Meeting Details
The 23rd Annual General Meeting was held on Wednesday, September 30, 2026, through Video Conferencing (VC) and Other Audio Video Mode (OAVM) service provided by Link Intime India Private Limited. The meeting commenced at 3:45 PM and concluded at 4:06 PM.
Proposed Resolutions and Implications
The following items of business were transacted at the meeting:
Ordinary Business:
- Item No. 1: To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2026, together with the Reports of Board of Directors and Auditor thereon.
- Item No. 2: To appoint Director Mr. Pawan Kumar Jha (DIN: 06812944), who retires by rotation and offers himself for reappointment.
Special Business:
- Item No. 3: To ratify remuneration to be paid to M/s Sanat Joshi & Associates, Cost Accountants as Cost Auditors for the financial year ending 2026-27.
- Item No. 4: To approve material Related Party Transaction(s) between the Company and Kwality Foundry Industries.
Voting Process and Methods
The Company provided remote e-voting facility to all members holding shares as of the cut-off date Wednesday, September 23, 2026. Remote e-voting was available from Friday, September 25, 2026 (9:00 AM) to Tuesday, September 29, 2026 (5:00 PM). Members present at the meeting who had not voted remotely were permitted to exercise voting rights during the meeting through the InstaPoll e-voting facility available on the MUFG Intime portal. The InstaPoll window remained open for 15 minutes after the close of the meeting.
Attendance and Quorum
Directors in Attendance:
- Mr. Rituraj Peswani - Chairman, Non-Executive, Independent Director
- Mr. Yashwant Vaswani - Executive, Whole Time Director
- Mr. Chittaranjan Parida - Non-Executive, Independent Director
- Mr. Pawan Kumar Jha - Executive Director
- Mr. Devendra Kumar Jain - Additional Independent Director
- Ms. Supriya Goyal - Non-Executive, Independent Director
- Mr. Satya Narayan Gupta - Non-Executive, Director
Key Managerial Personnel in Attendance:
- Mr. Kushal Vaswani - Chief Financial Officer
- Ms. Sakshi Agrawal - Company Secretary & Compliance Officer
Other Representatives:
- Statutory Auditor: Mr. Amar Sinha, Partner, M/s Amitabh Agrawal & Co, Chartered Accountants
- Secretarial Auditor: Mr. Bikram Mund, Proprietor, M/s Mund Bikram & Associates, Company Secretaries
- Scrutinizer: Mr. Praveen Kanungo, Partner, M/s Kanungo Agrawal & Co., Company Secretaries
Initial attendance was 43 members, which increased to 51 members through VC/OAVM, satisfying quorum requirements under Section 103 of the Companies Act, 2013.
Scrutinizer's Role
M/s. Kanungo Agrawal & Co., Practising Company Secretaries, were appointed as Scrutinizer for overseeing the remote e-voting and InstaPoll voting process. The consolidated results will be declared upon receipt of the Scrutinizer's Report.
Compliance with Laws and Regulations
The meeting was conducted in accordance with relevant circulars issued by the Ministry of Corporate Affairs (MCA) and SEBI. Statutory registers and documents required under the Companies Act, 2013 were made available for electronic inspection during the meeting. The Statutory Auditors' Report contained no qualifications, reservations, or adverse remarks, and observations in the Secretarial Audit Report were addressed in the Board's Report.
Operational and Business Highlights
Mr. Rituraj Peswani highlighted the completion of the Company's billet capacity expansion in June 2025, the solar portfolio becoming fully operational during the year, and sponge iron operations running above rated capacity. Mr. Yashwant Vaswani provided an overview of operational and financial performance for FY ended March 31, 2026, including modernization initiatives for green steel and high-grade steel production.