Meeting Details

The 32nd Annual General Meeting (AGM) of JSW Steel Limited was held on Friday, July 24, 2026 at 11:00 a.m. IST through Video Conferencing / Other Audio Visual Means. The meeting notice was dated July 01, 2026.

Proposed Resolutions and Implications

Nine resolutions were proposed and approved at the AGM:

1. Ordinary Resolution: To receive, consider and adopt the Audited Financial Statements for FY26 together with Reports of Board of Directors and Auditors

2. Ordinary Resolution: To declare dividend on equity shares for FY26

3. Ordinary Resolution: To appoint Mr. Sajjan Jindal (DIN: 00017762) who retires by rotation

4. Ordinary Resolution: Ratification of Remuneration payable to M/s. Shome & Banerjee, Cost Auditors for FY27

5. Special Resolution: Re-appointment of Ms. Fiona Jane Mary Paulus (DIN: 09618098) as Independent Director

6. Special Resolution: Appointment of Mr. Devopam Bajpai (DIN: 00050516) as Independent Director

7. Special Resolution: Consent for issue of specified securities to Qualified Institutional Buyers (QIBs)

8. Ordinary Resolution: Approval for material related party transactions with JSW JFE Steel Limited

9. Ordinary Resolution: Approval for material related party transactions between JSW Steel Global Trade Pte. Limited and JSW JFE Steel Limited

Voting Process and Methods

The voting was conducted through two methods:

  • Remote e-voting: Available from Tuesday, July 21, 2026 (9:00 a.m. IST) to Thursday, July 23, 2026 (5:00 p.m. IST) via KFin Technologies Limited's platform
  • Insta-poll e-voting: Conducted during the AGM for members who did not vote remotely

The cut-off date for determining voting eligibility was Friday, July 17, 2026.

Key Voting Outcomes

Overall Participation

  • Total outstanding shares: 2,445,453,966
  • Total votes polled across all resolutions: Approximately 90.08-90.10% of outstanding shares

Resolution-wise Results:

Resolution 1 (Adoption of Financial Statements)

  • Total votes polled: 2,202,935,945 (90.0829% of outstanding)
  • Votes in favor: 2,201,500,772 (99.9349% of votes polled)
  • Votes against: 1,435,173 (0.0651% of votes polled)

Resolution 2 (Dividend Declaration)

  • Total votes polled: 2,203,403,893 (90.1020% of outstanding)
  • Votes in favor: 2,203,400,056 (99.9998% of votes polled)
  • Votes against: 3,837 (0.0002% of votes polled)

Resolution 3 (Re-appointment of Sajjan Jindal)

  • Total votes polled: 2,202,873,079 (90.0803% of outstanding)
  • Votes in favor: 2,192,729,423 (99.5395% of votes polled)
  • Votes against: 10,143,656 (0.4605% of votes polled)
  • Promoter group voted 100% in favor (1,068,244,015 votes)
  • Public institutions voted 98.0342% in favor

Resolution 4 (Cost Auditor Remuneration)

  • Total votes polled: 2,203,321,056 (90.0987% of outstanding)
  • Votes in favor: 2,203,315,830 (99.9998% of votes polled)
  • Votes against: 5,226 (0.0002% of votes polled)

Resolution 5 (Re-appointment of Fiona Paulus)

  • Total votes polled: 2,203,320,814 (90.0986% of outstanding)
  • Votes in favor: 2,196,772,975 (99.7028% of votes polled)
  • Votes against: 6,547,839 (0.2972% of votes polled)

Resolution 6 (Appointment of Devopam Bajpai)

  • Total votes polled: 2,203,320,823 (90.0986% of outstanding)
  • Votes in favor: 2,202,521,085 (99.9637% of votes polled)
  • Votes against: 799,738 (0.0363% of votes polled)

Resolution 7 (QIB Fundraising)

  • Total votes polled: 2,203,321,183 (90.0987% of outstanding)
  • Votes in favor: 2,201,973,312 (99.9388% of votes polled)
  • Votes against: 1,347,871 (0.0612% of votes polled)

Resolution 8 (Related Party Transaction - JSW JFE)

  • Total votes polled: 776,984,183 (31.7726% of outstanding)
  • Votes in favor: 776,964,452 (99.9975% of votes polled)
  • Votes against: 19,731 (0.0025% of votes polled)

Resolution 9 (Related Party Transaction - Global Trade)

  • Total votes polled: 776,984,187 (31.7726% of outstanding)
  • Votes in favor: 776,964,455 (99.9975% of votes polled)
  • Votes against: 19,732 (0.0025% of votes polled)

Shareholder Category Breakdown

Promoter and Promoter Group held 1,083,203,750 shares (44.29% of total) and participated at 98.6189% rate across resolutions. Public Institutions held 551,147,507 shares (22.53%) and participated at 93.55-93.64% rate. Public Non-Institutions held 811,102,709 shares (33.17%) with participation rates varying by resolution.

Scrutinizer's Role and Findings

Mr. Nilesh G. Shah, Practicing Company Secretary (Membership No. FCS 4554), was appointed as Scrutinizer by the Board of Directors on May 14, 2026. His responsibilities included:

  • Scrutinizing the remote e-voting and insta-poll voting process
  • Ensuring fair and transparent voting procedures
  • Ascertaining requisite majorities for all resolutions
  • Preparing the scrutinizer's report

The scrutinizer unblocked the e-voting results in the presence of two witnesses: Mr. Mahesh Darji and Mr. Darshan Suthar (not employed by the company).

Compliance Confirmation

The company confirmed compliance with:

  • Section 108 of the Companies Act, 2013
  • Rule 20 of the Companies (Management and Administration) Rules, 2014
  • SEBI Circulars regarding e-voting facilities
  • MCA General Circulars regarding virtual meetings
  • SEBI Listing Regulations, particularly Regulation 44(3)