Nova Iron & Steel Limited has received formal requests from three promoters seeking reclassification from the promoter category to the public category under SEBI regulations. The company informed the Bombay Stock Exchange about these developments on March 31, 2026, through an official intimation pursuant to Regulation 31A(8)(a) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Promoter Reclassification Details

The three promoters requesting reclassification are Aniket Singal, Priyanka Ankit Miglani, and Radhika Saurabh Dhoot. Their combined shareholding represents a significant portion of the company's equity structure.

Regulatory Compliance and Undertakings

Each promoter has submitted individual applications with comprehensive undertakings as required under SEBI regulations. The applicants have confirmed they do not exercise control over company affairs, either directly or indirectly. They have stated that any involvement is limited in nature and does not confer authority to influence management or policy decisions.

The promoters have provided specific certifications including:

• They do not hold more than ten percent of total voting rights
• They do not exercise control over company affairs
• They have no special rights through formal or informal arrangements
• They are not represented on the board of directors
• They do not act as key managerial persons
• They are not wilful defaulters or fugitive economic offenders
• No pending regulatory actions exist against them

Board Consideration Process

The requests for reclassification will be considered by Nova Iron & Steel Limited's Board of Directors pursuant to Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The promoters have requested the board to initiate necessary procedures for reclassification, including obtaining approvals from shareholders and stock exchanges.

The applications were submitted via email on March 31, 2026, and the company has attached copies of the request letters for exchange records. Company Secretary Dheeraj Kumar signed the official intimation to the Bombay Stock Exchange regarding these developments.

Compliance Timeline

The promoters have committed to comply with specific SEBI regulation conditions for a minimum period of three years from the reclassification date. They have acknowledged that failure to maintain compliance would result in automatic reclassification back to promoter status. This ensures ongoing adherence to regulatory requirements and maintains transparency in shareholding classifications.

Nova Iron & Steel Limited has submitted a detailed explanation to the Bombay Stock Exchange (BSE) regarding the delayed filing of its unaudited financial results for the quarter and nine months ended 31st December, 2025. The company's disclosure, dated 5th March, 2026, addresses BSE's query about the non-disclosure of reasons for the delay in submission.

Regulatory Timeline and Submission Details

According to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, companies are required to submit their financial results within forty-five days from the end of the quarter. For the period ended 31st December, 2025, Nova Iron & Steel Limited was required to submit its results by 14th February, 2026.

Reasons for Delay

The company explained that the delay stemmed from issues related to the previous quarter's results. The unaudited financial results for the quarter ended 30th September, 2025 had experienced delays due to certain issues that were communicated to the exchange on 14th November, 2025. These prior issues created a cascading effect on the subsequent quarter's results.

Nova Iron & Steel Limited required additional time to complete necessary financial adjustments, accounting entries, and bookkeeping processes. The company worked in consultation with its statutory auditors to ensure proper finalization of the financial results before submission.

Company's Response and Commitment

The company acknowledged that it inadvertently omitted to submit the explanation for the delay when filing the financial results on 26th February, 2026. The disclosure was signed by Dheeraj Kumar, Company Secretary, who emphasized the company's continuous efforts toward finalizing the financial results for both quarters.

Nova Iron & Steel Limited expressed regret for the delay and any inconvenience caused, while assuring the exchange of its commitment to ensure timely compliance with all applicable regulatory requirements in the future. The company requested the exchange's understanding and cooperation regarding the circumstances that led to the delayed submission.