Jindal Saw AGM approves dividend, NCD issuance
Jindal Saw announced the voting results for its 41st AGM held on May 29, 2026, approving all 11 resolutions including the FY26 dividend and NCD issuance. Key director re-appointments faced opposition from public institutions but passed. The meeting also sanctioned related party transactions and auditor remuneration.
*this image is generated using AI for illustrative purposes only.
Jindal Saw announced the voting results for its 41st Annual General Meeting held on May 29, 2026, through video conferencing. Shareholders approved all 11 resolutions listed in the notice dated April 27, 2026, including the declaration of a dividend on equity shares for FY26 and the issuance of Non-Convertible Debentures on a private placement basis. The meeting also sanctioned the re-appointment of key directors and ratification of cost auditor remuneration.
The voting process was scrutinized by CS Awanish K. Dwivedi of M/s Awanish Dwivedi & Associates. A total of 523,925,647 votes were polled on the special resolution for NCD issuance, with 99.99% in favour. The resolution to declare a dividend received 523,931,709 votes in favour, representing 99.99% of the votes polled. Promoters and the promoter group cast 404,460,750 votes, all in favour of the resolutions.
In ordinary business, shareholders re-appointed Ms. Shraddha Prithvi RJ as Joint Managing Director and Shri Neeraj Kumar as Director. While both resolutions passed, they received significant opposition from public institutions, with 55.81% and 41.44% votes against respectively. The meeting also approved the adoption of audited standalone and consolidated financial statements for FY26 and the ratification of remuneration for M/s R.J. Goel & Co., Cost Accountants, for FY27.
Special business items included the appointment of Dr. Ashutosh Karnatak as an Independent Director and the continuation of Shri Prithavi Raj Jindal as a Non-Executive Director upon attaining the age of 75 years. Shareholders also approved material related party transactions with JWIL Infra Limited, JSW Steel Limited, and Jindal Steel Limited. The regulatory filing was submitted to BSE Limited and National Stock Exchange of India Limited in compliance with Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Key Resolutions Passed
| Item | Description | Votes in Favour | Votes Against |
|---|---|---|---|
| Financial Statements | Adoption of Audited Standalone and Consolidated Financial Statements for FY26 | 522,040,557 | 304 |
| Dividend | Declaration of dividend on equity shares for FY26 | 523,931,709 | 600 |
| Director Appointments | Re-appointment of Ms. Shraddha Prithvi RJ and Shri Neeraj Kumar | 458,420,562 / 475,303,529 | 65,564,665 / 48,681,698 |
| Independent Director | Appointment of Dr. Ashutosh Karnatak | 523,596,657 | 329,170 |
| Related Party Transactions | Approval for transactions with JWIL Infra, JSW Steel, and Jindal Steel | 119,460,248 / 119,460,248 / 119,463,748 | 4,829 / 1,329 / 1,329 |
| Fundraising | Issuance of Non-Convertible Debentures via private placement | 523,922,041 | 3,606 |
| Cost Auditor | Ratification of remuneration for M/s R.J. Goel & Co. for FY27 | 523,924,423 | 1,404 |
Historical Stock Returns for Jindal SAW
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.16% | +17.28% | +15.26% | +63.69% | +13.36% | +398.70% |
How will the proceeds from the Non-Convertible Debentures be allocated to support Jindal Saw's growth strategy?
What steps will management take to address the significant opposition from public institutions regarding the re-appointment of key directors?
What is the expected dividend payout ratio and yield for FY26, and how does it align with the company's capital allocation priorities?
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