JNK India has officially announced the appointment of Anand Agarwal as its Interim Chief Financial Officer and Key Managerial Personnel, effective March 12, 2026. The appointment was approved by the company's Board of Directors during their meeting held on March 12, 2026, following recommendations from both the Nomination and Remuneration Committee and Audit Committee.

Board Meeting Outcome

The Board of Directors convened from 3:06 p.m. to 3:32 p.m. on March 12, 2026, to deliberate on this key appointment. The decision was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with the company promptly notifying both BSE Limited and National Stock Exchange of India Limited about this significant leadership change.

Appointment Terms and Responsibilities

Agarwal will assume all responsibilities of the Chief Financial Officer position until a permanent CFO is appointed by the Board of Directors. As part of his role, he has been designated as one of the authorized Key Managerial Personnel for determining materiality of events and making required disclosures to stock exchanges under SEBI regulations.

Professional Background

Anand Agarwal brings extensive expertise to JNK India with his 20 years of experience across EPC, infrastructure, industrial parks, and oil & gas sectors, including international assignments in both listed and unlisted companies. He is a Chartered Accountant who has previously held senior positions, including Deputy General Manager – Finance and Country Commercial Head at Kalpataru Projects International Limited.

His core competencies include financial governance, project finance, treasury management, debt structuring, ERP transformation, and regulatory compliance. Agarwal has successfully managed strategic funding initiatives, cost optimization, international operations, and has extensive experience coordinating with auditors, bankers, and investors.

Regulatory Compliance

The appointment has been made in full compliance with SEBI Master Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. JNK India has also updated its list of authorized personnel for regulatory disclosures, with Agarwal joining Company Secretary Ashish Soni as authorized KMP for stock exchange communications.

JNK India Limited has submitted its monitoring agency report for the quarter ended December 31, 2025, to BSE Limited and National Stock Exchange of India Limited on February 13, 2026. The report, prepared by CRISIL Ratings Limited as the monitoring agency, provides details on the utilization of proceeds from the company's Initial Public Offer (IPO) conducted in April 2024.

IPO Proceeds Utilization Overview

The company's IPO raised ₹3,000.00 million through fresh issuance, with net proceeds of ₹2,821.84 million after accounting for issue expenses. The net proceeds were revised upward by ₹24.45 million due to actual issue expenses being lower than estimated.

Object-wise Fund Deployment

The IPO proceeds were allocated across two primary objectives, with the majority earmarked for working capital requirements.

Working Capital Requirements

Out of the allocated ₹2,651.35 million for working capital, the company has utilized ₹2,626.64 million by the end of Q3FY26. During the quarter, ₹4.09 million was deployed, with a portion earmarked against bank guarantees for ongoing projects.

General Corporate Purposes

For general corporate purposes, ₹170.49 million was allocated, of which ₹170.00 million has been utilized, leaving ₹0.49 million unutilized. No funds were deployed under this category during Q3FY26.

Deployment of Unutilized Proceeds

The company has strategically invested the unutilized ₹25.20 million in fixed deposits across major banks to generate returns while maintaining liquidity.

Regulatory Compliance and Monitoring

The monitoring agency report confirms that all proceeds utilization aligns with disclosures made in the offer document. CRISIL Ratings Limited, appointed as the monitoring agency under the agreement dated April 13, 2024, verified that no material deviations occurred from the stated objectives.

The report indicates total earnings of ₹1.10 million from the invested unutilized proceeds, bringing the market value to ₹26.30 million. The company maintains compliance with SEBI regulations, with the monitoring process ensuring transparency in fund deployment.

Management Certification

The report is based on management undertakings and certifications from CVK & Associates, Chartered Accountants, dated February 4, 2026. The monitoring agency confirmed no delays in implementation of stated objects and no unfavorable events affecting project viability during the reporting period.