Indian Metals & Ferro Alloys Ltd has approved a draft Postal Ballot Notice seeking shareholder approval for the appointment of Partha Satpathy as a Non-Executive Independent Director. The decision was taken by the Board of Directors through a resolution passed by circulation on October 6, 2026.

The proposal also includes the appointment of a Scrutinizer to conduct the postal ballot process. This move is part of the company's corporate governance framework to ensure compliance with regulatory requirements regarding board composition.

Regulatory compliance and process

The intimation was filed with the National Stock Exchange of India and BSE Limited pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing confirms that the Board examined the draft notice along with its Explanatory Statement before approval.

Key details of the proposed appointments are outlined below:

The Company Secretary and Compliance Officer, Smruti Ranjan Ray, signed the disclosure. The DIN for Mr. Satpathy is listed as 11589079 in the regulatory filing. No financial metrics or operational results were disclosed in this specific intimation.

Indian Metals & Ferro Alloys has received a penalty order of ₹38.98 lakh from the Income Tax Department for the fiscal year 2022-23. The demand was issued under Section 270A of the Income-tax Act, 1961, concerning a higher capital gain tax computed on the sale of an immovable property.

The company disclosed this development to stock exchanges on September 22, 2026, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The assessment unit of the Income Tax Department passed the order, citing discrepancies in the capital gains calculation reported by the company for the specified fiscal year.

Impact on operations

The company stated that there is no material impact on its financial position, operations, or other activities resulting from this order. The penalty amount is relatively small compared to the company's overall financial scale, limiting the immediate operational risk.

Next steps

Indian Metals & Ferro Alloys is contemplating an appeal against the said order before the appropriate appellate authority. The company aims to challenge the assessment regarding the capital gains tax computation.