Magnus Steel appoints Karronn Bajaj as Managing Director
Magnus Steel & Infra Ltd appointed Karronn Bajaj as Managing Director on July 8, 2026, pending shareholder approval, following the resignation of Managing Director Chinmay Pradhan and two other directors. The Board reconstituted its Audit, Nomination and Remuneration, and Stakeholders Relationship Committees to ensure continued compliance with regulatory requirements.
*this image is generated using AI for illustrative purposes only.
Magnus Steel & Infra Ltd has appointed Karronn Bajaj as Managing Director effective July 8, 2026, subject to the approval of members. The Board accepted the resignations of Managing Director Chinmay Pradhan, Additional Executive Director Prakash Salve, and Non-Executive Independent Director Aarti Singh, all effective from the close of business hours on July 8, 2026. The company confirmed that the composition of its Board and committees continues to comply with applicable laws following these departures.
The Board meeting, held on July 8, 2026, approved the changes based on the recommendations of the Nomination and Remuneration Committee. Chinmay Pradhan resigned due to increased professional and personal commitments, while Prakash Salve and Aarti Singh cited personal commitments for their respective resignations. The company stated there were no material reasons for the resignations other than those provided in their resignation letters.
Karronn Bajaj, who was previously a Director, brings over nine years of experience in steel trading and manufacturing. He has been a director of Bajaj Tabular Products Pvt Ltd since 2015. The company disclosed that Bajaj holds 7,54,733 shares and is the brother of Aditya Bajaj and son of Naresh Bajaj, both associated with the company.
Pursuant to the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board reconstituted its key committees with immediate effect. Ms. Kunal Sorathia was appointed Chairperson of the Audit Committee, while Ms. Priya Gupta will chair the Nomination and Remuneration Committee. Ms. Naresh Bajaj was named Chairperson of the Stakeholders Relationship Committee.
The reconstituted committees include the following members:
| Sr No | Name of the Committee | Composition | Category |
|---|---|---|---|
| 1 | Audit Committee | Ms. Kunal Sorathia (Chairperson) | Independent Director |
| Mr. Krutika Shah (Member) | Independent Director | ||
| Mr. Karron Bajaj (Member) | Managing Director | ||
| 2 | Nomination and Remuneration Committee | Ms. Priya Gupta (Chairperson) | Independent Director |
| Ms. Krutika Shah (Member) | Independent Director | ||
| Mr. Naresh Bajaj (Member) | Non-Executive Director | ||
| 3 | Stakeholders Relationship Committee | Ms. Naresh Bajaj (Chairperson) | Non-Executive Director |
| Ms. Priya Gupta (Member) | Independent Director | ||
| Ms. Aditya Bajaj (Member) | Executive Director |
Historical Stock Returns for Magnus Steel & Infra
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -4.99% | -18.73% | -40.92% | +65.18% | +1,214.40% | +4,149.06% |
What strategic shifts does Karronn Bajaj plan to implement given his background in steel trading and manufacturing?
How will the simultaneous exit of the Managing Director and Additional Executive Director impact the company's operational continuity in the short term?
What are the market's expectations regarding the approval of Karronn Bajaj's appointment by the members?
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