RHI Magnesita India Limited has made a regulatory disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30 January 2026, regarding significant changes to its board and management composition.
Key Changes Effective 30 June 2026
- Mr. Parmod Sagar (DIN: 06500871) resigned from his position as Managing Director & Chief Executive Officer (CEO) at the end of the day on 30 June 2026. His designation changed from Executive Director to Non-Executive Director, and he will continue as Chairman of the Company.
- Mr. Azim Syed (DIN: 10641934) resigned as Whole-time Director at the end of the day on 30 June 2026. He will continue as Chief Financial Officer of the Company.
- Following his resignation as MD & CEO, Mr. Parmod Sagar ceased to be a Key Managerial Personnel (KMP) of the Company effective end of day 30 June 2026.
Key Changes Effective 1 July 2026
- Mr. Pankaj Malhan (DIN: 08516185) was appointed as Managing Director & CEO of the Company for a term of 5 years, subject to shareholder approval.
- Mr. Pankaj Malhan will become a Key Managerial Personnel (KMP) of the Company.
- The revised list of KMPs effective 1 July 2026 includes: 1) Pankaj Malhan (Managing Director & CEO), 2) Mr. Azim Syed (Chief Financial Officer), and 3) Mr. Sanjay Kumar (Company Secretary).
CSR Committee Reconstitution
Following the resignation of Mr. Azim Syed as a member of the CSR Committee, Mr. Pankaj Malhan has been appointed as a new member. The revised CSR Committee composition is:
- Ms. Sonu Chadha (Chairperson)
- Mr. Parmod Sagar (Member)
- Mr. Pankaj Malhan (Member)
Material Subsidiary Update
The Board of Directors of RHI Magnesita India Refractories Limited (RHIMIRL), a material subsidiary of the Company, also approved in its meeting on 30 June 2026:
- Resignation of Mr. Parmod Sagar as Chairman, Managing Director & CEO effective end of day 30 June 2026
- Appointment of Mr. Pankaj Malhan as Managing Director & CEO effective 1 July 2026
Reason for Resignations
The disclosure states there is no reason for the resignations of Mr. Parmod Sagar and Mr. Azim Syed other than those specified in their enclosed resignation letters, which cite personal reasons.
New CEO Profile
Mr. Pankaj Malhan brings three decades of leadership experience across steel, manufacturing, industrial materials, and infrastructure sectors. His profile includes:
- Previously served as Executive Director-Odisha at Jindal Steel
- Currently leading Sales and Marketing function for Jindal Steel
- Educational qualifications: B.Tech in Instrumentation and Control from Dr. B. R. Ambedkar National Institute of Technology Jalandhar and PG in Business Management from XLRI, Jamshedpur
- Previous board memberships: JSW Steel Coated Products Limited, ESL Steel Limited, Ferro Alloys Corporation Limited
- Awards: CEO of the Year by ASSOCHAM (2019), Business Leader of the Year - Manufacturing by ET Now (2020)
- Not related to any existing directors of the Company and not debarred from holding director office