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.

SAL Steel Limited has issued a comprehensive postal ballot notice to shareholders, seeking approval for multiple director appointments and remuneration matters through electronic voting scheduled from February 21, 2026 to March 22, 2026.

Key Voting Schedule and Process

The company has established a structured timeline for the postal ballot process, with all communications being sent electronically to registered shareholders.

The company has appointed CS Kamlesh M. Shah of M/s. Kamlesh M. Shah & Co. as the scrutinizer for conducting the postal ballot process. Only shareholders whose names appear in the Register of Members as on the cut-off date will be eligible to vote.

Director Appointments and Remuneration

The postal ballot covers seven special business items, primarily focusing on key leadership appointments and their compensation structures.

Managing Director Appointments

Two significant managing director appointments are being proposed:

Shri Mahesh Kumar Agarwal brings over 40 years of experience in the mining and steel industry, while Shri Kaustubh Agarwal, a mining engineer with 5 years of experience, represents the next generation of leadership. Notably, Shri Kaustubh Agarwal is the son of Shri Mahesh Kumar Agarwal.

Independent and Other Director Appointments

The company is also seeking approval for additional board positions:

Professional Backgrounds and Expertise

The proposed directors bring diverse professional expertise to the board:

• Shri Hiren S. Mahadevia is a Company Secretary and ICSI member since 1986, with MBA-Finance and L.L.B. qualifications, bringing 35+ years of finance and legal management experience
• Shri Anil Kumar Singh is a techno-commercial professional with 35+ years in steel, automobile, and textile industries, previously serving as Chief Operating Officer at Tambo Steels (U) Limited, Uganda
• Shri Rajesh Mangal is a Chartered Accountant with 28+ years of progressive leadership experience across manufacturing sectors including steel, ferroalloys, power, and automotive

Remuneration and Governance Matters

Two specific resolutions address remuneration matters for non-executive directors. The company seeks approval for paying remuneration to Shri Rajesh Mangal that may exceed 1% of net profits, as well as approval for his remuneration while holding an office or place of profit in the company.

All proposed appointments include standard provisions for remuneration adjustment in case of inadequate profits, governed by Schedule V of the Companies Act, 2013.

Compliance and Regulatory Framework

The postal ballot notice complies with Section 110 of the Companies Act, 2013, and SEBI regulations. The company has engaged National Securities Depository Limited (NSDL) for facilitating the e-voting process, ensuring transparent and secure shareholder participation.

Shareholders can access the complete postal ballot notice on the company's website at www.salsteel.co.in , as well as on BSE and NSE websites. The resolutions, if approved by requisite majority, will be deemed passed on March 22, 2026.

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