The Shareholders
Hindustan Copper Ltd
Kolkata
Your Directors have pleasure in presenting the Fifty-Eight Annual
Report of Hindustan Copper Ltd (HCL/the Company) together with the Audited Statement of
Accounts and Auditors' Report thereon for the year ended 31.03.2026.
1. Performance
Financial Summary or highlights
The comparative working results for the financial year (FY) 2025-26
vis-?-vis FY2024-25 are as under:
1. Performance — Financial Summary / Highlights
The comparative working results for FY 2025-26 vis-?-vis FY 2024-25
are as under:
| Particulars |
2025-26 (? crore) |
2024-25 (? crore) |
| (a) Sales |
3054.40 |
2048.11 |
| (b) Profit before depreciation, amortization,
finance cost & tax (EBITDA) |
1533.83 |
816.00 |
| (c) Less: Depreciation & Amortization |
200.44 |
175.56 |
| (d) Less: Finance Cost |
4.91 |
6.93 |
| (e) Less: Exceptional items |
95.75 |
— |
| (f) Profit Before Tax |
1232.73 |
633.51 |
| (g) Less: Provision for Taxation Net (Current
& Deferred Tax) |
312.06 |
164.98 |
| (h) Profit After Tax |
920.67 |
468.53 |
| (i) Add: Balance brought forward from the
previous year |
1465.64 |
1086.07 |
| (j) Balance available for appropriation |
2386.31 |
1554.60 |
| (k) Less: Interim Dividend for the year
(2025-26) |
96.70 |
— |
| (l) Less: Final Dividend for the previous
year (2024-25) |
141.19 |
88.97 |
| (m) Balance to be carried forward to Retained
Earning |
2148.42 |
1465.63 |
| (n) Earnings per Share (?) |
9.52 |
4.85 |
During FY 2025-26, the Sales of the Company was ?3054.40 crore as
against ?2048.11 crore during FY 2024-25 registering an increase of 49.13%. The Company
posted Profit Before Tax of ?1232.73 Crore during the year as against ?633.51 Crore
recorded during the previous year registering an increase of 94.59%. The Profit After Tax
during FY 2025-26 was ?920.67 Crore as against ?468.53 crore in FY 2024-25. During the
quarter ended 31.12.2025, the Company introduced a Post-Retirement Medical Scheme (PRMS)
and made a one-time provision of ?95.75 Crore on the basis of Actuarial Valuation of the
Scheme done by an Independent Actuary as per the guidelines of Ind AS-19 issued by the
Institute of Chartered Accountants of India. Being one time and infrequent in occurrence,
the same has been disclosed as Exceptional Item in the financial statement to ensure
Company's true performance.
Physical performance
The comparative physical performance of production and sales for FY
2025-26 vis-?-vis FY 2024-25 is as under:
| Particulars |
Unit |
2025-26 |
2024-25 |
Production |
|
|
|
| Ore |
Lakh Tonnes |
36.72 |
34.74 |
| Metal in concentrate |
Tonnes |
27,421 |
25,241 |
| CC Wire Rod – Tolling Production |
Tonnes |
12,886 |
15,218 |
Sales |
|
|
|
| MIC |
Tonnes |
27,369 |
24,457 |
| Cathode |
Tonnes |
8 |
Nil |
(Includes images: Underground mining at Malanjkhand Copper Mine,
Malanjkhand, Madhya Pradesh)
During FY 2025-26, HCL recorded copper ore production of 36.72 Lakh
tonne as compared to 34.74 lakh tonne in the previous year, registering growth of 6% over
FY 2024-25. Khetri Copper Complex (KCC) has produced 10.04 lakh tonne of copper ore as
compared to 7.18 Lakh tonne in previous year, registering an increase of 40% over FY
2024-25. Malanjkhand Copper Project (MCP) has produced 24.25 Lakh tonne of copper ore as
compared to 27.25 Lakh tonne in previous year, registering a decrease of 11% over FY
2024-25. The decrease in ore production at MCP was mainly on account of geotechnical
issues in the north section and limited stope availability in the south section. Indian
Copper Complex (ICC) has produced 2.43 Lakh tonnes of copper ore as compared to 0.30 Lakh
tonne in previous year registering substantial increase over FY 2024-25.
Taloja Copper Project (TCP) has produced 12,886 tonnes of copper wire
rod (from third party tolling) in FY 2025-26 as compared to 15,218 tonnes in previous year
registering a decrease of 15% over FY 2024-25.
During FY 2025-26, the overall Metal in Concentrate (MIC) production of
the Company stood at 27,421 tonnes as compared to 25,241 tonne in previous year,
registering 9% growth over FY 2024-25. This increase was driven by the resumption of
production at Kolihan, Surda and Kendadih mines.
Cathode and Continuous Cast Wire Rod (CCR) production (Own) remained
suspended during the year due to business economic decision for direct sale of Copper
Concentrate which gives better realization to the Company.
Measures taken to further augment production performance:
(i) To commence ore production from Kendadh and Rakha mines at ICC
unit, the Company has taken requisite steps and obtained Stage-I Forest Clearance for the
balance forest area within the mining lease, followed by an amendment to the Environmental
Clearance from the Ministry of Environment, Forest and Climate Change (MoEF&CC), and
subsequent execution of the lease deed with the Government of Jharkhand. The operation at
Kendadh mine has also started.
(ii) Commissioning of the Apron Feeder at 0 mRL in Kolihan Mine is
expected to be completed by mid of FY 2026-27. On completion, ore production from Kolihan
mine at KCC is expected to increase from 12,000 to 15,000 tonnes per month.
(iii) To address water shortage at KCC, the Company has taken up with
the Government of Rajasthan the matter of increasing water supply from the Kumbharam
project. In addition, measures are being implemented to enhance rainwater storage and
retention, improve the internal water circulation system to minimize losses, and increase
water reclamation from the tailing dam. Further, the Nagar Palika, Khetri, Government of
Rajasthan is constructing a Sewage Treatment Plant (STP) at KCC, which is nearing
completion. HCL has already signed an agreement with the State Government to receive 1 MLD
of treated water from the STP, with supply expected to commence in Q2 FY 2026-27.
(iv) Regular review of contractors' performance is being done by MCP,
KCC and ICC units, as done in the previous year.
(v) Regular preventive maintenance of man & material hoisting
system is being ensured at the mines of MCP, KCC and ICC units.
(Image: A landmark moment for HCL — Stage-I Forest Clearance
granted to commence ore production from Kendadh and Rakha mines at ICC unit)
Other major initiatives taken during the year:
(i) The Company exchanged the historical MoU with CODELCO, the
State-owned Copper Mining Company of Chile in the presence of Hon'ble Prime Minister Shri
Narendra Modi and Chilean President Mr. Gabriel Boric Font, on 01.04.2025. The main
objective of this Agreement is to identify and implement joint activities and to foster
strategic partnership in exploration, mining and mineral beneficiation through sharing of
knowledge and experience as well as for training employees.
(ii) An MoU has been signed between HCL, Madhya Pradesh State Mining
Corporation Ltd and the Directorate of Geology & Mining, Madhya Pradesh at the Global
Investor Summit on 25.02.2025 for exploration of critical minerals including copper in
Madhya Pradesh. In this regard the company has sought reservation of Copper Block in
Balaghat district of Madhya Pradesh.
(iii) HCL has been selected as preferred bidder for a Composite License
(CL) for the 'Baghwari-Khirkhori' copper and associated mineral block in Sidhi District,
Madhya Pradesh and the execution of CL deed is under progress. The block was notified by
the Government of Madhya Pradesh and the e-auction was held on 22.01.2026.
(iv) Bodal block in Chhattisgarh has been allotted to HCL by Government
of Chhattisgarh for a period of 3 years to undertake exploration work. The exploration
work through NMEDT funding has been started with the help of MELC.
(v) The Annual Plan Meeting for the financial years 2025-26 and
2026-27, a two-day brainstorming workshop, was held at the HCL Corporate Office on 2nd
& 3rd May, 2025 involving all units of HCL.
(vi) Union Minister of Coal & Mines, Shri G. Kishan Reddy, released
the Copper Vision Document on 04.07.2025, at the International Conference on Sustainable
& Responsible Mining held in Hyderabad. Secretary, Mines and other Senior Officers
from Ministry of Mines attended the meeting. The document, prepared by HCL for the
Ministry of Mines, provides a detailed plan for the growth of India's copper industry.
(vii) HCL organized a Vendor Meet in hybrid mode at Corporate Office,
Kolkata on 20.08.2025 in which 19 vendors participated. The session highlighted proposed
projects for increasing copper ore production and encouraging vendor participation in
upcoming tenders to support HCL's growth plans.
(viii) A successful WhatsApp video call was conducted on 23.12.2025
from the underground mines of the Khetri Copper Complex at depths of 400 meters and 700
meters. The live interaction connected the CMD, Director (Operations), Director (Finance),
Unit Head - KCC, and other senior officials. The call was enabled by extending the
existing Local Area Network (LAN) from surface to underground workings, demonstrating the
effectiveness of the digital communication infrastructure and real-time connectivity in
deep underground mining operations.
(ix) HCL has signed Memorandum of Understanding (MoU) with various
entities like RITES Ltd, Indian Oil Corporation Ltd, Coal India Ltd, GAIL (India) Ltd, Oil
India Ltd, NTPC Mining Ltd, CSIR-IMMT, MDI Murshidabad and MECON Ltd to collaborate on the
exploration, extraction, refining & production activities for copper and exploitation
of copper and critical mineral deposits in India and abroad, along with mineral
beneficiation, technology sharing, knowledge exchange, and other value-adding activities.
2. Dividend
Your Company has paid an Interim Dividend of ?1.00 per share on ?5/-
face value amounting to ?96.70 Crore for FY 2025-26 in March, 2026. The Board of Director
has also recommended final dividend equivalent to 37.20% on paid-up capital of the Company
i.e. ?1.86 per share on ?5/- face value for the financial year 2025-26 amounting to
?179.87 Crore for approval of shareholders in the Annual General Meeting. The total outgo
on Dividend (Interim and Final) for FY 2025-26 will be ?276.57 Crore approx.
3. Material Changes, if any
No material changes and commitments, affecting the financial position
of the Company occurred between the end of the financial year to which the financial
statements relate and the date of the report.
4. Projects
The status of different continuing mine expansion projects is as under:
i. Malanjkhand Mine (Madhya Pradesh)
The ongoing capacity expansion project at MCP, which involves
development of an underground mine beneath the existing opencast mine, is expected to
enhance the ore production capacity from 2.5 MTPA to 5.0 MTPA.
To complete the residual work of underground mine construction for
capacity expansion, a consultancy contract was entrusted on MECON Ltd (MECON), a reputed
CPSE Consultancy Organization, for estimation of value of residual work, preparation of
NIT document and evaluation of tenders which have been divided in multiple parts (Mine
Excavation at North Side, Mine Excavation at South Side, Shaft Furnishing, Men &
Material Hoisting system, Crushing & Pumping system, Power system & Main
Mechanical Ventilator) to complete the work in an efficient manner. Out of the above
multiple parts, the contracts for completion of mine development work at North & South
side have been awarded and started in FY 2022-23 and development work is under progress.
The work order for Main Mechanical Ventilator, Shaft Furnishing, Men & Material
Hoisting system, Electrical power system have been awarded in FY 2025-26. The tender for
Crushing & Pumping system was floated in March 2026.
The 3.00 MTPA Paste Fill Plant used for backfilling voids in the
underground mine at MCP is facilitating enhanced ore recovery from mine stopes and ensure
improved safety standards at the mines.
The underground leaky feeder-based communication system, installed and
commissioned at Malanjkhand underground project is facilitating traffic movement and
enhancing safety in the underground mine.
ii. Khetri & Kolihan Mine (Rajasthan)
The proposed expansion of mines at KCC would increase ore production
capacity from existing 1.0 MTPA to 2.9 MTPA. Mine-wise status is as under:
(a) Kolihan Mine: The study report of Geophysical
Exploration work, undertaken during FY 2021-22, has shown possible extension of ore body
up to (-) 300 mRL. Based on the outcome of above work, the validation drilling has been
taken up which confirmed the continuity of ore body extension up to (-) 300 mRL, i.e.
about 750 m vertical depth. For detailed exploration under G2 level, contract of 27,350 m
of depth exploration drilling up to (-) 300 mRL has been awarded to EF Mining Pvt. Ltd. in
February, 2025 which is under execution. Till FY 2025-26, total 7955 m drilling has been
completed. Following the outcome of detailed exploration drilling & techno-economic
feasibility; infrastructure development work for capacity expansion will be taken up.
Kolihan Mine is already having Environmental Clearance to produce 1.5 MTPA of copper ore.
(b) Khetri Mine: In order to enhance the ore
production from mine, contract had been awarded for conversion of track mining to
trackless mining at 0 mRL and below in September, 2022 and the work is under progress.
During FY 2025-26 decline connection has been established between 0 mRL and 52 mRL.
Further, waste disposal via LPDT has been commenced through the established decline. For
Banwas deposit of Khetri Mine, the Company has appointed contractual agency which produced
3,33,941 tonnes of ore in FY 2025-26. Further, a depth exploration of 63,100 drilling
meterage has been taken up to prove the continuity ore body extension up-to (-) 300 mRL
and estimation of reserves at deeper level. Out of this till FY 2025-26, drilling of 22383
m has been completed. The work for preparation of DPR for the Phase-II expansion has been
awarded in FY 2025-26 and is under progress.
iii. Surda Mine (Jharkhand)
During FY 2025-26, Government of Jharkhand has forwarded the compliance
to 65.52 ha Stage-I FC conditions to MoEF&CC, New Delhi for grant of Stage-II FC. The
Surda Mine Plan envisages sinking of shaft and deepening of various winzes to increase
production capacity from 0.4 MTPA to 0.9 MTPA.
iv. Re-opening of closed mines at Indian Copper Complex (ICC)
(Jharkhand)
The Company has made efforts to re-open the closed mines, development
of new underground mine at Singhbum Copper Belt of ICC namely, Kendadih and Rakha mines.
Mine-wise status is given below:
(a) Kendadih Mine: Stage-I (in-principle) forest
clearance for 413.477 ha of balance forest land within the 1139.60-ha Kendadih mining
lease has been approved by MoEF&CC on 20.06.2025. Amendment of Environmental Clearance
from existing 726.13 ha to 1139.60 ha over total mining lease area has been granted on
06.09.2025. Subsequently, the lease deed has been executed till 02.06.2043, enabling the
commencement of mining operations to enhance the ore production capacity from 0.21 MTPA to
0.40 MTPA.
(b) Rakha mine: Stage-I (in-principle) forest
clearance for balance 98.932 ha of forest land within the 785.091 ha Rakha mining lease
has been approved by MoEF&CC on 20.06.2025. Amendment of Environmental Clearance from
existing 686.159 ha to 785.091 ha over total mining lease area has been granted on
13.08.2025. Subsequently, the lease deed has been executed till 28.08.2041, enabling the
commencement of mining operations to enhance the ore production capacity from 0.30 MTPA to
3.00 MTPA through Mine Developer and Operator (MDO) mode. Preliminary activities for
development of underground mine at Chapri and commissioning of new matching capacity
concentrator plant at Rakha for an initial contract period of twenty (20) years with a
provision for further extension of ten (10) years is under process by South West Mining
Ltd (the MDO).
Exploration:
During FY 2025-26, the focus on exploration has been enhanced
considerably to assess depth extension of the ore bodies in different leases of HCL as
well as to enhance copper ore inventory of the Company. During FY 2025-26, 45,893.50 meter
of surface drilling and 19,081.55 meter of underground definition drilling have been
completed in different leases. General (G2 level) exploration is in progress to prove the
ore body up-to -300 mRL for the entire Khetri mining lease area. Depth exploration has
been taken up in Kolihan mining lease to explore sustainability of upcoming mining
production below the zero (0 mRL) by finding out the copper resource below zero (0 mRL).
The Company added 12.05 million tonnes of Copper Ore in its Reserves
& Resource base during FY 2024-25. As on 01.04.2025, the total Reserve & Resource
of Copper Ore within HCL's mining leases was 767.37 million tonnes of ore with average
grade of 0.94% copper. It is expected that the exploration activities taken up during the
financial year will enhance copper ore Reserves & Resource of the Company.
The geological drilling and associated work completed in FY 2025-26 is
highest since last 10 years of the exploration activities undertaken by the Company.
5. Significant or material orders passed by the Regulators or Courts or
Tribunals
No significant or material orders have been passed by the Regulators or
Courts or Tribunals impacting the going concern status and Company's operations in future.
6. Utilization of funds raised through preferential allotment or QIP
during the year
During the year there is no unutilized fund raised through preferential
allotment or QIP during the year.
7. Management Discussion and Analysis
A report on Management discussion and analysis of the performance of
the Company is enclosed as Annexure-I.
8. Information in respect of Subsidiary, Associate and Joint Venture
Khani Bidesh India Ltd (KABIL), a Joint Venture Company (JVC) between
National Aluminium Company Ltd (NALCO), HCL and Mineral Exploration and Consultancy Ltd
(MECL), was incorporated on 08.08.2019 with the objective to identify, acquire, develop,
process and make commercial use of strategic and other minerals in overseas locations for
supply to India and boost "Make in India" campaign. The total paid up capital of
KABIL as on 31.03.2026 is ?100 Crore and shareholding of NALCO, HCL and MECL in KABIL is
in the ratio of 40:30:30. The cumulative investment of HCL in KABIL as on 31.03.2026 was
?30.00 Crore against which the company share of accumulated loss as on 31.03.2026 is ?5.05
Crore. The Board of Directors of HCL in its meeting held on 07.10.2025 has approved
amendment in the Joint Venture Cum Shareholders Agreement dated 01.08.2019 executed among
NALCO, HCL and MELC for altering the shareholding ratio of NALCO, HCL and MELC from
existing 40:30:30 to 60:35:05 respectively. However, clearance in respect of the above
decisions is pending from Ministry of Mines and Department of Investment & Public
Asset Management (DIPAM). Chhattisgarh Copper Ltd, a JVC between HCL and Chhattisgarh
Mineral Development Corporation Ltd (CMDC), was incorporated on 21.05.2018 for
exploration, mining and beneficiation of copper and its associated minerals in the State
of Chhattisgarh. The total paid up capital of CCL as on 31.03.2026 is ?0.73 Crore and
shareholding of HCL and CMDC in CCL is in the ratio of 74:26. The cumulative investment of
HCL in CCL as on 31.03.2026 was ?0.54 Crore against which the company share of accumulated
loss as on 31.03.2026 is ?0.47 Crore.
Information in respect of Subsidiary, Associate & Joint Venture
(Form AOC 1) pursuant to Section 129(3) of the Companies Act, 2013 read with Rule 5 of
Companies (Accounts) Rules, 2014 is given in Notes to Financial Statements.
9. Deposits
The Company has not taken any deposits covered under or which are not
in compliance with the requirements of Chapter V of the Companies Act, 2013.
10. Related Party Transactions (RPTs)
Detail of RPT in Form AOC-2 is enclosed as Annexure-II. Policy on RPTs
and dealing with RPTs has been formulated and uploaded at the Company's website which can
be accessed at https://www.hindustancopper.com/Content/PDF/Policy%20on%20MRPT_RPT.pdf
11. Maintenance of cost records
The Company is required to maintain cost records as specified by the
Central Government under section 148 of the Companies Act, 2013, and accordingly such
accounts and records are being maintained.
12. Procurement from MSEs
HCL has achieved the target procurement of 25% from MSEs during the FY
2025-26.
13. Compliance of the provisions relating to the Maternity Benefit Act,
1961
The Company is in compliance with the Maternity Benefit Act, 1961.
14. Name of companies which became and cease to be Subsidiaries, JVs or
Associate Companies
Nil during the year.
15. Establishment of Vigil mechanism
The Company has a Whistle Blower Policy which provides adequate
safeguards against victimization of employees / directors. It provides direct access to
the Chairman of the Audit Committee in exceptional cases. The Policy has been hosted at
the Company's website and can be accessed at
https://www.hindustancopper.com/Content/PDF/Whistle Blower_Policy.pdf
16. Application made or any proceeding under the Insolvency and
Bankruptcy Code, 2016
Not applicable as no application has been made or proceeding pending
under the Insolvency and Bankruptcy Code, 2016.
17. Difference in valuation at the time of one-time settlement and
valuation while taking loan from the Banks or Financial Institutions
Not applicable as no one time settlement was done during the year.
18. Internal Committee under the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013
The Company has complied with the provisions relating to constitution
of Internal Complaints Committee under the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013. The Composition of the Internal
Complaints Committee is available at the website of the Company at
www.hindustancopper.com.
19. Risk Management Policy
The Board of Directors of the Company has developed and implemented a
Risk Management Policy for the Company including identification therein of elements of
risk, which in the opinion of the Board, may threaten the existence of the Company.
20. Dividend Distribution Policy
The Company has a Board approved 'Dividend Distribution Policy'
prepared in terms of Regulation 43A of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (SEBI (LODR), 2015). The Policy is available at the
website of the Company and can be accessed at
https://www.hindustancopper.com/Content/PDF/Dividend_Distribution_Policy.pdf
21. Internal Financial Controls
The Company has in place adequate internal financial control with
reference to financial statements commensurate with its size and operations.
22. Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo
Information on conservation of energy, technology absorption and
foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies
Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, is enclosed as
Annexure-III forming part of this report.
23. Safety
Mine Safety & Environment management remains a high priority area
of the Company. The Company is always aiming to achieve "Zero Accident
Potential" and committed to continue sustainable mining by diligently adhering the
'Sustainable Development Framework' stipulated by Indian Bureau of Mines (IBM), Government
of India.
The Company continues to maintain the tradition of achieving
recognition for its safety performance and, like previous years, this year also received a
number of awards in Annual Metalliferous Mine Safety Week under the aegis of respective
regional office of Director General of Mine Safety (DGMS), Government of India as detailed
below:
(i) HCL achieved commendable results at the 54th All India Mines Rescue
Competition (Coal & Metal) - 2025, held at Nagpur, organized under the aegis of the
Directorate General of Mines Safety. MCP won 2nd prize for Rescue & Recovery Drill and
3rd prize for overall team performance. KCC got 2nd prize for Metal Mines and 3rd prize
for Rescue & Recovery.
(ii) In the 3rd Annual Metalliferous Mines Safety Week Celebration
2025-26, under the aegis of Directorate General of Mines Safety, Parsia region, Parsia,
Malanjkhand underground copper mine of MCP has won nine prizes as under:
a. 1st prize in overall performance and Mine Plan & Records
b. 2nd prize in Plant & Machinery
c. 1st prize in blaster trade test & electrician trade test
d. 2nd prize in cable operator, drill operator, LPDT/LHD operator & first-aid (male)
trade test
(iii) KCC won various awards at 39th Annual Mines Safety Week 2025-26,
Ajmer Region. Khetri mine won 1st prize in plant machinery, maintenance & operation of
winder, 2nd prize in publicity propaganda & awareness, vocational training, first aid,
accident statics & control measures such as SMP & Emergency preparedness and 3rd
prize in overall performance. Kolihan mine won 2nd prize in Occupational Health &
Safety, Welfare amenities and 3rd prize in Overall Contractor performance.
(iv) Teams from KCC unit delivered an impressive performance at the
11th Intra Zonal Rescue Competition - 2025 held from 11th to 13th October, 2025 at Rampura
Agucha Mines, Hindustan Zinc Ltd, Rajasthan. Kolihan Team won 1st prize in Rescue Relay,
2nd prize in FAB and 3rd prize in Overall performance. Khetri Team won the Best Member
Award and 2nd prize in Rescue & Recovery.
(v) In the 63rd Annual Metalliferous Mines Safety Week Celebration
2025-26, under the aegis of Directorate General of Mines Safety, Chaibasa region,
Chaibasa, Surda copper mine of ICC has won seven prizes as under:
(a) 1st prize in Statutory Manpower, provisions & records (Departmental)
(b) 1st prize in Drilling, Blasting & safe handling of explosives
(c) 1st prize in Overall Contractor performance
(d) 1st prize in Statutory Manpower, provisions & records (Contractual)
(e) 2nd prize in Dust Control, OHS & First Aid
(f) 2nd prize in VTC: Training facilities/aids
(g) 2nd prize in Mine working method, Mine support & SSR
(Image: 63rd Annual Mine Safety Week Celebration 2025 — Surda
Copper Mine)
(vi) In the 63rd Annual Metalliferous Mines Safety Week Celebration
2025-26, under the aegis of Directorate General of Mines Safety, Chaibasa region,
Chaibasa, Kendadih copper mine of ICC has won six prizes as under:
(a) 1st prize in Publicity & Propaganda
(b) 1st prize in VTC: Training facilities/aids
(c) 1st prize in Fire Fighting, Emergency preparedness, Mock drills
(d) 2nd prize in Winding, Underground machineries, Garage, Plant & Equipment
maintenance
(e) 2nd prize in Overall Contractor performance
(f) 2nd prize in Statutory Manpower, provisions & records (Contractual)
(vii) HCL organized an International Seminar on "Critical &
Strategic Minerals for Viksit Bharat @2047 - Sustainable Mining, Processing &
Extraction Technologies and Global Partnership" on 09.11.2025.
(viii) The Zonal Mines Rescue Competition 2025, organized by DGMS,
Chaibasa Region and hosted by UCL, Jaduguda was held on 20th to 21st November, 2025 at
UCL's Bhatin Mine. Two rescue teams from ICC unit participated, showcasing strong
technical and emergency response capabilities. The Team won prize in Overall Runner Up,
2nd Best in First Aid and 2nd Best in Theory.
(ix) During FY 2025-26, two significant events were organized aimed at
reinforcing safety practices in its mining operations:
(a) Launch & Distribution of Pocket SOP Diary — ensuring easy access to critical
safety protocols for daily operations and
(b) Training on Explosives Safety — A dedicated training session on the storage,
transportation, handling and use of explosives in mines.
(x) Besides the above, special training, regular refresher training
program and on-the-job training are provided to all employees. Safety Campaigns like
"Annual Mines Safety Week", "Fire Services Day", "Fire services
week" and "Industrial Safety Day" celebrations are conducted regularly with
active participation of employees in all the Units of HCL.
24. Environmental and Pollution Control Initiative / Measures
During FY 2025-26, following Environmental and Pollution Control
Initiative / Measures were undertaken:
(i) A separate pumping system and dedicated pipeline have been
installed at the MCP unit for the collection and complete recycling of mine and dump
seepage water. Mine pit water is being recycled through multistage pumping arrangement and
collected in recycled holding pond near concentrator plant. From the recycled holding pond
it is being supplied to Concentrator plant process. Since inception the project has
carried out extensive tree plantation in open areas available within and around the mine
premises in consultation with expert agency i.e. Madhya Pradesh Rajya Van Vikash Nigam
Limited.
(ii) MCP unit has been maintaining Zero Liquid Discharge (ZLD) System,
separate pumping and dedicated pipeline installed for collection and complete recycling of
mine and dump Seepage water. Mine pit water is being recycled through multistage pumping
arrangement and collected in recycled holding pond near concentrator plant. From the
recycled holding pond it is being supplied to Concentrator plant process. Similarly, dump
seepage water at Bhimjori and Khursipar are collected in concretized sumps. Both the sumps
have pumping and separate pipeline arrangement to collect and recycle seepage water to
process water holding tank at water treatment plant. From the water treatment plant
seepage water is supplied to Concentrator plant for reuse in process.
(iii) At MCP unit, mineral handling area has been provided with dust
control arrangements. At primary crusher & transfer points, water sprinkling system is
in place. At secondary crushing, tertiary crushing & screening area, water scrubber
system is in place. Regular water sprinkling over haul road is being done through two nos.
dedicated 45 KL capacity water tankers. Wet drilling is practiced to reduce fugitive
emissions. Continuous Ambient Air Quality Measuring Station (CAAQMS) has been installed at
Town Administration building premises of MCP unit and the information is uploaded in MPPCB
Portal live. Real Time Online Water Monitoring System installed at Chhinditola is
functioning properly and the data is transmitted live on MPPCB Portal. Online flow meter
with telemetry system have been installed at two different locations (a) Mine dewatering
pipeline near reclamation pond, (b) Intake well pipe line near Water Treatment Plant.
Environmental display board is installed at R&D Building premises of MCP unit. Two new
piezometers have been installed and commissioned for systematic monitoring of ground water
levels and quality. Daily data is being recorded to assess any impact of mining operations
on the local aquifer system. Plantation drive of 1000 native species saplings was carried
out near Bhimjori Sump. All Compliances regarding Environment are followed diligently with
periodic inspection.
(iv) Saplings of native species are being planted in and around the
Mining Lease area, backfilled and reclaimed areas, around water bodies and along roads,
etc. of MCP unit.
(v) 100% of Mine discharge water/STP treated water at KCC unit is
getting recycled in the system by using it in the mineral processing plant. The air borne
dust during various mining operations is regularly suppressed by proper water sprinkling
arrangements. Water spraying system on conveyor belt has been installed and effective
operation of Rotocyclone has been implemented in concentrator plant for control of dust.
Milli Second delay detonators are used in blasting to control noise & ground vibration
and to get better fragmentation. Wet drilling is practiced invariably for reducing the
generation of dust during drilling operation. Monsoon Plantation drive has been conducted
in KCC unit where 4,506 saplings have been distributed and 4,200 saplings have been
planted in mines / township area.
(vi) To reduce dependence on fresh water requirement for beneficiation
plant operations laying of pipeline as per MoU signed with Khetri Nagar Palika for supply
of 1.2 MLD treated sewage water is nearly completed. This will reduce the fresh water foot
print of KCC unit.
(vii) A Monsoon Plantation Drive was conducted in the KCC Unit, during
which 8,500 saplings were procured and planted in the mines and township areas, and also
distributed to nearby villagers.
(Image: Plantation Drive at KCC Unit)
(viii) Ambient Air, Noise and Effluent Monitoring has been carried out
at ICC unit periodically through Jharkhand State Pollution Control Board web portal. Three
nos. of Telemetry based water flow meter has been installed at Surda, Kendadih and Rakha
Mine to check the ground water abstraction. Five nos. of new water flow meters have been
installed and commissioned at different location of inflow for surface water to quantify
the water drawn from river. The distribution and installation of 30 nos. of bio toilet in
nearby villages is being carried out in a proper and systematic manner. Installation of 3
nos. Continuous Ambient Air Quality Monitoring System (CAAQMS) for Surda mine is under
process of procurement. An Electrolyte machine and a CBC machine at CHC-Mosabani, Kendadih
and Anumandal Hospital, Ghatshila is under process of procurement, to ensure proper
medical checkup for local villagers. Monitoring of radioactive element Radon (Rn) in mine
water of Rakha and Kendadih Mines through BARC is under progress. ICC unit has distributed
5000 nos. of tree sapling among the local people of the unit. 3400 nos. local growing tree
saplings planted at Surda & Kendadih Mine on the occasion of World Environment Day.
(x) TCP unit has comprehensive effluent treatment system consisting of
primary, secondary, and tertiary treatment and being operated continuously to achieve the
quality of the treated effluent as per Pollution Control Board. TCP unit is also a member
of 'Mumbai Waste Management Limited Taloja, a Common Hazardous Waste Treatment, Storage
and Disposal Facility.
25. Research and Development
(i) Scientific Study and numerical modelling at Malanjkhand underground
copper mine is being carried out by M/s CIMFR, Nagpur and M/s NIRM, Nagpur.
(ii) Modelling and simulation studies for designing the ventilation system of MCP is being
carried out by PMRC Pvt. Ltd, Dhanbad.
(iii) Slope Monitoring Study of Malanjkhand mine for a period of three years (2023 to
2026) is being carried out by CIMFR, Dhanbad.
(iv) Process audit and capacity augmentation of MCP Concentrator plant under R&D works
has been awarded to NML, Jamshedpur and the work has been completed.
(v) The work of subsidence study for Khetri and Kolihan Mine leases has been awarded to
M/s IIT-ISM, Dhanbad.
(vi) R&D work for Development of an IoT (Internet of Things) Enabled Online Monitoring
and Data Analysis System for Rock Mechanics Instrumentations at Kolihan Copper Mine has
been awarded to M/s IIT-Kharagpur.
(vii) Initiative has been taken by IBM to address the deterioration in metallurgical
results and improve recovery performance at the KCC concentrator plant. The initiative has
been successfully completed.
(viii) Three-Dimensional Numerical Modeling Studies for deciding stoping parameters and
support system between 120 ML and 60 ML, and between 60 ML and 0 ML at Banwas Block of
Khetri Copper Mine was awarded to IIT Kharagpur.
(ix) Feasibility Study for Tailings Water Recovery has been awarded EIL.
(x) Tailings dam leakage study at KCC unit has been completed.
(xi) Subsidence Monitoring Survey of Surda mining lease, Kendadih mining lease and Rakha
mining lease of ICC unit for Three (03) years has been awarded to IIT-ISM, Dhanbad.
(xii) Installation of Vibratory Disc Cup Mill Pulverizer at Mosabani of ICC unit for
pulverization of Ore, tailing and concentrate samples has been completed.
(xiii) Study is being undertaken to enhance the plant capacity from 0.4 to 0.9 MTPA of Ore
Milling at Mosabani Concentrator plant.
(xiv) Procurement and installation are being undertaken for PH/EC/TDS Meter for R&D
Use at ICC unit.
(xv) Study is being undertaken for Critical mineral in Ore, Tailings and Concentrate of
ICC unit by MELC.
26. Awards and Accolades
(i) Khetri Mine bagged overall 2nd prize in underground category along
with 1st prize in Environmental Monitoring, 2nd prize in Mineral Beneficiation, 2nd prize
in Sustainable Development and 3rd prize in Waste Dump Management in the 36th Mines
Environment and Mineral Conservation Week celebration held on 17.01.2026 at Jodhpur under
the aegis of IBM, Ajmer.
(ii) Kolihan Mine also won 2nd prize in Waste Dump Management and 3rd
prize in Mineral Conservation in the 36th Mines Environment and Mineral Conservation Week
celebration held on 17.01.2026 at Jodhpur under the aegis of IBM, Ajmer.
(iii) On the occasion of the 8th GST Day celebrated on 01.07.2025 in
Jabalpur, Malanjkhand Copper Project was honored with a memento and appreciation
certificate. The unit is among the Top 25 Excellent Taxpayer companies under the CGST
Jabalpur Division for FY 2024-25.
(iv) Both KCC and MCP were felicitated with a 5-Star Rating for the
year 2023-24 by the Indian Bureau of Mines on 07.07.2025 in Jaipur.
(v) HCL was awarded the Distinction Award for implementation of
Official Language in the meeting held on 25.08.2025 by Official Language Implementation
Committee (Undertaking), Kolkata for the year 2024-25.
(vi) Shri Sanjiv Kumar Singh, CMD, HCL was honored with the Mining
& Minerals Excellence Award 2025 - "CEO of the Year" at the 11th Asian
Mining Congress organized by MGMI in Kolkata on 30.10.2025.
(vii) HCL won the IEI Industry Excellence Award "For excellence in
Overall Performance in the category Engineering Manufacturing & Processing" at
the 40th Indian National Congress at National Institute of Technology, Durgapur on
19.12.2025.
(viii) Shri Sanjiv Kumar Singh, CMD, HCL attended the National Seminar
on "Mining Industry: Challenges and Opportunities" as the Guest of Honour on
17.01.2026 at Dhanbad. On this occasion, CMD, HCL was also conferred with the prestigious
"IMMA Excellence Award 2026" in recognition of his outstanding contribution to
the mining industry.
(ix) Shri Sanjiv Kumar Singh, CMD, HCL was conferred the prestigious
Bhaskar Bhattacharjee Memorial Award on 08.02.2026 by IIT (ISM) Dhanbad during Basant'26,
held to mark the institute's Centenary Anniversary. The award honors excellence and
professional work ethics in the mining and mineral sector in memory of Late Bhaskar
Bhattacharjee, former DG of Directorate General of Mines Safety (DGMS) and a distinguished
alumnus of the institute.
(x) MCP has bagged overall 1st prize in underground category along with
1st prize in Mineral Beneficiation, 1st prize in Systematic & Scientific Development
and 2nd prize in Sustainable Development in the 35th Mines Environment and Mineral
Conservation Week celebration held on 28.02.2026 at Jabalpur under the aegis of IBM,
Jabalpur.
27. Corporate Social Responsibility (CSR)
The CSR Report in the prescribed format as per the Companies (Corporate
Social Responsibility Policy) Rules, 2014 is at Annexure-IV.
28. Vigilance Activities
Vigilance is basically and admittedly a managerial function and,
therefore, it is an integral part of the duties of employees. CVO advises management on
all matters pertaining to vigilance. As an extended arm of the Central Vigilance
Commission in its exercise of superintendence over Vigilance Administration of the
Company, CVO provides the link to the Administrative Ministry and the CBI. Vigilance plays
a crucial role in fostering integrity, transparency and accountability within the
organization. It ensures adherence to rules and regulations, prevents misconduct and
promotes a culture of ethical behaviour, which eventually paves the way towards enhanced
productivity and organizational effectiveness.
The Company focus on preventive / proactive measures through
improvement of systems and procedures, ensuring transparency, adherence to established
policies and guidelines etc. Systems improvement are implemented regularly. During FY
2025-26, including the three-month campaign period, following Programs were organized as
Preventive Vigilance activities:
(a) Training was imparted on: (i) Drafting of Charge sheet &
Disciplinary Proceedings, (ii) HCL Conduct Rules, (iii) Investigation & Report, (iv)
Preventive Vigilance, (v) Cyber Hygiene & Security. Total 1675 man days training were
imparted during FY 2025-26;
(Image: Training program on Cyber Hygiene & Security at HCL
Corporate Office)
(b) Seminars were organized on the following:
(i) Business ethics on 21.04.25, (ii) Disciplinary Proceedings on 20.06.2025, (iii) Cyber
Hygiene & Security on 01.07.2025 (Digital India day), (iv) CTE type Intensive
Examination on 18.08.2025, (v) Public Procurement on 30.08.2025 (Procurement Guidelines,
GFRs, Procurement Manuals & various aspects of Procurement - provisions for 'Make In
India', 'MSE', National Security provisions, etc.)
(vi) Ethics & Contract Management on 09.10.2025, (vii) Ethical
Values and Transparency: The essential pillars for building Viksit Bharat on 29.10.2025,
(viii) Corporate Governance on 03.02.2026 and (ix) Contract Management at ICC on
09.01.2026;
(c) A kit was organized by the young & vibrant team members of
Bharat Scout & Guides, Shalimar addressing the menace of corruption;
(d) Quiz programs were organized among employees on several vigilance
terminologies;
(e) Programs were organized at various schools and colleges to acquaint
students with their rights and duties towards the progress of our nation and encourage
them to adopt ethical values;
(f) Fourteen no (14) Outreach activities were conducted by Chief
Vigilance Officer, HCL, in which 8 nos. interactive session was conducted among the
students and faculty of:
A. Indian Institute of Engineering Science and Technology (IIEST), Shipbur (03.09.2025),
B. Indian Institute of Social Welfare and Business Management (IISWBM), Kolkata
(09.09.2025),
C. National Institute of Pharmaceutical Education and Research, Kolkata (10.09.2025),
D. Kendriya Vidyalaya, Ballygunge, Kolkata (02.11.2025),
E. Indian Statistical Institute, Kolkata (11.11.2025),
F. Indian Institute of Technology, Kharagpur (08.01.2026),
G. Punjab Engineering College, Chandigarh (26.02.2026),
H. IMMT, Bhubaneswar (28.02.2026)
and Six (6) nos. interactive session were conducted among the employees of National
Aluminum Company Ltd, Geological Survey of India, Dedicated Freight Corridor Corporation
of India Ltd, Ministry of Mines, New Delhi, Uttar Pradesh Metro Rail Corporation Ltd and
Oil India Ltd.
In adherence to complaint handling mechanism, all the complaints which
were received during FY 2025-26 had been disposed within the period of stipulated 90 days
from the complaint stage. By addressing issues proactively, organizing awareness campaign
through seminars & workshops and streamlining the operations, the objective of
reducing complaints, improving the productivity and achieving sustainable growth was
achieved.
29. Official Language Implementation
During FY 2025-26, HCL made constant endeavor to increase the use of
Official Language Hindi in its Units/Offices. Hindi Fortnight/Hindi Week/Hindi Diwas were
celebrated in the Units/Offices of HCL from 14.09.2025 to 29.09.2025. On this occasion,
the messages of Hon'ble Home Minister, Hon'ble Mines Minister and CMD, HCL were
circulated/read out. During the fortnight, various competitions were organized with a view
to increase interest among employees towards the Official Language and winners were
awarded on closing ceremony held on 30.09.2025.
The Parliamentary Committee on Official Language inspected the
corporate office of HCL on 24.12.2025 to evaluate the progressive use of the Official
Language Hindi. During the inspection, HCL was awarded a certificate of
"Excellent" for its compliance with the Official Language Rules/Regulations
satisfactory and activities carried out in the field of Official Language.
(Image: "Excellent" certificate awarded to HCL by
Parliamentary Committee on Official Language)
HCL was awarded a shield by the Town Official Language Implementation
Committee (Undertakings), Kolkata for its active participation in the meeting held on
11.02.2026 in recognition of its Active Cooperation.
Also, Hindi competitions were organized in every quarter on different
topics. Employees were constantly motivated to use Hindi in their day-to-day official
work. Hindi Workshops were conducted at Corporate Office, Units/Offices at regular
intervals. Regular review of progressive use of Hindi was carried out in quarterly
meetings of Official Language Implementation Committee under the Chairmanship of CMD at
Corporate Office and Unit Heads at Units. During FY 2025-26, HCL participated in the
half-yearly meetings organized by the Town Official Language Implementation Committee
(PSUs), Kolkata. The progress of use of Hindi language is being reviewed regularly at
Board meetings. All recruitment advertisements were bilingual. Notices etc. were uploaded
on the Company's website in Hindi and English.
30. Business Responsibility and Sustainability Report
Pursuant to Regulation 34(2) of SEBI (LODR), 2015, Business
Responsibility and Sustainability Report for FY 2025-26 describing various initiatives
taken by the Company on social, environmental and governance perspective, is available at
the website of the Company and can be accessed at
https://hindustancopper.com/Content/PDF/BusinessResponsibility-Sustainability-Report-2025-26.pdf
31. Annual Return
Annual Return pursuant to Section 92(3) of the Companies Act, 2013 is
available at the website of the Company and can be accessed at
https://hindustancopper.com/Content/Admin/FlatFile/AnnualReturn-2025-26.pdf
32. Corporate Governance
Corporate Governance Report as per SEBI (LODR), 2015 is enclosed as
Annexure-V forming part of this report together with Certificate on Corporate Governance.
33. DPE Guidelines on Corporate Governance
The Company has complied with the Guidelines on Corporate Governance
for Central Public Sector Enterprises issued by Department of Public Enterprises,
Government of India.
34. Number of meetings of the Board
During FY 2025-26, thirteen Board meetings were held i.e., on
30.04.2025, 27.05.2025, 30.06.2025, 31.07.2025, 14.08.2025, 07.10.2025, 11.11.2025,
24.11.2025, 31.12.2025, 21.01.2026, 05.02.2026, 16.03.2026 and 30.03.2026.
35. Directors' Responsibility Statement
In terms of Section 134(5) of Companies Act, 2013, your Directors
confirm:
(i) That in the preparation of the Annual Accounts for the year ended
31.03.2026 the applicable Accounting Standards has been followed along with proper
explanations relating to material departures.
(ii) That such Accounting Policies have been selected and applied consistently and made
adjustments and estimates which are reasonable and prudent so as to give a true and fair
view of the State of Affairs of the Company at the end of 31.03.2026 and of the Profit and
Loss of the Company for the FY 2025-26.
(iii) That proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities.
(iv) That the Directors have prepared the Annual Accounts on a going concern basis.
(v) That the Directors have laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and operating effectively.
(vi) That the Directors have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems are adequate and operating
effectively.
36. Declaration by Independent Directors
Independent Directors of the Company have given declaration to the
effect that they meet the criteria of independence as provided under Section 149(6) of the
Companies Act, 2013.
37. Familiarization Program for Independent Directors
Independent Directors are familiarized through induction program /
presentation with the overview of business, operations, new projects and business model of
the Company. Visit to Units is also organized as per their convenience. They are also
updated on the changes / developments taking place including in the relevant statutory /
regulatory requirements from time-to-time. Detail of Directors' Training / Familiarization
Program has been hosted at the Company's website and can be accessed at
https://www.hindustancopper.com/Content/PDF/Fam_Pro_Ind_Dir.pdf
38. Opinion of the Board with regard to integrity, expertise and
experience (including the proficiency) of the Independent Directors
In the opinion of the Board, the Independent Directors of HCL are
person of integrity and possesses expertise, experience and proficiency required to
discharge their duty.
39. Manner of Annual evaluation of Board, Committees and individual
Directors
HCL being a Government Company, performance evaluation and criteria of
evaluation of its Directors is decided and undertaken by the Government of India.
40. Code of Conduct
The Company has formulated a Code of Conduct applicable to the
Directors as well as Senior Management and the same has been circulated to all concerned
personnel and is posted at the Company's website and can be accessed at
https://www.hindustancopper.com/Content/PDF/CC_Dir_Sr_Exe.pdf All Board members and senior
management personnel have affirmed compliance of the Code for the year ended 31st March,
2026.
41. Directors and Key Managerial Personnel
During FY 2025-26, following changes took place in the composition of
Directors and KMP:
Shri Avinash Janardan Bhide was appointed as Non-Official (Independent)
Director on the Board of HCL by the Ministry of Mines, Government of India, vide Order No.
Met. 3-10/2/2020-Met.III dated 01.04.2025, for a period of one year from the date of
notification of his appointment, or until further orders, whichever is earlier. Shri Bhide
ceased to be Non-Official (Independent) Director, HCL on completion of his tenure on
31.03.2026.
Shri Ghanshyam Sharma ceased to be Director (Finance), HCL on attaining
the age of superannuation on 31.05.2025.
Shri Sanjiv Kumar Singh, CMD, HCL assumed the Additional Charge of
Director (Finance) w.e.f. 02.06.2025 in terms of Order No. Met.3-10/3/2020-METAL III dated
27.05.2025 issued by the Ministry of Mines, Government of India. He also held the post of
CFO w.e.f. 02.06.2025.
Shri RVN Vishweshwar has been appointed as Director (Finance), HCL
w.e.f. 29.07.2025 in terms of Ministry of Mines Order No. Met.3-10/1/2024-METAL III dated
25.07.2025.
Consequent upon joining of Shri Vishweshwar as Director (Finance), Shri
Sanjiv Kumar Singh, CMD, HCL ceased to hold the Additional Charge of the post of Director
(Finance) and CFO w.e.f. 29.07.2025.
During FY 2025-26, Dr. Sanjeev Kumar Sinha, Director (Operations) was
holding additional charge of the post of Director (Mining) in terms of Ministry of Mines
Order No. Met.3-10/1/2020-METAL III dated 27.03.2025, 19.06.2025, 25.08.2025 and
20.03.2026.
Shri Mritunjay Kumar Dev assumed the charge of Company Secretary &
Compliance Officer w.e.f. 03.04.2025. Subsequently, Shri Chhattar Singh Singhi ceased to
hold the post of Company Secretary & Compliance Officer w.e.f. 03.04.2025.
The Board places on record its appreciation for the valuable services
and contribution made by Shri Ghanshyam Sharma and Shri Avinash Janardan Bhide during
their tenure on the Board of HCL.
Board of Directors & Senior Management (as listed):
Shri Sanjiv Kumar Singh — Chairman and Managing Director
Dr. Sanjeev Kumar Sinha — Director (Operations) & Addl. Charge Director
(Mining)
Shri RVN Vishweshwar — Director (Finance) & Chief Financial Officer
Shri Shakil Alam — Government Nominee Director
Dr. Ashish Saxena — Government Nominee Director
Shri Avinash Janardan Bhide — Independent Director
Shri Mritunjay Kumar Dev — Company Secretary & Compliance Officer
42. Secretarial Audit Report
Secretarial Audit for FY 2025-26 has been carried out by M/S Basu &
Associates, Practicing Company Secretaries, in compliance with Section 204(1) of the
Companies Act, 2013. The Report of the Secretarial Auditor is enclosed as Annexure-VI to
this report. Additionally, in compliance with the requirements of Regulation 24A of SEBI
(LODR), 2015, the Annual Secretarial Compliance Report has been submitted to the Stock
Exchanges within the prescribed timelines. With regard to observations of Secretarial
Auditor about composition of the Board, Audit Committee and Nomination and Remuneration
Committee, it is stated that due to vacant post of Directors, composition of the Board of
HCL was not as per statutory provisions during FY 2025-26 and therefore, Audit Committee
and Nomination and Remuneration Committee could not be constituted during FY 2025-26. HCL,
being a Government Company and in terms of its Articles of Association, appointment of all
Directors on its Board is done by the President of India through orders issued by the
Ministry of Mines, Government of India. The Company has no role to play in the appointment
process. The Company has requested the Ministry of Mines, Government of India to fill up
the vacant posts of Directors and the matter is under consideration of the Government.
43. Auditors
M/s. P. A. & Associates, Chartered Accountants, Bhubaneswar was
appointed as Statutory Auditors to audit the accounts of the Company for FY 2025-26 by
Comptroller and Auditor General of India (C&AG).
M/s Chatterjee & Co., Kolkata was appointed as Cost Auditor of the
Company for carrying out the Cost Audit of the mines and plants of the Company in
accordance with the provisions of Section 148 of the Companies Act, 2013 and Companies
(Cost Records & Audit) Rules 2014 as amended from time to time for FY 2025-26.
44. Comments of C&AG
The C&AG has not given any comment upon or supplement to Statutory
Auditor's Report. Nil comment received from C&AG under the Companies Act on the
Accounts of the Company for the year ended 31.03.2026 is annexed to this report.
45. Appreciation
The Board of Directors wishes to place on record its sincere
appreciation for the dedicated efforts of all employees of the Company during the year
under review. The Board is also deeply grateful for the continued guidance and support
received from the Ministry of Mines, various other Ministries and Departments of the
Government of India, and the State Governments of Rajasthan, Jharkhand, Madhya Pradesh,
Maharashtra, Gujarat and West Bengal. The Board further acknowledges the valuable
cooperation extended by the Company's bankers, customers, and the office bearers of the
recognized Trade Unions across various Units and the Head Office. Lastly, the Board
expresses its heartfelt thanks to all shareholders and investors for their unwavering
trust and confidence in the Company.
| For and on behalf of the Board of Directors |
| Sd/- |
| Anupam Misra |
| Chairman & Managing Director |
| (DIN-07637439) |
|