IRCON International Limited has announced a senior management personnel change following the superannuation of one of its Executive Directors. The Navratna company informed stock exchanges about the cessation of Shri Dunne Buji Bhuvan Kumar from his executive position.

Executive Director Cessation Details

Shri Dunne Buji Bhuvan Kumar ceased to be a Senior Management Personnel of IRCON International effective 28th February, 2026 (End of Day) upon attaining the age of superannuation. The Executive Director held the position of Executive Director/General at the railway infrastructure company.

Regulatory Compliance

The announcement was made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company provided requisite details pertaining to the changes in Senior Management Personnel as per SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30th January, 2026.

Stock Exchange Notification

The formal intimation was sent to both major stock exchanges where IRCON International shares are listed:

• BSE Limited: Scrip code 541956/IRCON
• National Stock Exchange of India Limited: Scrip Code IRCON

The notification was digitally signed by Pratibha Aggarwal, Company Secretary & Compliance Officer (Membership No. F8874), on 28th February, 2026 at 19:14:45 +05'30'. The date and time of the event was recorded as 28th February, 2026 at 1730 Hrs.

Company Background

IRCON International Limited operates as a Navratna company under the Government of India undertaking, specializing in railway infrastructure and construction projects. The company maintains transparency in corporate governance through timely disclosure of senior management changes as required by securities market regulations.

IRCON International has disclosed the imposition of regulatory fines by both major Indian stock exchanges for non-compliance with board composition requirements. The Navratna company received penalty notices dated February 27, 2026, highlighting ongoing governance challenges faced by government-controlled entities.

Fine Details and Regulatory Violations

Both NSE and BSE have imposed identical fines on the company for the quarter ended December 31, 2025:

The violations specifically relate to non-compliance with SEBI's Listing Obligations and Disclosure Requirements (LODR) regulations concerning the composition of the board and its committees.

Company's Response and Justification

IRCON has responded to both exchanges explaining its unique position as a government company under Section 2(45) of the Companies Act, 2013. The company emphasized several key points:

• Government Control: The President of India holds the power to appoint all directors, including independent directors and woman directors
• Ministry Oversight: All director appointments are made by the Government of India through the Ministry of Railways
• Limited Authority: IRCON has no role in director appointments unless specifically nominated by the government
• Continuous Requests: The company has been persistently requesting the Ministry of Railways for appointment of requisite independent directors

Financial Impact and Classification

The company has assessed the financial implications of the regulatory penalty:

Historical Context and Future Outlook

IRCON noted that this situation has precedent, with both exchanges having previously waived similar fines upon the company achieving requisite compliance. The company expects similar treatment once the Ministry of Railways appoints the required number of independent directors.

The disclosure, signed by Company Secretary and Compliance Officer Pratibha Aggarwal, was made pursuant to Regulation 30 of SEBI (LODR) regulations. The event was recorded on February 27, 2026, at 17:43 hours, with the formal disclosure made on February 28, 2026.

This case highlights the ongoing challenges faced by government-controlled listed companies in balancing regulatory compliance with administrative processes inherent in government appointment procedures.