Board Meeting Details

The Board meeting commenced at 12:00 Noon and concluded at 1:50 P.M. on June 25, 2026.

Key Decisions and Appointments

1. Appointment of Chief Financial Officer: The Board considered and approved the appointment of Mr. Kunjal Mehta as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the Company, based on the recommendation of the Nomination & Remuneration Committee and Audit Committee. The appointment is effective from June 25, 2026.

2. Cessation of Additional Responsibility: The Board took note that upon Mr. Mehta's appointment as CFO, Mr. Tarun Kumar Khulbe ceased to hold the additional responsibility of CFO. Mr. Khulbe will continue in his position as CEO & Whole-time Director of the Company.

3. Re-classification of PT Glory Metal Indonesia: The Board considered and approved the re-classification of PT Glory Metal Indonesia (PTGMI) as an associate of the Company, effective from July 1, 2026.

Details of New CFO Appointment (Annexure-1)

  • Reason for Change: Appointment of Mr. Kunjal Mehta as CFO and KMP.
  • Date of Appointment: June 25, 2026.
  • Brief Profile: Mr. Kunjal Mehta is a qualified Chartered Accountant and Cost Accountant with over 25 years of experience across sectors including power, steel, ports & logistics, technology and ITES. Prior to joining Jindal Stainless, he was associated with Adani Energy Solutions Limited as CFO. He has also worked with Adani Electricity Mumbai Limited, Adani Ports & Special Economic Zone Limited, and Essar Steel India Limited. His expertise spans corporate finance, resource mobilisation, treasury, working capital management, financial planning, budgeting, governance, assurance, risk management, and strategic finance functions.
  • Relationships: Mr. Mehta is not related to any Director of the Company.

Details of CFO Relinquishment (Annexure-2)

  • Reason for Change: Relinquishment of additional responsibility as CFO by Mr. Tarun Kumar Khulbe.
  • Date of Cessation: June 25, 2026.
  • Background: Mr. Khulbe (DIN: 07302532), CEO & Whole-time Director, was entrusted with the additional responsibility of CFO effective June 25, 2025. He formally relinquished this additional charge via a letter dated June 18, 2026, which was noted by the Board.

Details of PT Glory Metal Indonesia Re-classification (Annexure-3)

  • Transaction Background: PTGMI was set up as a joint venture (JV) entity pursuant to a Collaboration Agreement entered on May 1, 2024, for the construction and operation of a stainless steel melt shop in Indonesia.
  • Initial Classification: Initially classified as an "associate" due to the JV partner's 51% shareholding and right to nominate a majority of directors.
  • Previous Re-classification to Subsidiary (2025): On June 25, 2025, the Board approved a modified governance framework giving the Company the right to nominate a majority of directors, including the Chairperson. Consequently, PTGMI was classified as a subsidiary under the Companies Act, 2013.
  • Current Re-classification to Associate (2026): Following the successful commissioning of the melt shop in March 2026, the JV parties mutually agreed to reinstate the original governance framework from the Collaboration Agreement. The JV Partner will regain the right to nominate a majority of directors, including the Chairperson. Consequently, PTGMI will be re-classified as an associate effective July 1, 2026.
  • Financial & Operational Impact: The plant was commissioned in March 2026 but commercial operations have not yet commenced. Therefore, details regarding turnover percentage and net worth percentage are stated as not applicable. The change is limited to the governance structure and does not alter the Company's shareholding interest, economic rights, commercial arrangements, or strategic objectives in relation to PTGMI.
  • Other Disclosures: The disclosure clarifies that the transaction is not a sale/disposal, therefore fields related to consideration, buyer details, related party transactions, and slump sale are marked as not applicable.