Dredging Corporation of India Limited has announced the appointment of Mrs. Krishna Das as Additional Director (Non-Executive Independent), marking a significant addition to its board leadership. The appointment was approved through a board resolution dated March 2, 2026, following endorsement from the Nomination and Remuneration Committee.

Appointment Details

The board has structured the appointment with specific conditions for effectiveness and duration:

The appointment becomes effective from the date of her taking charge as Director, date of consent as per DIR 2, having active Director Identification number, or getting registered with the Indian Institute of Corporate Affairs as per Companies Act provisions, whichever is later.

Director Profile and Qualifications

Mrs. Krishna Das brings substantial expertise to the board with her comprehensive background in legal and administrative roles:

Her professional background encompasses governance, welfare administration, and legal education, with a proven track record in high-level administrative oversight. She has demonstrated dedication to social inclusion, corporate ethics, and strategic policy development.

Regulatory Compliance and Next Steps

The appointment follows proper regulatory procedures under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has informed both Bombay Stock Exchange Limited (Scrip code: 523618) and National Stock Exchange of India Ltd. (Symbol: DREDGECORP) as required under Regulation 30.

The board will convene the next General Meeting within three months from the approval date to seek formal approval from shareholders for Mrs. Das's regular appointment as Independent Non-executive Director. This procedural step will formalize her position for the full three-year term as outlined in the board resolution.

The appointment strengthens the company's board composition with independent oversight and brings valuable legal and governance expertise to support the organization's strategic objectives.

Dredging Corporation of India Limited has issued a comprehensive postal ballot notice seeking shareholder approval for significant corporate actions, including material related party transactions worth ₹1,900 crores and a substantial increase in authorized share capital.

Material Related Party Transactions for FY 2026-27

The company seeks approval for material related party transactions with four port authorities for Financial Year 2026-27, commencing from April 01, 2026. These transactions encompass dredging services, working capital arrangements, and other business activities conducted in the ordinary course of business on an arm's length basis.

These port authorities collectively hold 73.47% of the company's equity share capital, with individual holdings of 19.47%, 18%, 18%, and 18% respectively. The transactions include purchase or supply of goods, business assets, property, or equipment; availing or rendering of services; and transfer or exchange of resources to meet business objectives.

Historical Transaction Performance

The company's existing relationships with these port authorities have demonstrated substantial business volumes. In FY 2024-25, total transactions reached significant levels across all four entities.

For the current financial year up to the quarter preceding this approval, transaction values have continued at substantial levels, with Visakhapatnam Port Authority at 57.75 crore, Paradip Port Authority at 84.46 crore, Jawaharlal Nehru Port Authority at 63.99 crore, and Deendayal Port Authority at 105.45 crore.

Authorized Share Capital Enhancement

The company proposes to double its authorized share capital to support operational expansion and fleet augmentation. The increase will facilitate acquisition of additional dredgers and enhance operational capacity to meet growing market demands.

The new equity shares will rank pari passu with existing shares in all respects. This capital increase requires alteration of Clause V of the Memorandum of Association to reflect the enhanced authorized capital structure.

Postal Ballot Process and Timeline

The company has appointed Mr. Sachin Agarwal of M/s. Agarwal S. & Associates as scrutinizer, with Ms. Shweta Jain as alternate scrutinizer. National Securities Depository Limited will provide e-voting services, with KFin Technologies Limited serving as the registrar and transfer agent.

Regulatory Compliance and Governance

The transactions comply with Regulation 23(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and have received approval from the Audit Committee and Board of Directors on February 27, 2026. The pricing methodology ensures arm's length basis through competitive bidding, market benchmarking, and published tariff guidelines.

The related port authorities, being promoters, will abstain from voting on these resolutions as required under listing regulations. The company has provided comprehensive disclosures in accordance with industry standards formulated in consultation with SEBI, ensuring transparency for informed shareholder decision-making.