SAL Steel Limited has announced the resignation of its Chief Financial Officer, Shri Babulal M Singhal, marking a significant leadership change at the company. The resignation takes effect from the close of business hours on April 06, 2026.

Resignation Details and Timeline

Shri Babulal M Singhal formally submitted his resignation letter on April 03, 2026, citing personal and unavoidable circumstances as the primary reason for his departure. The resignation covers his position as Chief Financial Officer and Key Managerial Personnel under SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, as well as all other statutory and designated positions within the company.

Regulatory Compliance and Disclosure

The company has fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The announcement was made to both BSE Limited and National Stock Exchange of India Limited, ensuring compliance with listing requirements.

In his resignation letter, Singhal expressed gratitude to the Chairman, Board of Directors, senior management, and colleagues for their support and cooperation during his tenure. He specifically thanked the Board of Directors for what he described as a memorable association during his time as Chief Financial Officer.

Board Acceptance and Next Steps

The Board of Directors has formally accepted Singhal's resignation, with Director Anil Kumar Singh (DIN: 11535361) signing the acceptance on behalf of SAL Steel Limited. The resignation letter requested the company to arrange necessary forms and disclosures with the Registrar of Companies and stock exchanges.

The departure of the Chief Financial Officer represents a key management change that requires the company to identify and appoint a suitable replacement to maintain continuity in financial operations and regulatory compliance. The company secretary CS Devilal J Shah handled the formal communication process with the stock exchanges regarding this leadership transition.

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