Aditya Ispat Limited has announced significant board changes following a board meeting held on March 23, 2026. The company appointed Mr. Vemula Jalaprasad as Additional Director and Executive Director, while formally acknowledging the recent resignation of Mrs. Usha Chachan from her position as Non-Executive Non-Independent Director.

Board Meeting Outcomes

The Board of Directors convened at the company's registered office in Hyderabad on March 23, 2026, from 18:00 Hrs to 19:45 Hrs to address key directorship changes. The meeting was conducted in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

New Director Appointment Details

The board, based on recommendations from the Nomination and Remuneration Committee, approved the appointment of Mr. Vemula Jalaprasad (DIN: 11358329) in dual capacity. He will serve as Additional Director with immediate effect and as Executive Director for a three-year term, subject to shareholder approval at the next Annual General Meeting.

Director Profile and Qualifications

Mr. Vemula Jalaprasad brings extensive expertise to the board with his Postgraduate degree in Structural Engineering from Jawaharlal Nehru Technological University, Kakinada. He possesses over a decade of experience in infrastructure and project management, focusing on engineering precision, operational excellence, and sustainable development. His leadership approach integrates strategic planning, resource optimization, and strict quality control to deliver high-quality, reliable, and cost-effective solutions.

Regulatory Compliance and Documentation

The company confirmed that Mr. Jalaprasad has not been debarred from holding directorship by SEBI or any other authority, as required under BSE and NSE circulars. The board also formally acknowledged Mrs. Usha Chachan's resignation (DIN: 02304178) due to personal reasons, effective March 20, 2026, which was previously communicated to the Bombay Stock Exchange on March 21, 2026.

CS Varsha Pandey, Company Secretary cum Compliance Officer (Membership No. A72878), digitally signed the disclosure documents, ensuring complete regulatory compliance and transparency for all stakeholders.

Aditya Ispat Limited has formally notified BSE Limited about its postal ballot notice seeking shareholder approval for the ₹36.76 crore slump sale of its non-alloy steel business to promoter group company Jai Bapji Ispat Private Limited. The company submitted the notification on February 26, 2026, in continuation of its earlier letter dated February 23, 2026.

BSE Notification and Regulatory Compliance

The company has submitted the complete postal ballot notice to BSE under Regulation 30 of SEBI Listing Regulations. Company Secretary Varsha Pandey (Membership No. A72878) signed the notification, confirming that the postal ballot notice is being distributed electronically to shareholders whose email addresses are registered with depositories or the registrar.

Postal Ballot Resolutions and Voting Timeline

Shareholders will vote on two critical resolutions through the postal ballot process. The first resolution seeks special resolution approval for the slump sale under Section 180(1)(a) of the Companies Act, 2013, and Regulation 37A of SEBI LODR Regulations. The second resolution addresses the related party transaction with Jai Bapji Ispat Private Limited under Section 188(1)(b) as an ordinary resolution.

Transaction Structure and Financial Rationale

The proposed slump sale involves transferring the manufacturing and trading activity of non-alloy steel as a going concern for ₹3,67,63,000. This business segment represents 97.75% of the company's total turnover based on audited financial statements. The Audit Committee raised serious concerns over accumulated losses and falling net worth, primarily due to high financial costs from interest burden on manufacturing activities.

Related Party Transaction Details

Jai Bapji Ispat Private Limited qualifies as a related party under Section 2(76) of the Companies Act, 2013, as Mrs. Usha Chachan, Mr. Aditya Chachan, Mr. Anshuman Chachan and Satya Bhagwan Chachan (HUF) are promoter shareholders of both companies. The buyer holds 4.86% of the company's paid-up share capital and is part of the promoter group.

Voting Procedures and Shareholder Access

The company has engaged Central Depository Services (India) Limited (CDSL) to provide e-voting facilities. Shareholders can access the postal ballot notice on multiple platforms including the company website ( www.adityaispat.com ), BSE website, and CDSL platform. Members holding shares in physical form must register their email addresses to participate in the voting process.

For shareholders unable to use remote e-voting, physical postal ballot forms are available for download from the company and exchange websites. Completed forms must reach the scrutinizer's office in Hyderabad before 5:00 PM on the e-voting closing date to be considered valid.