NLC India Limited has announced the retirement of Executive Director Shri Vanchinathan T, who ceased his role on February 28, 2026, upon attaining superannuation age. The Navratna public sector enterprise formally notified both the National Stock Exchange of India and BSE Limited about this senior management change in compliance with regulatory requirements.

Leadership Transition Details

The company provided comprehensive details regarding the executive transition as mandated under SEBI regulations:

Regulatory Compliance

NLC India Limited fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notification was issued in accordance with SEBI circular SEBI/HO/CFD/CFDPoD1/P/CIR/2023/123 dated July 13, 2023, ensuring complete transparency regarding senior management changes.

Company Secretary and Compliance Officer Sushanta Kumar Panda signed the official communication, confirming the company's adherence to prescribed regulatory frameworks. The formal intimation was dispatched to both major stock exchanges where NLC India shares are listed.

About the Transition

The cessation represents a routine leadership transition as Shri Vanchinathan T reached the mandatory retirement age. As an Executive Director, he held a senior management position within the organization's leadership structure. The retirement follows standard corporate governance practices for public sector enterprises regarding age-related superannuation policies.

NLC India Limited, headquartered in Chennai with corporate offices in Neyveli, Tamil Nadu, continues its operations in lignite mining and power generation. The company maintains its status as a Navratna enterprise under the Government of India, reflecting its strategic importance in the energy sector.

NLC India Limited has been penalized by BSE Limited with a fine of Rs 5,42,800 for non-compliance with board composition requirements under SEBI regulations. The Navratna government enterprise disclosed this development through an official intimation dated February 28, 2026.

Regulatory Non-Compliance Details

The fine was imposed for violations of Regulation 17(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The specific non-compliance relates to board composition requirements, including the failure to appoint a women director as mandated under the regulations.

Company's Response and Waiver Request

NLC India has formally requested BSE to grant a waiver of the imposed fine through a letter dated February 28, 2026. The company has cited specific grounds for seeking relief from the penalty:

• Government Company Status: As a government company, the power to appoint directors on the board vests with the President of India
• Administrative Coordination: The Ministry of Coal, being the administrative ministry, is periodically informed about the requirement of appointing requisite independent directors
• Beyond Management Control: The non-compliance was neither attributable to negligence nor within the control of company management

Financial Impact Assessment

The company has clarified that the regulatory fine will have limited financial implications. There is no impact on the company's operations or other business activities due to the imposition of the fine. The total financial impact is restricted to the penalty amount of Rs 5,42,800 imposed by BSE.

Regulatory Framework Context

The intimation was made under Regulation 30 of SEBI LODR Regulations, 2015, and in compliance with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. This demonstrates the company's commitment to maintaining transparency with stakeholders regarding regulatory matters, even while seeking relief from the imposed penalty.