Steelco Gujarat Ltd

Cessation of Independent Director – Rajesh Kapadia

• Rajesh Kapadia ceases as Independent Director on completion of tenure, effective 13 Oct 2026 close of business.
• He ceases to be member of Audit Committee, Nomination and Remuneration Committee, and Stakeholders' Relationship Committee.
• Reason: Completion of tenure as Independent Director.

Governance updates

• TR Chadha & Co LLP appointed statutory auditor for five years from 36th AGM to 41st AGM.
• Sudeep Saxena appointed NED for two years from 13 Aug 2026 to 12 Aug 2028.
• TR Chadha & Co LLP appointed to fill casual auditor vacancy after M Sahu & Co resignation.

AGM Details

• AGM held on 25 September 2026 via VC/OAVM.
• Start 12:00 PM, end 12:41 PM.
• Record date: 18 September 2026.
• Scrutinizer: Devesh Pathak & Associates; voting results consolidated.
• Promoter group attendance via VC: 5; public attendance: 46.

Resolutions and outcomes

• Resolution 1: Adopt Audited Standalone Financial Statements; Ordinary; Passed.
• Resolution 2: Reappoint Mukta Jain as Director by rotation; Ordinary; Passed.
• Resolution 3: Appoint TR Chadha & Co LLP as Statutory Auditors to fill casual vacancy; Ordinary; Passed.
• Resolution 4: Appoint Sudeeps Saxena as Independent Director; Special; Passed.
• Resolution 5: Approve appointment of TR Chadha & Co LLP as Statutory Auditors; Ordinary; Passed.

Steelco Gujarat Limited – Trading Window closed from October 01, 2026 for the second quarter and half year ending on September 30, 2026 unaudited results; shall open 48 hours after the declaration of Unaudited Financial Results for the second quarter and half year ending on September 30, 2026.

AGM Details

• AGM held on 25 Sep 2026 at 12:00 noon via VC/OAVM.
• Combined results of remote e-voting and AGM voting to be informed later.

Resolutions

• Ordinary: Adopt Audited Standalone Financial Statements for year ended Mar 31, 2026.
• Ordinary: Reappoint Mukta Jain by rotation.
• Ordinary: Appoint M/s TR Chadha & Co LLP as Statutory Auditors.
• Special: Appoint Sudeep Saxena as Independent Director.
• Ordinary: Approve appointment of TR Chadha & Co LLP to fill casual auditor vacancy.

Voting Results

• Voting results pending; will be announced to BSE and on the company's website within 2 working days.

Directors

• Mukta Jain reappointed by rotation.
• Sudeep Saxena appointed as Independent Director.
• Nominee Director Shankar Bharadhwaj granted leave of absence.

Auditors

• Statutory Auditors appointed: TR Chadha & Co LLP.
• Casual vacancy filled by TR Chadha & Co LLP.

AGM Details

• AGM to be held on 25 September 2026 at 12:00 IST via VC/OAVM.
• Register of Members and share transfer books closed 19–25 September 2026.
• Cut-off date for remote e-voting set as 18 September 2026.

Financial highlights

• Revenue from operations: ₹5,852.92 lakhs in FY2025-26.
• Total income: ₹5,919.93 lakhs; up from ₹493.91 prior year.
• Net loss: ₹3,727.20 lakhs; EPS: ₹-75.05 for FY25-26.
• Earnings before tax: ₹-3,727.20 lakhs; depreciation: ₹421.65.
• No dividend declared for FY2025-26; post-year Rights Issue announced.

Restart and operating momentum

• Restart of manufacturing completed; commercial production resumed July 14, 2025.
• Major lines: CRFH Coils produced 90 MT; Galvanised Coils 639 MT.
• Total production 6,832.175 MT; total sales 8,435.422 MT; revenue ₹58.53 crore.
• NCD funds deployed for working capital and capacity augmentation.
• Operational ramp-up aligned with turnaround plan.

Capital structure and funding

• January 2026: Issued secured listed NCDs of ₹160 crore; listed on BSE.
• NCD proceeds used for working capital and restart; cash liquidity improved.
• Rights Issue in June 2026: 13,30,060 shares at ₹112; proceeds ₹14.90 crore.
• Paid-up capital increased to ₹6.296 crore; authorized capital raised to ₹25 crore.
• Post-rights, minimum public shareholding achieved at 25.35% as of June 2026.

Governance and board changes

• Mr. Sudeep Saxena appointed Independent Director for two years from Aug 13, 2026.
• Ms. Mukta Jain to retire by rotation; reappointment recommended.
• Company Secretary changes: Parag Dave replaced by Bhavisha Dubber.
• Mr. Anshoo Raj Khare resigns; Mr. Shankar R. Bharadhwaj appointed as Nominee Director.
• Mr. Deepak Sharma appointed as Executive Director; Subir Chowdhury appointed Independent Director.

Audit and governance

• M/s M Sahu & Co resigned as statutory auditors; M/s TR Chadha & Co LLP appointed.
• Secretarial auditor: Devesh Pathak & Associates; MR-3 issued.
• Independent auditor's report: unmodified opinion; no fraud reported.
• Board reaffirmed going-concern and internal control adequacy; governance framework strengthened post-CIRP.

Outlook and risks

• Industry outlook: steel sector revival; focus on capacity utilization and cost discipline.
• Key risks: global oversupply, energy/raw material price volatility, competitive margins.
• Management focus: ramp up capacity, add value-added products, strengthen working capital management.

Related party disclosures

• Promoter loans: ₹5,016.00 lakh; interest ₹88.85 lakh.
• KMP remuneration and sitting fees: ₹65.55 lakh; MD salary ₹44.78 lakh.
• Year-end promoter and related party balances include ₹6,600.01 lakh loans outstanding.
• Related party transactions disclosed in notes; all arm's-length.

AGM details

• 36th AGM on 25 September 2026 at 12:00 noon via VC/OAVM.
• Register of members closed 19-25 September 2026.
• Cut-off for e-voting eligibility: 18 September 2026.
• Remote e-voting period: 22-24 September 2026.
• Voting results to be announced on or before 29 September 2026.
• Proxy facility not available; attendance via VC/OAVM limited to 1000 participants.

Resolutions

• Ordinary: Adopt Audited Standalone Financial Statements for FY 2025-26.
• Ordinary: Reappoint Mukta Jain as Director liable to rotation.
• Ordinary: Appoint TR Chadha & Co LLP as Statutory Auditors for five years.
• Special: Appoint Sudeep Saxena as Independent Director for two years.
• Ordinary: Appoint TR Chadha & Co LLP to fill casual vacancy.

Director & Auditor changes

• Mukta Jain to continue as non-executive Director, retirement by rotation applies.
• Sudeep Saxena appointed Independent Director; two-year term.
• TR Chadha & Co LLP appointed Statutory Auditors to fill casual vacancy.
• TR Chadha & Co LLP appointed as Statutory Auditors until 41st AGM.