DPSC Limited: Directors Vacate Office in Material Subsidiary Due to Missed AGM Deadline
DPSC Limited is under CIRP. Two directors, Mr. Sajjan Kumar Khandelwal and Ms. Pragya Jhunjhunwala, have vacated their positions as Additional Directors in the material subsidiary, IPCL Power Limited. Mr. Khandelwal also stepped down as Wholetime Director. The vacation is effective from September 30, 2026, due to the failure to hold the AGM by the deadline.
The vacation of directors in a material subsidiary, while not directly impacting the parent company's core operations in the short term, signifies further governance challenges during the CIRP phase, which could have medium-term implications for restructuring and investor confidence.
The company is undergoing CIRP, and the vacation of office by directors in a material subsidiary due to non-compliance with AGM deadlines indicates ongoing corporate distress and governance issues.
DPSC Limited (formerly India Power Corporation Limited) is currently undergoing Corporate Insolvency Resolution Process (CIRP) following an order dated 15th May, 2026, by the Hon’ble NCLT, Hyderabad Bench-I. As per Section 17 of the Insolvency and Bankruptcy Code, 2016, the company's Board of Directors' powers are suspended and exercised by the Resolution Professional, Ms. Medarametla Sreenivasa Manoranjani.
In line with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it has been disclosed that Mr. Sajjan Kumar Khandelwal and Ms. Pragya Jhunjhunwala have vacated their offices as Additional Directors of IPCL Power Limited (IPL), a material subsidiary. Mr. Khandelwal also vacated his office as Wholetime Director of IPL. These changes are effective from the close of business hours on 30th September, 2026.
The vacation of office occurred because IPCL Power Limited did not conduct its Annual General Meeting (AGM) on or before the stipulated deadline of 30th September, 2026. Consequently, both directors, who were appointed as Additional Directors on 24th December, 2025, and 24th April, 2026, respectively, had their directorships cease on this date.
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DPSC Limited filed this with the NSE as a statutory disclosure, categorised under corporate insolvency resolution process. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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