Shipping Corporation of India Land and Assets Limited has announced key changes in its board composition following approval from the Ministry of Ports, Shipping and Waterways. The government enterprise has informed stock exchanges about the appointment of a new Director (Finance) and the cessation of another director's role.

Ministry Approval for Additional Charge

The Ministry of Ports, Shipping and Waterways conveyed its approval through email dated 12.03.2026, with order number 11012/2/2023-SU dated 11th March, 2026. The approval covers the entrustment of additional charge of Director (Finance) position at SCILAL to Shri Nitin Khamesra, who currently serves as Director (Finance) at Shipping Corporation of India.

Board Composition Changes

Following the ministerial approval and the earlier re-designation of the Director (Operations) post to Director (Finance) with effect from 23.02.2026, Shri Som Raj (DIN: 11046394) has ceased to hold the office of Director (Operations) at SCILAL from 23.02.2026.

Shri Nitin Khamesra (DIN: 09595247) is not related to any existing director of the company and is not debarred from holding directorship by any SEBI order or other regulatory authority. The formal announcement was made on 12.03.2026 at 1054 hours IST.

Professional Background of New Director

Shri Nitin Khamesra brings extensive expertise to his new role, with over 28 years of experience spanning financial management, project evaluation, and maritime logistics across energy and shipping sectors. He currently serves as Director (Finance) at The Shipping Corporation of India Ltd. since 23.02.2026.

Career Highlights

Prior to his appointment at SCI, Shri Khamesra served as Chief General Manager at Indian Oil Corporation Limited, where he held leadership positions across multiple Strategic Business Units including:

• Shipping operations
• Refineries management
• International trade and Treasury Operations
• Management Accounts

During his IOCL tenure, he served as Chartering & Finance Head for Shipping, supporting procurement of crude oil, LNG, LPG, and POL while managing comprehensive seaborne logistics operations.

Qualifications and Recognition

Shri Khamesra holds multiple professional qualifications including Chartered Accountant, Cost Accountant, and Graduate in Computer Science. His academic achievements include securing 4th rank in Chartered Accountancy and receiving prestigious awards:

• Maharana Kumbha Award
• P. Sarkar Award of ICWAI

He has represented IOCL at various industry forums including ICAI, FII, and OMC platforms, and served as Nominee Director on the Board of Vadodara Enviro Channel Limited with additional responsibility as Chairman of its Audit Committee.

Strategic Contributions Expected

The new Director brings proven expertise in maritime economics, global shipping markets, energy trade, treasury operations, and policy frameworks. His experience includes driving strategic and digital transformation initiatives, formulating shipping strategies, and implementing risk management frameworks including insurance optimization and SAP-based automation systems.

The company has submitted this information to BSE Limited and National Stock Exchange of India Limited under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring compliance with regulatory disclosure requirements.

Sci land & assets has received regulatory fines totaling Rs 9,77,040 each from both BSE and NSE for non-compliance with board composition and committee constitution requirements during the quarter ended December 31, 2025. The total penalty amount across both exchanges stands at Rs 19,54,080, highlighting regulatory oversight in corporate governance matters.

Regulatory Violations and Fine Breakdown

The fines were imposed following emails received from BSE Limited and National Stock Exchange of India Limited dated February 27, 2026. The penalties cover multiple violations under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The base fine amount of Rs 8,28,000 per exchange was levied with an additional 18% GST, bringing the total to Rs 9,77,040 from each stock exchange.

Corporate Governance Improvements

Following the appointment of Prof. (Dr.) K. Jayaprasad as a Non-Official Independent Director on April 15, 2025, the company has constituted all statutory Board-level Committees. These include the Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, and Risk Management Committee, all effective from the same date.

However, while these committees have been established, their composition does not yet fully comply with statutory requirements due to the absence of the requisite number of Independent Directors on the board.

Company Response and Remedial Actions

As a Public Sector Undertaking (PSU), SCILAL is coordinating with the Competent Authority for the appointment of the required number of Independent Directors in accordance with SEBI (LODR) Regulations, 2015. The company has indicated that it is in the process of submitting request letters to both stock exchanges seeking waiver of the imposed fines.

The management has stated that these regulatory actions do not have a significant impact on the company's financial, operational, or other activities, quantifiable in monetary terms to the extent possible.

Timeline and Disclosure Details

The regulatory notices were received on February 27, 2026, at 17:51 hours IST from BSE and 22:17 hours IST from NSE respectively. The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the company's Policy for Determination of Materiality of Events/Information.

The company has submitted this information to both exchanges for their records, emphasizing transparency in regulatory compliance matters despite the current violations.