Inducto Steel concluded its 38th Annual General Meeting on September 30, 2026, with members approving the adoption of audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026.

The meeting was conducted via Video Conferencing and Other Audio Visual Means, chaired by Managing Director Rajeev Reniwal. The proceedings included the re-appointment of a director and the ratification of remuneration for the cost auditor for the upcoming fiscal year.

Key resolutions passed

The shareholders considered and approved three primary items of business as outlined in the notice dated September 5, 2026. All resolutions were passed with the requisite majority through remote e-voting and electronic voting during the meeting.

Meeting proceedings

The Company Secretary informed members that the notice convening the AGM and the Annual Report were circulated electronically. The requisite quorum was present, allowing the meeting to proceed to order. Mr. Dilip Bharadiya, Practicing Company Secretary, served as the Scrutinizer for both remote e-voting and voting during the AGM.

No speakers registered for the meeting attended the session. The e-voting facility remained open for 15 minutes after the conclusion of the meeting to allow members to cast their votes. The scrutinizer’s report will be uploaded to the company website and submitted to the stock exchanges in due course.

Inducto Steel Limited promoter Rajeev Shantisarup Reniwal disclosed an inadvertent non-compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The disclosure relates to the failure to provide prior intimation for a gift acquisition of 3.82% equity shares from his mother, Mrs. Lalitadevi Shantisarup Reniwal.

The transaction involved an inter-se transfer among promoters, exempted from open offer requirements under Regulation 10(1)(a)(i) and (ii). However, the mandatory prior intimation under Regulation 10(5), required at least four working days before the acquisition, was not submitted. The transfer occurred on August 18, 2026, and August 20, 2026.

Transaction Details

The acquisition was executed by way of gift, involving no monetary consideration. The total number of shares transferred was 1,53,375, representing 3.82% of the paid-up equity share capital and voting rights. The following table outlines the shareholding pattern before and after the transaction:

Individual Holding Shift

Consequent to the acquisition, Rajeev Shantisarup Reniwal’s individual holding in the company increased from 3,37,526 equity shares (8.40%) to 4,90,901 equity shares (12.22%). The transfer involved two specific tranches: 375 shares on August 18, 2026, and 1,53,000 shares on August 20, 2026.

Regulatory Context and Remediation

Rajeev Shantisarup Reniwal stated that the omission was inadvertent. He confirmed that the requisite post-acquisition disclosures are being submitted to the stock exchanges for their records. The acquirer assured that due care would be exercised to ensure timely compliance with applicable disclosure requirements in the future.

The transaction details were filed with BSE Limited on September 24, 2026. The filing included declarations confirming compliance with Chapter V of the Takeover Regulations, despite the missed timeline for the initial intimation. Company Secretary Diana Piazad Palia subsequently signed off on the submission to BSE on September 25, 2026, formally placing the circumstances of the inadvertent lapse on record and requesting dissemination of the disclosure under Regulation 10(6).

What the Numbers Show

The transfer consolidated the promoter group's holding from 65.50% to 69.32%. This shift indicates a consolidation of voting rights within the immediate family unit, moving shares from one promoter entity to another without altering the overall promoter group strength or introducing external stakeholders. The zero consideration value underscores the familial nature of the transfer, distinct from market-based acquisitions.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE146H01018/27019780-5232-4d9c-a0be-d626f52c2064.pdf