Ircon International Limited has appointed Shri Saleem Ahmad as Chairman and Managing Director on additional charge, designating him as Chief Executive Officer and Key Managerial Personnel. The board approved the appointment at its meeting held on June 26, 2026.
The appointment follows Order No. 2023/E(O)II/40/15 dated June 23, 2026 from the Ministry of Railways. Saleem Ahmad (DIN: 10119432) will hold the position for one year from the date of assuming additional charge on or after July 1, 2026. The tenure will end when a regular incumbent takes charge or until further orders, whichever is earliest.
The board meeting, which commenced at 12:30 PM and concluded at 1:30 PM, also reviewed fines imposed by NSE and BSE for non-compliance with SEBI listing regulations for the quarter ended March 31, 2026. The fines relate to the composition of the board, audit committee, and nomination and remuneration committee under Regulations 17(1), 18(1), and 19(1)/19(2) of the SEBI LODR Regulations, 2015.
The exchanges communicated the fines through a letter and email dated May 27, 2026. As advised by the exchanges, the board deliberated and noted the position of non-compliances with respect to board and committee composition and the fines imposed. IRCON had sent a clarification letter to both exchanges on May 27, 2026.
IRCON noted that all directors, including independent directors and woman directors, are appointed by the Government of India through the Ministry of Railways and IRCON has no role in such appointments. IRCON has communicated to both exchanges that the levy of fines is unreasonable and has been requesting the Ministry of Railways to appoint the requisite number of independent directors to comply with board and committee composition requirements.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.