MSP Steel 57th AGM Approves All Resolutions

Meeting Details

The 57th Annual General Meeting of the Company was held on Wednesday, September 30, 2026, at 3:00 p.m. (IST). The meeting was conducted entirely through electronic mode (Video Conferencing and Other Audio-Visual Means) without the physical presence of members, in compliance with circulars from the Ministry of Corporate Affairs and SEBI, and the provisions of the Companies Act, 2013. The deemed venue was the Registered Office of the Company at South City Business Park, 10th Floor, 770, Anandapur, EM Bypass, Kolkata – 700107. The meeting concluded at 03:41 p.m.

Attendees

Directors Present:

• Mr. Suresh Kumar Agrawal – Chairman & Non-Executive Director (Kolkata)
• Mr. Pradip Kumar Dey - Non-Executive Director (Kolkata)
• Ms. Suneeta Mohanty - Independent Director (Cuttack)
• Mr. Anubhav Goenka - Independent Director (Kolkata)
• Mr. Pramode Kumar Pandey - Independent Director (Cuttack)
• Mr. Pranab Kumar Chakrabarty - Independent Director (Kolkata)

Other Attendees:

• Mr. Kamal Kumar Jain – Chief Financial Officer (Kolkata)
• Ms. Shreya Kar – Company Secretary & Compliance Officer (Kolkata)
• Authorised Representative of M/s. Singhi & Co., Statutory Auditors (Kolkata)
• Authorised Representative of M/s. Bajaj Todi & Associates, Secretarial Auditor (Kolkata)
• Authorised Representative of SK Agrawal and Co LLP, Internal Auditor (Kolkata)

Mr. Manish Agrawal – Joint Managing Director, was absent. A total of 69 members attended the meeting. Mr. Saket Agrawal, Managing Director & Executive Director, chaired the meeting.

Summary of Proceedings and Resolutions

The Chairman, Mr. Suresh Kumar Agrawal, provided a business update highlighting operational efficiency, cost control, and financial discipline. Key announcements included a plan to expand manufacturing capacity with an investment of Rs. 500 crores and the initiation of a merger process with MSP Sponge Iron Ltd. The Managing Director, Mr. Saket Agrawal, provided further details on Vision 2030, a move towards higher-value-added products, an agreement to procure approximately 10 MWp of solar power for captive consumption, and the successful exit from the Corporate Debt Restructuring framework following the settlement of the Right of Recompense with lending banks.

The CFO, Mr. Kamal Kumar Jain, reported a profit for FY26 compared to a loss in the previous year. He confirmed there were no observations or qualifications in the Statutory or Secretarial Audit Reports for FY 2025-26. He announced that CARE Ratings upgraded the Company's long-term bank facilities from 'CARE BBB' to 'CARE BBB+' (Stable outlook) and short-term bank facilities from 'CARE A3+' to 'CARE A2'. He also reported a profit of Rs. 22 crores for the first quarter of the current financial year.

The following resolutions, as listed in the AGM Notice dated September 02, 2026, were transacted and passed by the members with the requisite majority:

Ordinary Businesses:

1. To receive, consider and adopt the Audited Financial Statements for the financial year ended March 31, 2026, together with the Reports of the Board of Directors and the Auditors thereon and the Audited Consolidated Financial Statements for the financial year ended March 31, 2026, together with the Report of the Auditors thereon. (Ordinary Resolution, Remote E-voting)

2. To re-appoint Mr. Suresh Kumar Agrawal (DIN: 00587623) as a Director who retires by rotation. (Ordinary Resolution, Remote E-voting)

Special Businesses:

3. Ratification of Remuneration payable to Mr. Sambhu Banerjee (Membership No. 9780), Cost Auditor for the financial year ending March 31, 2027. (Ordinary Resolution, Remote E-voting)

4. Approval for payment of overall managerial remuneration in excess of limits prescribed. (Special Resolution, Remote E-voting)

5. Approval of payment of remuneration to Mr. Suresh Kumar Agrawal (DIN: 00587623), Non-executive Chairman. (Special Resolution, Remote E-voting)

6. Approval of payment of remuneration to Mr. Saket Agrawal (DIN: 00129209), Managing Director. (Special Resolution, Remote E-voting)

7. Approval of payment of remuneration to Mr. Manish Agrawal (DIN: 00129240), Joint Managing Director. (Special Resolution, Remote E-voting)

8. Approval of the material related party transaction(s) proposed to be entered into by the Company during FY 2026-27. (Ordinary Resolution, Remote E-voting)

Voting Process

The Company provided a remote e-voting facility to its members, which was available from Sunday, 27th September 2026 (9:00 A.M. IST) to Tuesday, 29th September 2026 (5:00 P.M. IST). Additionally, e-voting was facilitated during the AGM and for 15 minutes after its conclusion (until 03:56 P.M.) for shareholders attending via VC/OAVM who had not cast their votes earlier. The Consolidated Scrutinizer's Report and detailed voting results will be submitted separately as required under Regulation 44(3) of the SEBI LODR.

Compliance and Signatories

The proceedings confirm compliance with the applicable provisions of the Companies Act, 2013, SEBI LODR Regulations, and relevant MCA and SEBI circulars. The statutory registers were made available for inspection at the Registered Office. The disclosure is signed by Ms. Shreya Kar, Company Secretary & Compliance Officer of MSP Steel & Power Limited.