Change in Director / Key Managerial Personnel
Nature of changes: The Board approved multiple appointments and re-appointments of directors and statutory auditors.
Re-appointment of Independent Directors:
- Mr. Venkatachalam Ramakrishna Iyer (DIN: 02194830) was re-appointed as a Non-Executive Independent Director for a second and final term of five consecutive years, effective from 12th November 2026 to 11th November 2031.
- Mr. Sethurathnam Ravi (DIN: 00009790) was re-appointed as a Non-Executive Independent Director for a second and final term of five consecutive years, effective from 12th November 2026 to 11th November 2031.
Appointment of Additional Directors:
- Ms. Shreya Jhawar (DIN: 11693142) was appointed as an Additional Director (Non-Executive, Non-Independent) effective 26th May 2026.
- Mr. Dimitri Bracco Gartner (DIN: 11689885) was appointed as an Additional Director (Non-Executive, Non-Independent) effective 26th May 2026.
- Mr. Sabyasachi Majumder (DIN: 11683481) was appointed as an Additional Director (Non-Executive, Non-Independent) effective 26th May 2026.
Director Profiles and Qualifications:
- Mr. Venkatachalam Ramakrishna Iyer is a former Executive Director of Canara Bank (July 2016 to July 2022) and served as a Member of the High Value Claims Committee of Export Credit Guarantee Corporation of India Limited from May 2014 to March 2026.
- Mr. Sethurathnam Ravi serves on the boards of Aditya Birla Money Limited, Granules India Limited, Aditya Birla ARC Limited, PCBL Chemical Limited, Dalmia Cement (Bharat) Limited, Tourism Finance Corporation of India Limited (TFCIL), ICAI International ADR Centre and 360 ONE Asset Management Limited. He was Jury Chairman for ICAI's Awards for Excellence in Financial Reporting for 2023-24 and 2024-25.
- Ms. Shreya Jhawar is the daughter of Mr. Rajeev Jhawar, Managing Director of the Company. She is not related to any other Director. She drives the "One Usha Martin" initiative for global organizational integration and market expansion, and is a member of the Company's Sustainability Council.
- Mr. Dimitri Bracco Gartner oversees the Group's business in Europe and international markets, including sales, marketing, and strategic growth initiatives. He has experience in Offshore Energy, Offshore Wind, Marine, Construction, Cranes and Industrial Lifting sectors.
- Mr. Sabyasachi Majumder is Managing Director of Brunton Wire Ropes FZCo. and heads the Middle East operations of the Group, with over two decades of association with the Usha Martin Group.
Confirmation of Eligibility: The disclosure confirms that none of the appointed/re-appointed Directors are debarred from holding office by virtue of any order passed by SEBI or any other authority.
Key Financial or Operational Approvals
Statutory Auditor Appointment:
- Based on the recommendation of the Audit Committee, the Board approved the appointment of M/s. MSKA & Associates LLP, Chartered Accountants (Firm Registration No. 105047W/W101187) as Statutory Auditors for a term of five consecutive years.
- The appointment is subject to shareholder approval and will commence from the conclusion of the 40th Annual General Meeting until the conclusion of the 45th Annual General Meeting.
- The existing Statutory Auditors, M/s. S R Batliboi & Co. LLP, Chartered Accountants (Firm Registration No. 301003E/E300005), will complete their second and final term upon conclusion of the 40th AGM.
Strategic or Business Context
Operational Initiatives:
- Ms. Shreya Jhawar is focused on market expansion and increasing the share of high-performance rope portfolio, bringing new adjacent products including Oceanfibre (a synthetic slings solution).
- The "One Usha Martin" initiative includes integration of manufacturing across India and overseas locations, rollout of common digital platforms, establishment of India-based shared services, cost reduction in logistics, procurement and administration, and alignment of policies, KPIs and incentives across subsidiaries.
- Mr. Dimitri Bracco Gartner oversees European manufacturing, rigging and service operations and plays an important role in strengthening the Company's position in specialised wire rope, synthetic and lifting solutions.
Any Other Material Information
Meeting Details: The Board Meeting was held on 26th May 2026, commencing at 10:00 AM (IST) and concluding at 10:36 AM (IST).
Regulatory Compliance: The disclosure is made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Schedule III - Para A (7) of Part A and SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.