Maithan Alloys received notice from the National Stock Exchange that its application to reclassify promoter shareholders to the public category has been returned. The exchange cited prolonged non-response to queries as the reason for rejecting the request under Regulation 31A of the SEBI LODR Regulations.

The application, originally submitted on February 3, 2026, sought approval for four entities to move from the "Promoter & Promoter Group" category to the "Public" category. The promoters involved in the reclassification request are Prahlad Rai Agarwalla, Sarita Devi Agarwalla, Avinash Agarwalla, and Prahlad Rai Agarwalla HUF.

Exchange Decision Details

The NSE issued its decision letter on September 9, 2026. In the communication, the exchange noted that despite multiple follow-ups, the queries and clarifications raised regarding the application remained unaddressed. Consequently, the application could not be considered further under the relevant listing regulations.

Path Forward

The National Stock Exchange stated that the promoters may submit a fresh application if they wish to pursue the matter further. This new submission must include a complete set of requisite documents and applicable fees.

Maithan Alloys disclosed this development on September 10, 2026, pursuant to Regulation 31A(8) of the Listing Regulations. The company also informed the Calcutta Stock Exchange and BSE Limited of the NSE's decision.

Maithan Alloys has scheduled its 41st Annual General Meeting for September 28, 2026. The meeting will convene via video conferencing to address ordinary and special business items, including the declaration of dividends and significant board appointments.

The company seeks shareholder approval for a final dividend of ₹6 per equity share for FY26. This follows an interim dividend of ₹11 per share already paid during the financial year. The record date for determining dividend entitlement is set for September 21, 2026.

Board Appointments and Designations

The agenda includes substantial changes to the board composition and executive designations:

• Re-appointment of Mr. Naresh Kumar Jain, Mr. Aayush Khetawat, and Mrs. Sonal Choubey as Independent Directors for five-year terms.
• Appointment of Mr. Chandra Prakash Kakarania and Dr. Ridhi Agarwala as new Independent Directors.
• Change in designation of Mr. Subhas Chandra Agarwalla from Chairman and Managing Director to Executive Chairman, effective October 1, 2026.
• Change in designation of Mr. Subodh Agarwalla from Whole-time Director and Chief Executive Officer to Managing Director & Chief Executive Officer, effective October 1, 2026.

Mr. Subodh Agarwalla retires by rotation but offers himself for re-appointment as a director.

Related Party Transactions

Shareholders will vote on material related-party transactions with subsidiary Maithan Ferrous Private Limited (MFPL). The proposed aggregate transaction limits are:

These transactions involve the purchase and sale of ferro alloys, raw materials, trade advances, employee secondment, and loans. The company holds an 80% stake in MFPL.

Other Resolutions

The meeting will also address the following special business items:

• Increase in statutory auditor remuneration for M/s. Singhi & Co., raising the fee for standalone and consolidated audit from ₹21.50 lakh to ₹25.00 lakh per year.
• Ratification of cost auditor remuneration at ₹60,000 plus tax.
• Alteration of the Memorandum of Association to include investment activities in capital markets as a main object.
• Alteration of the Articles of Association to remove provisions relating to the common seal.