MOIL Limited has announced the cessation of Shri Iqbal Singh Chahal, IAS, as Government Nominee Director on the company's Board of Directors. The cessation became effective from January 31, 2026, after working hours, following his superannuation from government service.

Director Cessation Details

The manganese ore mining company received official communication from the Government of Maharashtra on March 5, 2026, informing about Chahal's retirement from his position as Additional Chief Secretary (Mines). As a direct consequence of his superannuation, he ceased to be the Nominee Director representing the Government of Maharashtra on MOIL's Board.

Regulatory Compliance

MOIL Limited has duly informed both the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited about this board composition change through a formal communication dated March 5, 2026. The notification was signed by Neeraj Dutt Pandey, Company Secretary and Compliance Officer, ensuring adherence to listing requirements and regulatory obligations.

Background Context

As a Government of India enterprise, MOIL Limited maintains government nominee directors on its Board to represent stakeholder interests. The cessation of Chahal's directorship represents a routine transition following the retirement of a senior government official who served as the state government's representative on the company's Board of Directors.

The company has fulfilled its disclosure obligations by promptly notifying stock exchanges about this change in board composition, maintaining transparency with investors and regulatory authorities.

MOIL Limited, the government-owned manganese ore mining company, has been penalized by India's leading stock exchanges for regulatory non-compliance. The company disclosed that both the National Stock Exchange of India Limited (NSE) and BSE Limited have imposed fines related to board composition violations during the quarter ended December 31, 2025.

Regulatory Action Details

The stock exchanges took action against MOIL for non-compliance with provisions regarding board composition requirements. The company received official communication about these penalties on February 27, 2026.

Impact Assessment

MOIL has clarified that these regulatory fines will not affect the company's financial performance, operational activities, or other business functions. The penalties are administrative in nature and relate specifically to governance compliance requirements.

Regulatory Framework

The disclosure was made pursuant to Regulation 30 read with Para-A of Part-A of Schedule-III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates listed companies to inform stock exchanges about material events, including regulatory actions and penalties.

Company Response

MOIL's Company Secretary and Compliance Officer, Neeraj Dutt Pandey, signed the disclosure document on February 28, 2026. The company has formally communicated this development to both exchanges as part of its regulatory compliance obligations.

The penalties highlight the importance of maintaining proper board composition as mandated by corporate governance norms for listed entities in India.