SAL Steel Limited has informed the stock exchanges of the resignation of Shri Mitesh V Jariwala from the post of Independent Director of the company, effective close of business hours on May 16, 2026. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the relevant SEBI circulars. Shri Jariwala cited unavoidable personal reasons for his departure, confirming that no other material reason exists beyond what has been stated.

Key Details of the Resignation

The following table summarises the key disclosures made under Regulation 30 of the SEBI (LODR) Regulations, 2015, as required by the applicable SEBI circulars:

Board Committee Positions Vacated

Shri Jariwala held the position of Chairman across all four key board committees of SAL Steel Limited. The following committees will be affected by his resignation:

• Audit Committee — Chairman
• Nomination and Remuneration Committee — Chairman
• Stakeholder Relationship Committee — Chairman
• Corporate Social Responsibility Committee — Chairman

Regulatory Compliance

The resignation letter, signed by Shri Mitesh V Jariwala, was addressed to the Board of Directors of SAL Steel Limited and has been accepted with effect from close of business hours on May 16, 2026. In his resignation letter, Shri Jariwala confirmed that there are no material reasons for his resignation beyond those stated, and expressed his gratitude to the Board for the opportunity to serve as Independent Director during his tenure.

The intimation was filed with both BSE Limited and the National Stock Exchange of India Limited by CS Devilal J Shah, Company Secretary and Compliance Officer of SAL Steel Limited, in accordance with the applicable regulatory requirements.

SAL Steel Limited has issued a postal ballot notice to shareholders seeking approval for a special resolution to increase the company's borrowing limits and create charges on company assets. The company has submitted newspaper advertisements to stock exchanges in compliance with regulatory requirements and commenced the remote e-voting process.

Borrowing Limit Proposal

The company is seeking shareholder approval to increase its overall borrowing limits to ₹2000 crores in excess of the aggregate of its paid-up share capital and free reserves. This proposal supersedes the previous ordinary resolution passed during the Annual General Meeting held on September 24, 2005.

The resolution also seeks consent for the Board of Directors to create charges and provide security on company assets to secure borrowings, including interest costs, charges, expenses, and other monies payable to lenders and institutions.

Regulatory Compliance and Documentation

SAL Steel has submitted newspaper advertisements to both BSE and NSE in compliance with Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The advertisements were published in "The Indian Express" (English) and "Financial Express" (Gujarati) editions, informing stakeholders about the completion of postal ballot notice dispatch.

E-Voting Schedule and Process

The postal ballot is being conducted entirely through electronic voting, with no physical ballot forms being distributed to shareholders. The company has engaged National Securities Depository Limited (NSDL) to facilitate the e-voting process.

Scrutinizer Appointment

The Board of Directors has appointed CS Kamlesh M. Shah, proprietor of M/s. Kamlesh M. Shah & Co., Practicing Company Secretary (CP No. 2072/Membership No.: ACS8356), as the scrutinizer to conduct the postal ballot process in a fair and transparent manner.

Voting Eligibility and Access

Only shareholders whose names appear in the Register of Members or List of Beneficial Owners as on the cut-off date of March 27, 2026, will be eligible to vote. The postal ballot notice is available on the company's website at www.salssteel.com , stock exchange websites ( www.bseindia.com and www.nseindia.com ), and NSDL's e-voting platform at www.evoting.nsdl.com .

Voting rights will be proportionate to shareholders' equity stake in the company. The resolution, if approved by the requisite majority, will be deemed passed on May 17, 2026, the last date for e-voting. The postal ballot notice has been issued in compliance with Section 110 of the Companies Act, 2013, and related SEBI regulations.