SEBI Clarifies Maithan Alloys Independent Director Eligibility

March 2, 2026 - SEBI Informal Guidance to Maithan Alloys Ltd regarding Interpretation of Regulation 16(1)(b)(iii) of LODR Regulations

SEBI issued Informal Guidance No. 1/6076/2026 to Maithan Alloys Ltd on March 2, 2026
The guidance addresses interpretation of Regulation 16(1)(b)(iii) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Maithan Alloys Limited is incorporated on September 19, 1985 with registered office at 4th Floor, AJC Bose Road, Kolkata, West Bengal-700017
Company equity shares are listed on Calcutta Stock Exchange Limited and National Stock Exchange of India Limited, traded on BSE Limited under permitted category
Company is engaged in manufacturing ferro alloys products for iron and steel sector and real estate business activities
Promoter of the company is Mr. Subhas Chandra Agarwalla, who is also Chairman and Managing Director
Promoter group employees receiving remuneration include:
Mr. Subhas Chandra Agarwalla (Chairman and MD)
Mr. Subodh Agarwalla (Whole-time Director and CEO)
Mr. Sudhanshu Agarwalla (President and CFO)
Mr. Siddhartha Shankar Agarwalla (Vice President)

Mr. Siddhartha Shankar Agarwalla is son of cousin of Mr. Subhas Chandra Agarwalla and is member of Promoter Group
His shareholding is aggregated under "shareholding of Promoter Group" per regulation 2(1)(pp)(v) of ICDR Regulations, 2018
He is person acting in concert with Mr. Subhas Chandra Agarwalla (Promoter)
Mrs. Sonam Agarwalla (wife of Mr. Siddhartha Shankar Agarwalla) is also member of Promoter Group
Mr. Siddhartha Shankar Agarwalla is Director in two subsidiaries of the Company
The proposed independent director is cousin of Mr. Siddhartha Shankar Agarwalla - daughter of his father's sister
She holds doctorate degree, fellow programmer from IIM Kolkata, and P.G.D.M. from IIM Kozhikode
Currently Assistant Professor at Praxis Business School, Head of Corporate Branding Team
Has authored published papers on consumer behavior and religiosity impact on brand evaluation

Siddhartha Shankar Agarwalla and his wife Sonam Agarwalla together hold 18.07% of company shares as part of Promoter Group
SEBI clarified that cousin relationship is not identified as "relative" under:
Rule of Companies (Specification of definitions details) Rules, 2014
Section 2(77) of Companies Act, 2013
Regulation 2(1)(zd) of LODR Regulations

SEBI guidance states the cousin may be eligible for appointment as Independent Director based on stated facts
SEBI emphasized that appointment must comply with all conditions under LODR Regulations and Companies Act 2013, including regulation 16(1)(b)(iv) regarding securities holding
The guidance is based on representations made in the application and different facts may require different results
Guidance does not affect applicability of other laws or SEBI regulations and does not preclude seeking other opinions