RITES has secured an order worth Rs 79.22 crore from Patna Metro Rail Corporation Limited for consultancy services related to the implementation of the Patna Metro Rail Construction Project. The order was received by RITES in a consortium and is classified as a domestic order. The stated value represents RITES' share of the project, excluding GST. The disclosure was made to the exchanges pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Order Details

The consultancy services contract encompasses the full implementation of the Patna Metro Rail Construction Project, with an execution period of 68 months. The key contractual particulars of the order are outlined below:

Disclosures

The filing confirmed that the promoter, promoter group, or group companies do not hold any interest in the entity awarding the order. Furthermore, the order does not fall within related party transactions. The intimation was signed by Nikhil Agarwal, Company Secretary & Compliance Officer of RITES Limited.

Rites Ltd was fined ₹94,400 by stock exchanges for failing to comply with board composition norms for the quarter ended March 31, 2026. The penalty, imposed via letters from the National Stock Exchange of India Limited and BSE Limited dated May 27, 2026, specifically addresses the company's failure to appoint a woman director as required under Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Board of Directors reviewed the non-compliance during a meeting on June 25, 2026. In its deliberations, the board stated that the lapse was beyond the company's control. It noted that proactive steps were taken by informing the Administrative Ministry, the Ministry of Railways, well in advance about the potential non-compliance.

Rites clarified that as a Government Company, the power to appoint Independent Directors is vested with the President of India, acting through the Ministry of Railways. Consequently, the company stated it has no direct role in the appointment of directors. The board has advised that the ministry be requested regularly to expedite the process to appoint the requisite number of independent directors, including a woman independent director, to avoid future violations of the Listing Regulations and the Companies Act, 2013.