SAL Steel shareholders approve borrowing limits via postal ballot

SAL Steel Limited has disclosed the results of its postal ballot conducted through remote e-voting, confirming that shareholders have approved the proposal regarding the company's borrowing limits. The resolution, which was passed as a special resolution, authorizes the Board of Directors to determine the overall borrowing limits of the company and to create mortgages or charges on the company's assets.

Postal Ballot Details

The remote e-voting process was held pursuant to a Postal Ballot Notice dated March 28, 2026. The voting window was open for thirty days, commencing at 9:00 a.m. IST on Saturday, April 18, 2026, and concluding at 5:00 p.m. IST on Sunday, May 17, 2026. The record date for determining the eligibility of shareholders was March 27, 2026.

Voting Results

A total of 118 members participated in the voting process. The resolution received overwhelming support from the shareholders, with 99.99% of the valid votes cast in favor. The scrutinizer's report, dated May 19, 2026, confirmed the passing of the resolution with the requisite majority.

Breakdown of Votes

Voting Category	Number of Members	Votes Cast	% of Total Valid Votes
Votes For	111	4,36,63,312	99.99%
Votes Against	7	3,846	0.01%
Invalid Votes	0	0	0.00%
Abstentions	0	0	0.00%

The company has submitted the scrutinizer's report to the stock exchanges and requested that the submission be placed on record.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.11%	+6.58%	+8.98%	+48.42%	+238.01%	+1,245.43%

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:

Parameter:	Details
Director Name:	Shri Mitesh Vasantbhai Jariwala
DIN:	09396683
Designation:	Independent Director
Reason for Resignation:	Unavoidable Personal Reasons
Effective Date:	Close of Business Hours on May 16, 2026
Brief Profile:	Not Applicable
Disclosure of Relationships between Directors:	Not Applicable

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.