NMDC Steel Limited held its 11th Annual General Meeting (AGM) on September 28, 2026, via video conferencing and other audio-visual means. The meeting adopted the audited standalone financial statements for the fiscal year ended March 31, 2026, and approved several key governance resolutions.

The proceedings were chaired by Amitava Mukherjee, Chairman and Managing Director. A total of 52 members attended through video conferencing, out of a shareholder base of 7,20,289 as of the record date. The meeting commenced at 3:40 pm and concluded at 4:55 pm IST, including time allotted for electronic voting.

Governance and board appointments

The shareholders approved the reappointment of Vinay Kumar as Director (Technical) and Joydeep Dasgupta as Director (Production). Additionally, the Board was authorized to fix the remuneration of Statutory Auditors for FY27. Under special business, the appointment of Krishna Kumar Thakur as Director (Personnel), Anurag Kapil as Director (Finance), and Vivek Nishant Nath as Director (Commercial) was ratified. The remuneration of Cost Auditors for FY27 was also ratified by the members.

Audit and compliance status

M/s Sharad & Associates submitted an unmodified audit report for FY26, indicating no qualifications or adverse remarks in the financial statements. However, the Secretarial Audit report by M/s B.R. Agarwal & Associates noted reservations regarding the composition of the Board of Directors. Specifically, it highlighted the absence of Independent Directors, including a Women Independent Director, and the non-constitution of certain Board Level Committees. The Company Secretary stated that replies to these observations are included in the Board's Report.

Voting and attendance details

The company facilitated remote e-voting through NSDL from September 24 to September 27, 2026, and allowed live voting during the AGM. M/s B.R. Agarwal & Associates served as the scrutinizer to ensure fair voting processes. The results were declared effective immediately upon conclusion of the meeting.

What the numbers show

The disclosure of only 52 members present via VC against a total shareholder base of 7,20,289 highlights a low physical/virtual attendance ratio, typical for large public sector undertakings where institutional holding is significant. Furthermore, the divergence between the clean statutory audit opinion and the secretarial audit reservation regarding board composition signals a potential governance gap that requires attention despite strong financial reporting integrity.

NMDC Steel Limited has scheduled its 11th Annual General Meeting for September 28, 2026. The event will be conducted through video conferencing or other audio-visual means, without physical presence of members at a common venue.

The company issued the notice on September 6, 2026, in compliance with Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This follows an earlier intimation dated August 24, 2026, regarding the meeting date.

Meeting and Voting Details

The Annual Report for FY26, along with the notice for the 11th AGM, has been sent electronically to all members who have registered their email addresses with the company, depositories, or the Registrar and Transfer Agent (RTA). The report includes financial statements, the auditors' report, the board's report, and the business responsibility and sustainability report.

Shareholders holding shares in physical or dematerialized form as on the cut-off date of September 21, 2026, are eligible to vote. Remote e-voting will be available from 9:00 am on September 24, 2026, until 5:00 pm on September 27, 2026. Voting rights are proportional to the paid-up equity share capital held as on the cut-off date.

Key Dates

Details on casting votes electronically and attending the AGM via VC/OAVM are provided in the notes to the notice of the 11th AGM. The annual report is also hosted on the company's website.