Raunaq International CMD Faces Passport Revocation, Files Appeal

April 20, 2026: Raunaq International Limited announced that its Chairman and Managing Director, Surinder Paul Kanwar, received a notice from the Regional Passport Office regarding passport revocation.
April 15, 2026: Mr. Kanwar filed an appeal to challenge the revocation order.

The company stated that Mr. Kanwar continues to perform his duties, and citizenship status is a matter for the Central Government to determine.

Leadership and Governance Concerns

The passport revocation notice introduces significant governance issues for Raunaq International. While the company maintains leadership continuity, an unfavorable outcome from the appeal or the government's citizenship decision could affect management's operational capabilities and strategic plans.

Clarity on Mr. Kanwar's status is vital for investor confidence and business operations, especially in the engineering and construction sector where leadership stability is paramount.

Background to the Citizenship Query

This development stems from an anonymous letter in November 2025 that questioned Mr. Kanwar's citizenship. At that time, the company's Board reviewed legal advice and concluded that citizenship determination is solely for the Central Government. Mr. Kanwar had confirmed holding a valid Indian passport and provided required details to authorities.

Raunaq International Limited was previously known as Raunaq EPC International Limited, with the name change taking effect in January 2024.

Key Developments Ahead

• Shareholders are awaiting the outcome of Mr. Kanwar's appeal against the passport revocation.
• Any decisions from the Central Government regarding Mr. Kanwar's citizenship will be critical.
• The company's operational continuity depends on Mr. Kanwar being able to perform his duties without travel restrictions or governance challenges.

Potential Risks

• Legal Risk: If the passport revocation order is upheld, Mr. Kanwar could face travel restrictions. This might affect his ability to manage international business or attend key meetings.
• Governance Risk: Ongoing uncertainty about the executive's citizenship and passport status presents a substantial governance risk, potentially impacting investor confidence and regulatory oversight.

Industry Comparison

Finding direct comparisons for this specific governance event is difficult, as passport revocations for CMDs due to citizenship concerns are rarely disclosed publicly. Companies like Larsen & Toubro and KEC International operate in the same engineering and construction sector but have not reported similar leadership citizenship or passport controversies.

Financial Context

As of December 31, 2025, Raunaq International's paid-up equity share capital and net worth were below SEBI thresholds. Consequently, certain corporate governance provisions were not applicable for FY2025-26.

Looking Ahead

• Monitor the progress and outcome of Mr. Kanwar's appeal.
• Await official statements from the Central Government concerning Mr. Kanwar's citizenship.
• Track further communications from Raunaq International on this matter.
• Observe any potential impact on the company's operational performance or strategic initiatives.