Maan Aluminium Ltd has received reaffirmation of its credit ratings from ICRA Ltd for banking facilities worth ₹105.00 crore. The company informed stock exchanges about this development on April 04, 2026, pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Credit Rating Details

ICRA Ltd's Rating Committee has taken the following rating actions for the company's banking instruments:

The rating reaffirmation indicates ICRA's continued confidence in the company's creditworthiness and financial stability. The BBB+ rating with stable outlook reflects adequate credit quality for long-term facilities, while the A2 rating signifies adequate credit quality for short-term obligations.

Banking Facility Distribution

The company's banking facilities are distributed across multiple financial institutions:

Long-Term Cash Credit Limits:

Short-Term Bill Discounting:

Regulatory Compliance and Surveillance

The rating communication was signed by Sumit Jhunjhunwala, Vice President and Sector Head at ICRA Limited, on April 02, 2026. ICRA has indicated that these ratings will become due for surveillance within one year from the rating communication date. The rating agency reserves the right to review and revise the ratings based on new information or changing circumstances that could impact the company's creditworthiness.

Key Rating Conditions

ICRA has specified several important conditions regarding the ratings. Any changes in the terms, conditions, or size of the rated instruments must be brought to ICRA's notice before their use. The company is required to inform ICRA immediately about any defaults, delays in repayment, or significant developments that could impact debt servicing capability. The ratings are specific to the current terms and conditions of the instruments and should be understood solely as opinions rather than recommendations for investment decisions.

MAAN Aluminium Limited has announced the appointment of Mr. Karan Bhatia as Additional Non Executive Independent Director, marking a significant addition to its board leadership. The appointment reflects the company's commitment to strengthening its governance structure with experienced industry professionals.

Board Appointment Details

The Board of Directors approved Mr. Karan Bhatia's appointment through a resolution passed by circulation on March 31, 2026, following recommendations from the Nomination and Remuneration Committee. The appointment is structured as follows:

Professional Background

Mr. Bhatia brings exceptional industry expertise spanning over five decades in the Indian film distribution sector. His professional journey began in 1976 when he joined the family-run film distribution business after graduating from Hansraj College in 1975.

Key highlights of his career include:

• Nearly 30 years of collaboration with prominent film distribution companies including Bobby Art International and HK Tandon
• Distribution of over 600 new films across India throughout his career
• Leadership of independent distribution operations under JB Pictures since 2019
• Deep expertise in strategic distribution, market understanding, and industry relationships

Regulatory Compliance

The appointment has been made in accordance with Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has confirmed that Mr. Bhatia is not debarred from holding the office of director by virtue of any SEBI order or other authority, as required under BSE Circular no. LIST/COMP/14/2018-19 dated June 20, 2018.

Independence and Relationships

Mr. Bhatia maintains complete independence from the company's existing leadership structure. The disclosure confirms that he is not related to any current Director of MAAN Aluminium Limited, ensuring compliance with independent director requirements under corporate governance norms.

Next Steps

The appointment requires formal approval from the company's shareholders, which must be obtained within three months of the board resolution date. This timeline aligns with regulatory requirements for additional director appointments and ensures proper shareholder oversight of board composition changes.