Kalyani Steels Limited shareholders have approved the appointment of Ajay Kirtane as an Independent Director. The special resolution was passed with 99.98% of votes cast in favour during the postal ballot process concluded on October 18, 2026.

The voting period for the remote e-voting facility commenced on September 19, 2026, and ended on October 18, 2026. A total of 44,171 shareholders were on record as of the cut-off date. The resolution sought approval under Section 110 of the Companies Act, 2013, and Regulation 44 of the SEBI Listing Regulations.

Appointment details and term

Mr. Kirtane (DIN 02711040) has been appointed to hold office for a term of 5 consecutive years, effective from September 7, 2026, to September 6, 2031. The appointment follows the recommendation of the Nomination and Remuneration Committee and complies with Section 149(6) of the Companies Act, 2013, and Regulation 16(1)(b) of the SEBI Listing Regulations regarding independence criteria.

Voting breakdown by shareholder category

The scrutiny report detailed the voting patterns across promoter and public categories. Promoter and promoter group members voted unanimously in favour of the appointment, representing a significant portion of the total votes polled.

What the numbers show

Public institutional investors demonstrated higher participation rates compared to public non-institutional shareholders. Institutions voted on 92.94% of their holding, while non-institutional public shareholders voted on only 8.20% of their shares. Despite this disparity in participation, both groups supported the resolution with over 99.8% approval, indicating broad consensus across minority investor bases.

The scrutinizer, Sridhar Mudaliar of SVD & Associates, confirmed that no invalid votes were recorded. The results were declared following the unblocking of votes in the presence of two independent witnesses. The company will now proceed with the formal induction of Mr. Kirtane to its board.

Kalyani Steels has issued a notice of postal ballot seeking member approval for the appointment of Mr. Ajay Kirtane as an independent director. The board appointed him as an additional independent director on September 7, 2026, subject to this shareholder ratification.

The company published the ballot intimation in newspapers on September 18, 2026, confirming the dispatch of the Postal Ballot Notice via electronic mode on September 17, 2026. This move aligns with Regulation 44 of the SEBI Listing Regulations and Section 110 read with Section 108 of the Companies Act, 2013.

Voting Details

The company engaged National Securities Depository Limited (NSDL) to facilitate e-voting. Members holding shares as on the cut-off date of September 11, 2026, are eligible to vote. The electronic voting window is open for one month.

The results will be uploaded to the company’s website and the NSDL e-voting portal. A special resolution requires a requisite majority to pass. The resolution is deemed passed on the last day of e-voting if approved.

Candidate Profile

Mr. Kirtane brings over 34 years of experience in financial management, debt syndication, mergers and acquisitions, and private equity. He holds a B.Com degree from Pune University and is a qualified Cost and Works Accountant. He previously served as a founder and associate member of Shah & Kirtane, a management consultancy firm, until his retirement on March 31, 2025.

The Nomination and Remuneration Committee cited his expertise in financial management and corporate strategy as key factors for his selection. He declared independence under Section 149(6) of the Companies Act, 2013, and Regulation 16(1)(b) of the Listing Regulations. He currently holds no shareholding in the company.

Remuneration Structure

Mr. Kirtane will receive remuneration through sitting fees for attending board and committee meetings. Additionally, he may be entitled to commission determined by the board based on NRC recommendations, within the limits prescribed by the Companies Act. No prior remuneration was drawn from the company.

M/s. SVD & Associates, Company Secretaries, have been appointed as scrutinizers to oversee the voting process. Corporate and institutional members must submit proof of authorization for their representatives to vote.