Rathi Steel & Power held its 55th Annual General Meeting on September 29, 2026, entirely through Video Conferencing due to technical and regulatory compliance requirements. The meeting commenced at 1:30 pm and concluded at 2:30 pm, with 41 members participating virtually.

The proceedings were chaired by Surbhi Pareek, Non-Executive Chairperson, who took charge after the Company Secretary, Namita Lal Madan, faced audio issues. Kushal Kumar Agarwal, AVP (Growth and Strategy), assisted in narrating the statutory disclosures and managing the flow of the meeting. Managing Director Mahesh Pareek was absent due to personal reasons.

Key resolutions addressed

The members reviewed the audited standalone financial statements for the year ended March 31, 2026, along with the Board of Directors' and Auditors' reports. The Statutory Auditor, M/s M. Lal & Co., and Secretarial Auditor, Sameer Kishore Bhatnagar, attended virtually. The reports contained no qualifications or adverse remarks affecting the company's functioning.

The agenda included the following items:

• Adoption of audited standalone financial statements for FY26.
• Re-appointment of Abhishek Verma, Executive Director, who retired by rotation.
• Ratification of remuneration for the Cost Auditor for FY27.
• Approval of a new Memorandum of Association under the Companies Act, 2013.

Voting and participation details

Remote e-voting was active from September 26 to September 28, 2026. During the AGM, an additional 30-minute window allowed participating members to cast votes electronically via the NSDL platform. Ten shareholders registered as speakers, though technical glitches prevented some from addressing the assembly. The company provided a communication box for queries, which the management addressed during the session.

What the numbers show

The meeting highlighted a shift towards digital compliance, with no physical venue required as per MCA and SEBI circulars. The presence of 41 members indicates a focused shareholder base participation in this virtual format. The absence of the Managing Director, noted formally, did not hinder the quorum or the procedural validity of the meeting, which proceeded with the Non-Executive Chairperson leading.

Rathi Steel & Power approved the reclassification of DBG Leasing and Housing Limited from the 'Promoter & Promoter Group' category to the 'Public' category. The decision, taken at a board meeting on September 28, 2026, follows DBG’s exit from control following its corporate insolvency resolution process.

The move is pursuant to Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The reclassification remains subject to final approval from stock exchanges, shareholders, and other necessary regulatory bodies.

Context of the Reclassification

DBG Leasing and Housing Limited submitted a request letter on September 19, 2026, seeking this change in status. The Board noted that DBG underwent the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016.

On June 13, 2025, the National Company Law Tribunal, New Delhi Bench-V, approved a Resolution Plan that transferred management control to new owners. Consequently, the erstwhile promoters no longer exercise control or management over DBG.

Board Observations on Control and Holdings

The Board verified several key criteria before approving the request:

• Loss of Control: DBG does not have any say in the management decisions of Rathi Steel & Power.
• Shareholding Threshold: As of the request date, DBG held less than 10% voting rights in the company.
• No Special Rights: DBG possesses no special rights within the company structure.
• Board Representation: DBG does not represent the board of directors, including as a nominee director, nor does it act as a Key Managerial Person.
• Compliance Status: DBG is neither a 'willful defaulter' per RBI guidelines nor a fugitive economic offender.

Compliance with Listing Norms

The Board confirmed that the company is compliant with Minimum Public Shareholding requirements under Regulation 38 of the SEBI LODR Regulations. The reclassification is not being initiated to achieve minimum public shareholding thresholds. Additionally, trading in the shares has not been suspended by the Stock Exchange, and there are no outstanding dues to SEBI, the Stock Exchange, or Depositories.

What the Numbers Show

The reclassification highlights a structural shift in ownership dynamics driven by regulatory intervention rather than market activity. With DBG holding less than 10% voting rights and lacking board representation, its status as a promoter was legally untenable post-insolvency resolution. This separation clarifies the promoter group definition for investors, removing an entity that no longer exerts influence over the company's strategic direction.