Shah Alloys shareholders approved a resolution for the strategic restructuring of its steel plant undertaking at the company’s 36th annual general meeting. The vote also authorised the potential sale, lease, or monetisation of land, buildings, and other assets.

The Shah Alloys meeting was held on September 18, 2026, via video conferencing. Shareholders adopted the audited financial statements for FY26 and reappointed Ashok Sharma as a director. They also approved updates to the memorandum and articles of association.

Voting Results

The scrutinizer report, dated September 20, 2026, confirmed that all resolutions were passed with the requisite majority. A total of 9,683 shareholders were eligible to vote as on the cut-off date of September 11, 2026. Remote e-voting was open from September 15 to September 17, 2026.

The key resolutions and their voting outcomes are detailed below:

Key Resolutions Passed

The following resolutions were tabled and approved by the members:

• Adoption of audited financial statements for the fiscal year ended March 31, 2026.
• Reappointment of Ashok Sharma as a director upon retirement by rotation.
• Approval for strategic restructuring of the steel plant, including options for leasing, relocation, or sale of assets.
• Authorisation for the sale, lease, or joint development of immovable assets.
• Adoption of new memorandum and articles of association.

Attendance and Governance

Thirty-eight members attended the meeting, satisfying the quorum requirement. Rajendrakumar Shah, Chairman and Non-Executive Director, chaired the proceedings. Other directors present included Whole-time Directors Ashok Sharma and Rajnikant A. Vyas, and Independent Directors Mitesh V. Jariwala, Bipinbhai A. Gosalia, and Nipa Jairaj Shah.

Narayanlal F. Shah, Company Secretary, briefed members on e-voting procedures. Kamlesh M. Shah served as the scrutiniser for votes cast via remote e-voting and during the meeting.

A group of persons acting in concert (PACs) associated with Shah Alloys increased its aggregate stake in the company to 6.61% following open market acquisitions.

The acquisition of 435,576 equity shares was completed on September 9, 2026, triggering a disclosure under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing was submitted to the BSE on September 10, 2026.

Acquisition Details

The acquirers, led by Mr. Manishkumar Jashwantlal Shah and Mr. Bhadreshkumar Jashwantlal Shah, along with five associated entities, crossed the 5% threshold mandated for disclosure. The total shareholding rose from 872,983 shares (4.41%) to 1,308,559 shares (6.61%).

The mode of acquisition was exclusively through the open market. The total equity share capital of Shah Alloys Limited remains unchanged at 1,97,97,540 equity shares of ₹10 each.

Entity-wise Shareholding

The aggregate holding comprises interests held directly by the promoters and through various corporate entities. Raviraj Developers Limited holds the largest portion of the PAC stake.

The acquirers noted that while the shareholdings of the individual companies differ, they share common directors in Mr. Bhadresh J. Shah and Mr. Manish J. Shah. The disclosure was made voluntarily to ensure transparency regarding the crossing of the 5% holding threshold through these common directors.