HFCL Limited has announced significant changes to its board composition and committee structure through resolutions passed on January 20, 2026. The telecommunications equipment manufacturer has appointed a new Independent Director while restructuring multiple board committees to enhance corporate governance.

New Independent Director Appointment

The company's Board of Directors has appointed Mr. Anil Narendra Shah (DIN: 01844485) as an Additional Director in the Independent Director category. The appointment details are outlined below:

Mr. Shah brings extensive experience to the board, holding Fellow Membership of both the Institute of Chartered Accountants of India (FCA) and the Institute of Company Secretaries of India (FCS). He is also an Advocate and Solicitor of England and Wales, with recognition as an Associate Chartered Secretary and Administrator in the United Kingdom. As Managing Partner of Juris Matrix Partners LLP, he contributes over four decades of experience in capital markets and regulatory domains, including his previous role as Joint Secretary of Bombay Stock Exchange.

Board Committee Reconstitution

Effective January 21, 2026, HFCL has reconstituted seven board committees to incorporate the new directorial appointment:

Key Committee Changes

Audit Committee:

Risk Management Committee:

The company has also reconstituted its Nomination, Remuneration and Compensation Committee, Corporate Social Responsibility Committee, Fund Raising Committee, Allotment Committee (Warrants), and Environment, Social and Governance (ESG) Committee. The ESG Committee notably includes both board members and senior executives, with Mr. Anil Narendra Shah serving as Chairman.

Directorial Transition

Concurrent with the new appointment, Mr. Bharat Pal Singh (DIN: 00739712) will complete his second term as Independent Director on January 20, 2026, ceasing to be a director effective January 21, 2026. The board has acknowledged his contributions during his tenure as Independent Director.

Regulatory Compliance

The appointment complies with SEBI regulations, with the company confirming that Mr. Shah has not been debarred from holding directorial office by SEBI or any other authority. All required disclosures have been made in accordance with SEBI Listing Regulations and the SEBI Master Circular dated November 11, 2024. The information has been communicated to both BSE Limited and National Stock Exchange of India Limited for dissemination.

HFCL Limited has completed the voluntary liquidation of its step-down subsidiary HFCL Poland Sp z.o.o., marking the end of its Polish entity operations. The company disclosed this development to stock exchanges on January 13, 2026, under SEBI Listing Regulations, confirming that the subsidiary's name was removed from the National Court Register effective January 02, 2026.

Liquidation Timeline and Process

The liquidation process concluded on January 02, 2026, when HFCL Poland Sp z.o.o. was officially removed from Poland's National Court Register. HFCL Limited received formal intimation of this liquidation on January 12, 2026, and subsequently informed stakeholders and stock exchanges the following day.

Financial Impact Assessment

The liquidated subsidiary had no operational business activity, ensuring zero financial impact on HFCL's consolidated operations. According to the company's disclosure, HFCL Poland Sp z.o.o. contributed no revenue or net worth to the parent company's financial performance.

Regulatory Compliance

HFCL Limited fulfilled its disclosure obligations under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company provided comprehensive details as required under SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, and SEBI Circular no. SEBI/HO/CFD/CFD-PoD-2/CIR/P/2024/185 dated December 31, 2024.

The disclosure confirmed that standard sale-related parameters were not applicable since this was a voluntary liquidation rather than a disposal transaction. No consideration was received, no buyers were involved, and the process did not constitute a related party transaction or fall under any scheme of arrangement.

Corporate Structure Simplification

This liquidation represents a strategic move to streamline HFCL's corporate structure by eliminating non-operational entities. The step-down subsidiary served no active business purpose, making its liquidation a logical administrative decision to reduce regulatory compliance burden without affecting operational capabilities or financial performance.