Indian Renewable Energy Development Agency Limited (IREDA), a leading public sector enterprise under the Ministry of New and Renewable Energy (MNRE), has announced the cessation of Dr. Jaganath Chennakeshava Murthy Jodidhar as Part-time Non-Official (Independent) Director with effect from March 28, 2025.

The cessation is in accordance with the Ministry of New and Renewable Energy (MNRE) order dated March 28, 2022, which had prescribed the term of appointment for Dr. Jodidhar as part of IREDA's board. As per Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has intimated the stock exchanges of this development through a formal disclosure.

Completion of Tenure

Dr. Jaganath Chennakeshava Murthy Jodidhar was appointed as a Part-time Non-Official (Independent) Director on IREDA’s board in line with the MNRE order dated March 28, 2022. His tenure, lasting as per the specified duration, came to an end on March 27, 2025. Consequently, he ceased to be a director on the board of IREDA from March 28, 2025.

Regulatory Compliance and Disclosure

In compliance with Regulation 30 and other applicable provisions of SEBI (LODR) Regulations, 2015, IREDA has communicated this change to:

• BSE Limited (BSE), where IREDA’s equity shares are listed with Scrip Code: 544026

• National Stock Exchange of India Limited (NSE), where IREDA’s equity shares are traded under Symbol: IREDA

Additionally, the disclosure includes the details prescribed under SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 09, 2015, which outlines the necessary information in case of changes in the directorship of listed companies.

Details in Annexure I

The disclosure provided to the stock exchanges includes the following details under Annexure I:

1. Reason for Change:
   The tenure of Dr. Jaganath Chennakeshava Murthy Jodidhar, as a Part-time Non-Official (Independent) Director, has been completed on March 27, 2025, in accordance with the MNRE order.

2. Date of Cessation:
   Dr. Jodidhar ceased to be a director with effect from March 28, 2025.

3. Brief Profile:
   Since the cessation is due to the completion of tenure, no new appointment or profile disclosure is applicable.

4. Disclosure of Relationships:
   There are no relationships between Dr. Jodidhar and any other director of IREDA that require disclosure.

Significance of Change

The cessation of an Independent Director is a significant event for any listed company, as it impacts the composition of the board and governance structure. IREDA has ensured that this change has been communicated in a timely and transparent manner, adhering to the necessary regulatory guidelines.

About Dr. Jaganath Chennakeshava Murthy Jodidhar

Dr. Jodidhar has made valuable contributions to the board during his tenure, bringing in expertise in renewable energy policy, corporate governance, and sustainability initiatives. His insights and experience have been instrumental in shaping IREDA’s policies and strengthening its governance structure.

Impact on IREDA's Governance

With the cessation of Dr. Jodidhar’s tenure, IREDA will now look to appoint a new Independent Director to fill the vacant position in accordance with the guidelines laid out by the Ministry of New and Renewable Energy (MNRE) and the provisions of SEBI (LODR) Regulations, 2015.

The board will continue to focus on maintaining a diverse and experienced set of directors to drive IREDA’s mission of promoting renewable energy development across India.

SEBI Compliance and Corporate Governance

IREDA’s compliance with SEBI's disclosure norms ensures that all stakeholders are kept informed about key changes at the board level. The company's commitment to maintaining transparency in corporate governance is reflected in its adherence to regulatory requirements and timely disclosures.

Next Steps for IREDA

Following the cessation of Dr. Jodidhar’s tenure, IREDA is expected to:

• Initiate the process of appointing a new Independent Director as per the applicable guidelines.

• Ensure compliance with board composition norms specified by SEBI and the Companies Act.

• Update stakeholders on any further changes in the board composition and governance structure.

Conclusion

With the cessation of Dr. Jaganath Chennakeshava Murthy Jodidhar as Part-time Non-Official (Independent) Director, IREDA has taken all necessary steps to comply with regulatory requirements. As India’s leading agency in promoting renewable energy development, IREDA remains committed to maintaining the highest standards of corporate governance and transparency.

The company’s disclosure to the stock exchanges ensures that investors and stakeholders are informed about key changes, reflecting its continued adherence to regulatory and governance norms.

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