ifgl refractories received communication from the Government of India (GOI) on June 5, 2026, stating that its application for a joint venture project has been closed. The appropriate authority of the GOI expressed concerns regarding the location of the proposed greenfield project in Bhachau, Gujarat. Consequently, the company has been informed that it may submit a fresh application with an alternative location when ready for consideration.

The application was made pursuant to Press Note 3 of the GOI. It sought approval for a joint venture agreement signed on October 14, 2024, with Marvels International Group Co Ltd of Seychelles and Marvel Refractories (Anshan) Company Ltd of P R China, collectively referred to as the Marvels Group. The joint venture was intended to establish a manufacturing facility for Basic Fired Magnesite Spinel Bricks, Basic Fired Magnesite Bricks, and Fired Magnesite Chrome Bricks. These products were targeted for the Cement, Glass, Non-Ferrous, and Gasification Industries.

Prior notices regarding this joint venture agreement were submitted to the exchanges on October 10, 2024, October 14, 2024, December 24, 2024, and April 23, 2025. The recent development marks a shift in the regulatory approval process, requiring the company to identify a new site to proceed with the proposed manufacturing capabilities.

IFGL Refractories has announced a postal ballot notice to seek shareholder approval for the appointment of Mr Mukesh Harshadrai Rawal as a Non-Executive Non-Independent Director of the company. The resolution aims to regularize the appointment of Mr Rawal, who was inducted as an Additional Director by the Board on April 21, 2026, under the provisions of Section 161(1) of the Companies Act, 2013. Shareholders must approve this appointment by passing an Ordinary Resolution through the remote e-voting process.

Mr Rawal, who holds a DIN of 11676514, is currently the President of the company's US material subsidiary, Mono Ceramics Inc, and Head of IFGL Group – Americas. He brings 45 years of experience in the refractory and iron and steel industries. His brief resume indicates he is a Bachelor of Engineering in Metallurgy and has waived his entitlement to sitting fees for attending Board meetings. As of May 31, 2026, he holds 525 equity shares in the company.

The company has engaged National Securities Depository Limited (NSDL) to facilitate the remote e-voting process. The e-voting period commences at 9 AM IST on June 18, 2026, and concludes at 5 PM IST on July 17, 2026. The cut-off date for determining shareholder eligibility to vote is June 12, 2026. Physical copies of the postal ballot notice have not been dispatched in accordance with Ministry of Corporate Affairs (MCA) Circulars, and members are required to vote electronically.

The Board of Directors appointed M/s. P. Sarawagi & Associates, Company Secretaries, as the Scrutinizer to ensure the e-voting process is conducted fairly and transparently. The results of the postal ballot will be declared on or before July 21, 2026. If approved by the requisite majority, the resolution will be deemed to have been passed on the last date of e-voting, July 17, 2026.

The appointment is subject to shareholder approval as mandated by Regulation 17(1C) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mr Rawal has furnished the necessary declarations confirming he is not disqualified under Section 164 of the Companies Act and is not debarred by SEBI or any other statutory authority. The explanatory statement notes that none of the other directors or key managerial personnel, other than Mr Rawal, have any interest in the resolution.

Key E-voting and Appointment Details