Steel Authority of India Ltd has appointed Mohit Malpani as Executive Director (Finance & Accounts) and Company Secretary, effective October 1, 2026. The appointment follows the superannuation of M.B. Balakrishnan, who held both roles until September 30, 2026.

Malpani will serve as the Compliance Officer of the company pursuant to Regulation 6(1) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. This dual role ensures continued oversight of financial governance and regulatory compliance for the public sector undertaking.

Professional background

Malpani joined SAIL in August 1991, bringing over three decades of experience in finance and industrial operations. His career includes leadership roles at several key plants and divisions:

• Head of Finance at IISCO Steel Plant, Durgapur Steel Plant, Alloys Steel Plant, and Jharkhand Group of Mines BSL Collieries
• CFO of SAIL-RITES Bengal Wagon Industry Pvt. Ltd. (SRBWIPL), a joint venture between SAIL and RITES
• Strategic roles in the Raw Material Division

Key strategic contributions

During his tenure, Malpani played a central role in major financial and operational initiatives. These include:

• Financial appraisal of the 4.0 MTPA Greenfield Expansion Project at IISCO Steel Plant, Burnpur
• Demerger of SAIL's Raw Material Division
• Structuring the long-term pricing framework between SAIL and Coal India Limited (CIL)
• Resolution of multi-decade commercial disputes with CIL subsidiaries and Jharkhand State Electricity Board (JSEB)
• Financial turnaround of SRBWIPL, restoring it to financial health

Focus on digital transformation

The company noted that Malpani is a consistent champion of digital transformation. He has aligned finance functions with strategic business objectives, focusing on financial robustness, operational efficiency, sustainable growth, and stakeholder value creation through prudent capital management, innovation, and technology integration.

Steel Authority of India Limited shareholders approved all eight resolutions at the 54th Annual General Meeting held on September 24, 2026. The voting results, declared by Chairman & Managing Director Ashok Kumar Panda, confirmed the adoption of financial statements, the declaration of a ₹2.35 per share dividend, and key director appointments.

The meeting, conducted via Video Conferencing, saw participation from 145 shareholders through the virtual platform, alongside remote e-voting from September 20 to September 23, 2026. The Scrutinizer, Sachin Agarwal of Agarwal S. & Associates, certified that all resolutions were carried out with the requisite majority.

Voting results on financials and dividend

The resolution to adopt the standalone and consolidated audited financial statements for FY26 received 96.41% votes in favour. The final dividend of ₹2.35 per equity share was approved with 98.27% support, reflecting strong shareholder alignment with the payout decision.

The Board’s authority to fix the remuneration for Statutory Auditors appointed by the Comptroller & Auditor General of India for FY27 secured near-unanimous approval with 99.66% votes in favour. Similarly, the ratification of Cost Auditors’ remuneration for FY27 passed with 98.27% support.

Director appointments and re-elections

Shareholders approved the re-appointment of directors retiring by rotation and the appointment of new Whole Time Directors. While these resolutions passed comfortably, they attracted slightly higher dissent compared to routine procedural items.

Governance and voting process

Remote e-voting facilities were provided in compliance with SEBI regulations, facilitated by National Securities Depository Limited. Members who did not vote remotely could cast their votes during the live meeting. The voting pattern was unlocked in the presence of independent witnesses Gurupreet Singh and Bijoy Kumar Samal.

What the Numbers Show

A distinct divergence is visible between promoter and public shareholder sentiment on governance matters. The Promoter group voted unanimously (100% in favour) on all resolutions, including director re-appointments. In contrast, Public-Institutional investors voted against the re-appointment of directors Manish Raj Gupta and Alok Verma with significant weightage, registering approximately 30% and 28% opposition respectively within their category. This suggests that while the resolutions passed due to the promoter's controlling stake, institutional investors expressed notable reservations regarding the board composition changes.