Gallantt Ispat Limited has completed its comprehensive management restructuring through official regulatory filing dated April 2, 2026. The Board of Directors approved resignations of three key personnel and appointments of three new executives, all effective from March 31 and April 1, 2026 respectively.

Key Personnel Resignations

The company received formal resignation letters from three senior positions, all effective from close of business hours on March 31, 2026:

All resignations were formally documented with detailed resignation letters submitted to the Board of Directors, confirming no material reasons beyond those stated.

New Management Appointments

The company announced three strategic appointments effective April 1, 2026:

Both director appointments are subject to approval of shareholders in the ensuing General Meeting.

Leadership Profiles

Pradyumna Kumar Satpathy brings over 28 years of comprehensive finance management expertise from senior leadership roles at JSW Steel, Jayaswal Neco Industries, and Bhushan Power and Steel. His experience spans budgeting, forecasting, profitability analysis, and statutory compliance.

Dindayal Jalan is a Chartered Accountant with over four decades of experience in large-scale metals and mining businesses. He previously served as Group CFO of Vedanta Resources Plc UK and CFO of Vedanta Limited until superannuation in September 2016. He currently holds Independent Director roles within the Vedanta and HDFC Groups.

Atul Kumar Gupta served as Chief Secretary to the Government of Uttar Pradesh from May 2008 until superannuation on March 31, 2011. During his tenure, he enabled the highest ever growth rate of 23% for State finances. He has been associated with companies such as Godfrey Phillips India Limited and Pakka Limited as Independent Director for 10 years each.

Regulatory Compliance

Gallantt Ispat Limited fulfilled all regulatory requirements by filing a revised intimation with BSE Limited (Scrip Code: 532726) under Regulation 30 of SEBI LODR Regulations. The communication was signed by Nitesh Kumar, Company Secretary (M. No. F7496), with comprehensive documentation including resignation letters and detailed profiles as required under SEBI Master Circular dated November 11, 2024.

Gallantt Ispat Limited has witnessed the completion of a comprehensive shareholding restructuring with Gallantt Trust acquiring 144890556 equity shares representing 60.051% of the company's total share capital. The trust has formally disclosed this substantial acquisition under Regulation 29 of SEBI SAST Regulations, marking the culmination of a series of off-market transfers from six key promoters.

Complete Acquisition Overview

The comprehensive acquisition involved Gallantt Trust receiving shares from multiple promoter family members under a SEBI exemption order dated March 20, 2026. This order provided relief from complying with regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Post-Transaction Shareholding Structure

Following the completion of all transfers, the shareholding pattern has been significantly restructured. Gallantt Trust now holds the majority stake while individual promoters retain minimal holdings.

Trust Structure and Governance Framework

Gallantt Trust operates as an irrevocable, discretionary private trust established under the Indian Trusts Act, 1882. The trust structure maintains family control with Chandra Prakash Agrawal serving as both settlor and trustee alongside his brothers Santosh Kumar Agrawal and Prem Prakash Agrawal.

SEBI Exemption and Regulatory Compliance

The Securities and Exchange Board of India granted exemption recognizing this as an internal family reorganization for succession planning and family welfare. The exemption order includes specific compliance requirements including filing of post-acquisition reports within 21 days and annual compliance certifications.

The transactions adhere to all disclosure requirements under SEBI regulations, with comprehensive notifications submitted to both BSE Limited and National Stock Exchange of India Limited. The company has filed detailed disclosures under Regulation 29(2) of SEBI SAST Regulations and Regulation 7(2) of SEBI Prohibition of Insider Trading Regulations, ensuring complete transparency for market participants and regulatory authorities.