Shipping Corporation of India Limited (SCI), a prominent player in the Indian maritime sector, has announced a significant change in its board composition. The Ministry of Ports, Shipping and Waterways (MoPSW) has approved the appointment of a new Government Director while bidding farewell to an existing board member.

New Appointment

Shri Venkatesapathy S., currently serving as Joint Secretary (Shipping) at the Ministry of Ports, Shipping and Waterways, has been appointed as the new Government Director on the Board of Shipping Corporation of India Limited. The appointment, approved on July 28, marks a notable change in the company's leadership structure.

Outgoing Director

Simultaneously, Shri R. Lakshmanan, who held the position of Joint Secretary (Ports) at MoPSW, has stepped down from his role as the Part-time Director (Government Nominee Director) on the SCI Board. His tenure concluded with immediate effect from July 28, coinciding with the new appointment.

Official Communication

The company disclosed this information in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. SCI received the official communication from the Ministry of Ports, Shipping and Waterways through a letter (no. SS-11025/1/2024-SU) dated July 28.

Next Steps

Shipping Corporation of India has stated that it is in the process of completing the necessary statutory formalities regarding the appointment of Shri Venkatesapathy S. The company has committed to providing additional details as required under SEBI regulations in due course.

Market Impact

As this change in directorship represents a shift in the governance structure of SCI, investors and market watchers may be keen to observe any potential impacts on the company's strategic direction or operational focus in the coming months.

The announcement was made after market hours on July 28, at 16:10 hours. Stakeholders will be watching closely to see how this transition in leadership might influence the company's performance and decision-making processes going forward.

Shipping Corporation of India Limited (SCI) has announced a significant change in its top management. The Appointments Committee of the Cabinet (ACC) has approved the premature termination of C.L. Acharya from his position as Director (Finance) at the company.

Key Details of the Termination

Background and Timeline

The termination follows a series of events:

1. May 5, 2025: Initial dismissal of C.L. Acharya from service at Shipping Corporation of India Limited.
2. July 21, 2025: MoPSW conveyed the ACC's approval for the premature termination.
3. July 21, 2025, 16:30 hours: SCI officially notified the stock exchanges about the ACC's decision.

Official Communication

The company disclosed this information in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Smt. Swapnita Vikas Yadav, Company Secretary and Compliance Officer of SCI, signed the official communication to the stock exchanges.

Market Implications

This development marks a significant change in SCI's top management, particularly in its financial leadership. The premature termination of a Director (Finance) could potentially impact the company's financial strategies and operations going forward.

Investors and market watchers will likely be keen to observe any subsequent appointments to this crucial position and any potential shifts in the company's financial management approach in the wake of this change.

Shipping Corporation of India Limited will need to address this transition in its financial leadership promptly to ensure continuity in its financial operations and strategies.