SAL Steel appoints M/s. Ashish Bhavsar & Associates as cost auditor for FY27

SAL Steel has appointed M/s. Ashish Bhavsar & Associates as its cost auditor for the financial year 2026-27, subject to shareholder approval. The Board of Directors approved the appointment following a recommendation from the Audit Committee. The decision is in compliance with section 148 of the Companies Act, 2013 and the rules made thereunder.

The appointment was finalized on May 29, 2026. M/s. Ashish Bhavsar & Associates, a firm of practicing cost accountants based in Ahmedabad, holds a Firm Registration No. 000387 and Membership No. 22646. The firm offers a wide spectrum of services, including cost audit, certifications, setting up costing systems, and cost consultancy across diverse industries. It has also handled internal audit, stock and asset verification, and industry study assignments.

The appointment is contingent upon approval by the members of the company in the ensuing General Meeting. The disclosure was submitted to the exchanges in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. There are no relationships between the directors of the company and the cost auditor that require disclosure.

Details of Appointment

Sr. No.	Disclosure Requirements	Details
1	Name of the Cost Auditor	M/s. Ashish Bhavsar & Associates, Cost Auditor, Ahmedabad (Firm Registration No. 000387/ Membership No.: 22646)
2	Reason for change	Appointment
3	Date of appointment & term	May 29, 2026 for the financial year 2026-27, subject to shareholder approval
4	Brief Profile	Ahmedabad-based firm offering cost audit, certifications, costing systems, and consultancy services
5	Disclosure of relationships between Directors	Not applicable

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+1.21%	+10.65%	+6.72%	+79.86%	+247.21%	+1,237.87%

SAL Steel Limited has secured a term loan of ₹50 crore from Axis Finance Limited to repay inter-corporate deposits of AIA Engineering Limited. The borrowing, sanctioned on May 26, 2026, carries a tenor of five years and is repayable in 20 equal quarterly installments. This financial move is part of the company's strategy to manage its liabilities and optimize its capital structure.

The facility is secured by a mortgage of the company's entire immovable fixed assets and current assets, both present and future. Additionally, the loan is backed by the hypothecation of all movable fixed assets situated at Survey No. 245, Village Bharapar, Tal. Gandhidham, in the Kutch district of Gujarat. The security package includes unconditional and irrevocable corporate guarantees from Sree Metaliks Limited and personal guarantees from Managing Directors Mahesh Kumar Agarwal and Kaustubh Agarwal.

Key Loan Details

Particulars	Details
Lender	Axis Finance Limited
Loan Amount	₹50 crore
Purpose	Repayment of ICD of AIA Engineering Limited
Tenor	5 years
Repayment	20 equal quarterly installments
Security	Mortgage of immovable and movable fixed assets, current assets, and corporate and personal guarantees

The transaction was disclosed to the stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that Axis Finance Limited is not a related party, and the transaction was conducted at arm's length. The sanction letter reference number is AFL/WB/NZ/UP/2026-27/16332.