Aditya Ispat Limited has successfully concluded its postal ballot process and subsequently approved the Business Transfer Agreement (BTA) for the slump sale of its non-alloy steel business. Following overwhelming shareholder approval through postal ballot, the company's board meeting on March 30, 2026, formalized the strategic divestment transaction with specific terms and appointed a new registrar and transfer agent.

Postal Ballot Results Overview

The postal ballot process concluded on March 29, 2026, with shareholders voting on two key resolutions through remote e-voting facility. The company engaged Central Depository Services Limited as the Electronic Voting Service Provider, ensuring a transparent and efficient voting process.

Business Transfer Agreement Approval

Following the successful postal ballot, the board of directors approved the Business Transfer Agreement for the slump sale of the manufacturing and trading activity of non-alloy steel business to Jai Bapji Ispat Private Limited on March 30, 2026. The transaction represents a significant strategic restructuring initiative for the company.

The lump sum consideration of ₹3.68 crore will be subject to further adjustments of net working capital up to February 28, 2026. The board has authorized the Managing Director to execute the BTA without values being assigned to individual assets and liabilities as contemplated under the Income Tax Act, 1961.

Shareholder Voting Results

Both resolutions achieved overwhelming approval from shareholders, demonstrating strong confidence in the company's strategic direction.

The slump sale resolution required special majority approval under Section 180(1)(a) of the Companies Act, 2013, while the related party transaction needed approval under Section 188(1)(b). Promoter group votes were considered invalid for the related party transaction resolution due to their interest in the transaction.

Registrar and Transfer Agent Appointment

The board also approved the appointment of Elevate Fintech Private Limited as the new Registrar and Share Transfer Agent (RTA), replacing XL Softech Systems Limited. Elevate holds SEBI registration number INR000004431 and will provide enhanced services to shareholders.

XL Softech will continue rendering RTA services until electronic connectivity is shifted to Elevate and confirmation is received from both NSDL and CDSL depositories. Tripartite agreements will be executed between the company, new RTA, and depositories to formalize the transition.

Board Meeting Details and Compliance

The board meeting was held at the company's registered office at Plot No. 20, Phase V, IDA, Jeedimetla, Hyderabad 500055, commencing at 19:30 hours and concluding at 20:25 hours on March 30, 2026. The meeting was conducted in accordance with Regulations 7 and 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

The completion of the proposed transaction remains subject to fulfillment of conditions precedent mentioned in the BTA and obtaining necessary regulatory approvals. Detailed terms and conditions of the BTA will be communicated to the stock exchange upon execution. The company has appointed CS Varsha Pandey as Company Secretary cum Compliance Officer for regulatory communications.

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.