Ircon International Approves Appointment of New CMD and Addresses Exchange Fine Dispute

Ircon International Approves Appointment of New CMD and Addresses Exchange Fine Dispute​

Ircon International Limited (IRCON) held a Board meeting on June 26, 2026, during which it approved the appointment of Shri Saleem Ahmad as Chairman & Managing Director (CMD), alongside reviewing the matter of fines imposed by stock exchanges regarding corporate compliance.

The Board ratified the appointment of Shri Saleem Ahmad (DIN: 10119432) as CMD, IRCON on additional charge. He has also been designated as Chief Executive Officer (CEO) and Key Managerial Personnel (KMP) of the company for a period of one year. This appointment was approved following an order issued by the Ministry of Railways dated June 23, 2026. The designation is effective from the date he assumes the additional charge of CMD or after July 1, 2026, whichever is earliest, and continues until either the regular incumbent assumes the post or further orders are received.

Board reviews compliance challenges​

The board also deliberated on the matter of fines imposed by both NSE and BSE concerning non-compliance related to the composition of the Board and its committees—specifically the Audit Committee and Nomination & Remuneration Committee—for the quarter ending March 31, 2026.

During the discussion, the Board noted that Ircon International Limited operates as a Government Company, in line with provisions of the Companies Act, 2013. The Board stated that as per the Companies Act and the Articles of Association, the President of India possesses the power to appoint Directors for IRCON. Furthermore, all directors are appointed by the Government of India through its Administrative Ministry, the Ministry of Railways (MoR).

The company asserted that it holds no role in the appointment of any Director, including Independent or Woman Directors, unless specifically nominated by the Government of India. The Board concluded that since Ircon has consistently requested MoR for the required number of Independent Directors (including a Woman Independent Director) to ensure full compliance, the fine levied by the exchanges is considered unreasonable and inapplicable to IRCON.

The Board meeting commenced at 12:30 P.M. and concluded at 01:30 P.M.

IRCON Stock Price Movement​

Shares of Ircon International Limited on Thursday slipped by 1.37% to settle at ₹134.16. The stock traded within a range, with the equity trading 1.61 million shares and reaching a day high of ₹136.89.