Ircon addresses stock exchange fine for non-compliance

IRCON International (BSE:IRCON) has responded to a fine levied by the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE) for non-compliance with SEBI regulations regarding board composition for the quarter ended December 31, 2024. The company stated that as a government entity, the appointment of directors, including independent directors, is the prerogative of the President of India through the Ministry of Railways (MoR). IRCON emphasized that it has already requested the MoR to appoint the required number of independent directors. The company’s board deliberated on the matter during a meeting held on March 26, 2025. IRCON reiterated that it plays no role in the appointment of directors unless nominated by the Government of India and that it seeks to ensure compliance moving forward.