SAL Steel Limited has executed a deed of hypothecation with YES Bank Limited for ₹150 crore working capital facility, following the board's earlier approval and completion of formal documentation process.

Deed Execution and Regulatory Disclosure

The company executed the deed of hypothecation dated March 28, 2026, with YES Bank Limited for a working capital demand loan (sublimit cash credit limit) of ₹150.00 crore. This follows YES Bank's sanction letter dated March 25, 2026, with the facility designated for working capital requirements as per the sanction terms.

Security and Guarantee Structure

The working capital facility is secured through comprehensive security arrangements covering both current and fixed assets of the company. The security structure includes hypothecation of entire current assets and all movable fixed assets, both present and future, excluding those exclusively financed by other banks or financial institutions.

Board Approvals and Corporate Actions

The board of directors had previously approved this borrowing arrangement during their meeting on March 28, 2026, along with authorization for Managing Director Mahesh Kumar Agarwal to execute all necessary documentation. The board also proposed enhancing the company's overall borrowing limit to ₹2000 crore, subject to shareholder approval under Sections 180(1)(a) and 180(1)(c) of the Companies Act 2013.

Regulatory Compliance and Disclosure

The company has made the required disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, confirming this is not a related party transaction. The facility carries interest rates to be decided at the time of disbursement, with the arrangement being arm's length in nature.

The formal execution of this deed of hypothecation represents the completion of the working capital facility arrangement that will support the company's operational requirements and business growth initiatives.

Source: Company/INE658G01014/ad25d76b-0441-426d-9de4-afaa8511db14.pdf

SAL Steel Limited has successfully concluded its postal ballot process, with shareholders approving all seven proposed resolutions through remote e-voting. The voting process, conducted from February 21 to March 22, 2026, demonstrated strong shareholder support across all key corporate governance matters.

Voting Process and Participation

The remote e-voting facility remained open for thirty days, commencing at 9:00 a.m. on Saturday, February 21, 2026, and concluding at 5:00 p.m. on Sunday, March 22, 2026. The cut-off date for determining eligible shareholders was February 13, 2026, when the company had 55,863 total shareholders on record.

Key Board Appointments Approved

Shareholders overwhelmingly supported the appointment of key leadership positions with consistent 99.99% approval rates across multiple resolutions.

Managing Director Appointments

Two critical Managing Director positions received strong endorsement:

Other Director Appointments

The company also secured approval for additional board positions:

Remuneration Resolutions

Two special resolutions related to director remuneration were also passed with strong shareholder support. The resolution for payment of remuneration to directors other than Managing Director and Whole Time Director received 4,40,15,347 votes in favor against 9,331 votes against, maintaining the 99.99% approval rate.

Regulatory Compliance and Documentation

The postal ballot was conducted in accordance with Section 108 of the Companies Act, 2013, and Rule 20 and 21 of the Companies (Management and Administration) Rules, 2014. The process also complied with Regulation 44 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.

Kamlesh M. Shah, proprietor of Kamlesh M. Shah & Co., served as the appointed scrutinizer for the e-voting process. The scrutinizer's report, dated March 24, 2026, confirmed that all resolutions were passed with the requisite majority. The company engaged National Securities Depository Limited (NSDL) as the authorized agency to provide e-voting facilities to eligible shareholders.

The company has submitted the voting results disclosure to both BSE and NSE on March 24, 2026, fulfilling its regulatory obligations. Company Secretary and Compliance Officer Devilal J Shah signed the official disclosure documents confirming the successful completion of the postal ballot process.

Corporate Communication

The postal ballot notice dated February 14, 2026, was dispatched to all eligible shareholders whose names appeared on the Register of Members. The company also published press advertisements in "The Indian Express" (English) and "The Financial Express" (Gujarati) newspapers on February 21, 2026, providing details of the e-voting program to ensure maximum shareholder awareness and participation.