Gallard Steel appoints two independent directors, new statutory auditors
- Gallard Steel appointed Praveen Sinha and Habib Khandwala as non-executive independent directors for five-year terms starting September 8, 2026
- M/s Anil Kamal Garg & Co. approved as new statutory auditors, replacing M/s S.N. Gadiya & Co.
- All six AGM resolutions passed unanimously with 100% votes in favor from participating shareholders
- Voting pool for COO remuneration resolution dropped to 45,67,000 shares due to related-party exclusions
*this image is generated using AI for illustrative purposes only.
Gallard Steel Ltd shareholders approved the appointment of Shri Praveen Sinha and Shri Habib Khandwala as non-executive independent directors and M/s Anil Kamal Garg & Co. as statutory auditors at the 11th Annual General Meeting held on September 30, 2026.
The meeting, conducted via video conferencing, saw unanimous consent for all six resolutions. Seven members representing 67,05,250 equity shares participated, constituting a valid quorum. The agenda included the adoption of audited standalone and consolidated financial statements for FY26, alongside key governance changes regarding board composition and audit oversight.
Voting Participation and Quorum
The meeting commenced at 11:05 am and concluded at 11:21 am. Out of 345 shareholders on record, only seven members participated in the voting process. The quorum was validly constituted with five members present in person or through proxy, while two attended via video conferencing. The total number of equity shares voted upon across most items was 67,05,250, representing approximately 70.58% of the total outstanding shares of 95,00,000.
Key Resolutions Passed
The following ordinary and special resolutions were passed with 100% votes in favor:
| Item No. | Resolution Description | Type | Votes In Favor | Votes Against |
|---|---|---|---|---|
| 1 | Adoption of Audited Standalone and Consolidated Financial Statements for FY26 | Ordinary | 67,05,250 | 0 |
| 2 | Re-appointment of Shri Hakimuddin Ghantawala (DIN: 07695718) | Ordinary | 67,05,250 | 0 |
| 3 | Appointment of M/s Anil Kamal Garg & Co. as Statutory Auditors | Ordinary | 67,05,250 | 0 |
| 4 | Appointment of Shri Praveen Sinha (DIN: 11092375) as Independent Director | Special | 67,05,250 | 0 |
| 5 | Appointment of Shri Habib Khandwala (DIN: 11697079) as Independent Director | Special | 67,05,250 | 0 |
| 6 | Revision in remuneration for Shri Kaid Johar Kalabhai (COO) | Ordinary | 45,67,000 | 0 |
Auditor Change and Director Appointments
Item No. 3 addressed the casual vacancy caused by the resignation of M/s S.N. Gadiya & Co. The shareholders approved M/s Anil Kamal Garg & Co., Chartered Accountants (FRN: 004186C), as the new statutory auditors. The firm shall hold office from the conclusion of this 11th Annual General Meeting till the conclusion of the 16th Annual General Meeting to be held in the calendar year 2031.
Additionally, the board expanded its independent oversight with the confirmation and appointment of Shri Praveen Sinha and Shri Habib Khandwala as non-executive independent directors. Both appointments are effective from September 8, 2026, for a term of five consecutive years until September 7, 2031. Neither director is liable to retire by rotation, and both hold no other directorships in listed entities.
Shri Praveen Sinha brings over 40 years of experience in steel foundry operations and process optimization, with expertise in vacuum-assisted lost foam casting. Shri Habib Khandwala is a Chartered Accountant with more than 30 years of experience in finance, accounting, and corporate governance across diverse industries.
Remuneration Revision Details
Item No. 6 involved a related-party transaction regarding the remuneration of Chief Operating Officer Shri Kaid Johar Kalabhai. Due to the promoter group's interest in this specific agenda item, their voting rights were restricted or excluded from certain calculations in accordance with regulatory norms. The votes polled for this item totaled 45,67,000, significantly lower than the 67,05,250 seen in other items, reflecting the exclusion of interested parties. Despite this reduction in the voting pool, the resolution received 100% support from the eligible votes cast.
What the Numbers Show
A distinct divergence in voting participation is visible between general corporate matters and related-party transactions. For Items 1 through 5, the total votes polled stood at 67,05,250. However, for Item 6, which concerned the COO's remuneration under Section 188(1)(f) of the Companies Act, 2013, the votes polled dropped to 45,67,000. This difference of 21,38,250 shares corresponds exactly to the holding of one shareholder identified as a related party who did not participate in that specific vote, ensuring compliance with conflict-of-interest regulations.
Historical Stock Returns for Gallard Steel
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.08% | -1.67% | 0.0% | +30.15% | -29.69% | -29.69% |
How will the appointment of Shri Praveen Sinha, with his specialized background in vacuum-assisted lost foam casting, influence Gallard Steel's product development strategy and operational efficiency in the coming fiscal years?
What specific governance improvements or audit quality enhancements are expected from the transition to M/s Anil Kamal Garg & Co., given the five-year tenure until 2031?
Will the low shareholder participation rate (70.58% quorum) and minimal active voter base (7 members) raise concerns among institutional investors regarding the company's liquidity and retail investor engagement?
17
Access 50+ Readymade Screeners 
Use 200+ Custom Filters 
Get Full Market Insights 
