XL Energy Limited has appointed Pankaj Jain as an Additional Non-Executive Independent Director and Harsh Jain as Manager, marking a key step in the company’s governance restructuring under its Resolution Plan. The Monitoring Committee, exercising the powers of the Board of Directors, approved these appointments on August 4, 2026. Both roles are subject to shareholder approval at the ensuing General Meeting and carry five-year terms extending until August 3, 2031.

The appointments were disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Clause 7 of Para A of Part A of Schedule III. The disclosure was filed with the Bombay Stock Exchange and the National Stock Exchange of India Limited on August 4, 2026. Naresh Jain, a director of XL Energy Limited, signed the filing.

Key Appointments

The Monitoring Committee approved two distinct leadership additions to strengthen oversight and operational management:

Pankaj Jain will serve as an Independent Director not liable to retire by rotation. Harsh Jain joins as a Key Managerial Personnel member, bringing corporate management and strategic planning experience to the executive team.

Profile of Pankaj Jain

Pankaj Jain is a Chartered Accountant with over 12 years of experience in debt syndication, project finance, and NCLT resolution processes. He holds a certification in Financial Modelling from the BSE Institute and qualified with the Institute of Chartered Accountants of India in 2013. His professional background includes raising over ₹1,000 crore through term loans, working capital facilities, non-convertible debentures, letters of credit, and bank guarantees. Additionally, he has executed retail portfolio acquisitions exceeding ₹100 crore from leading non-banking financial companies.

Jain’s expertise spans financial modelling, project appraisal, lender negotiations, and structured finance. He currently serves as an Independent Director in other listed companies, contributing to corporate governance and strategic financial decision-making. The company confirmed that Pankaj Jain is not debarred from holding the office of director by virtue of any SEBI order or other authority.

Profile of Harsh Jain

Harsh Jain brings experience in corporate management, business administration, and operational management. A Commerce Graduate, he has served in leadership positions as a Director and Designated Partner in various companies and limited liability partnerships. His responsibilities have included overseeing business operations, regulatory compliance, and business development.

The filing discloses a familial relationship within the company’s leadership: Harsh Jain is the son of Naresh Manakchand Jain, a Non-Executive Director of XL Energy Limited, and the brother of Karishma Jain, the Executive Director and Chief Financial Officer. This relationship disclosure aligns with SEBI requirements for transparency in director and KMP appointments.

Regulatory Compliance

The appointments comply with the SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The company confirmed adherence to the SEBI Letter dated June 14, 2018, along with BSE circular no. LIST/COMP/14/2018-19 and NSE Circular NSE/CML/2018/02 dated June 20, 2018, regarding debarment checks for Pankaj Jain. For Harsh Jain, the debarment confirmation was marked as not applicable, as he is appointed as a Manager rather than a Director.

What This Means for Governance

The appointment of Pankaj Jain adds independent financial expertise to the board, particularly valuable given the company’s ongoing implementation of its Resolution Plan. His background in NCLT resolution and debt restructuring complements the strategic needs of a company emerging from insolvency proceedings. Meanwhile, Harsh Jain’s appointment as Manager strengthens the executive team’s capacity for operational execution and corporate planning. Both appointments require final ratification by shareholders, ensuring democratic oversight of these critical governance changes.

Promoters of XL Energy Limited have confirmed that they did not create any fresh encumbrances on their shareholdings during the financial year 2025-26, apart from those already disclosed to the exchanges. The declaration was submitted to BSE Limited and the National Stock Exchange of India Limited in compliance with regulatory requirements. This disclosure ensures transparency regarding the pledging or hypothecation of promoter shares, which is a key indicator of financial stability for investors.

The intimation was filed by Karishma Jain on behalf of the promoters pursuant to Regulation 31(4) of the SEBI (Substantial Acquisition of Shares & Takeovers) Regulation, 2011. The regulation mandates the disclosure of any encumbrance created by promoters on their shareholdings in the company. The confirmation covers the period of the financial year 2025-26 and explicitly states that no new encumbrances were made directly or indirectly.

Promoter Details

The declaration was submitted for and on behalf of the following promoter entities:

The document was digitally signed by Karishma Jain on April 09, 2026. The confirmation provides assurance to shareholders that the promoters' shareholding remains free from additional charges or liens during the specified period.