSE Limited each imposed a fine of ₹10,77,340 on the power finance firm.

The penalties relate to violations observed during the quarter ended June 30, 2026. The breaches concerned the composition of the Board of Directors and its committees, as mandated under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Context

The fines were levied pursuant to Regulation 30 read with Schedule III of the Listing Regulations. REC disclosed the imposition of these penalties in a filing dated August 26, 2026. The notices from both exchanges were issued on August 25, 2026.

Company Explanation

REC attributed the non-compliance to its status as a Government Company. Under Article 91 of its Articles of Association, the power to appoint directors rests with the President of India, acting through the Ministry of Power. The company stated it has no role in the appointment process but has repeatedly requested the administrative ministry to appoint the requisite number of independent directors.

What the Numbers Show

The dual penalty structure highlights the strict enforcement mechanism across both major listing venues. With identical fines of ₹10,77,340 from each exchange, the total financial impact is precisely double the single-exchange penalty amount, reflecting parallel regulatory oversight rather than cumulative punitive escalation for a single act.