Nova Iron & Steel Limited (NISL) has filed satisfaction of charge documents with the Registrar of Companies (ROC) on December 27, 2025, marking the completion of debt obligations totaling ₹114.62 crore in favor of M/s Shree Balaji Steel and Metal Private Limited.

Charge Satisfaction Details

The company informed the Bombay Stock Exchange on December 29, 2025, about the material event under Regulation 30 of SEBI (LODR) Regulations, 2015. The ROC Chhattisgarh issued memorandums confirming the satisfaction of two separate charges:

Previous Asset Sale Transaction

This charge satisfaction follows the company's earlier strategic asset sale completed on August 1, 2025. NISL had sold significant operational and non-operational assets to M/s Shree Balaji Steel Metal Private Limited for ₹122 crore, which included:

• Operational and non-operational land parcels
• DRI (Direct Reduced Iron) Kiln
• Power plant
• Induction furnace

Financial Impact and Strategic Rationale

The asset sale transaction details were:

Regulatory Compliance

Both the original asset sale and the recent charge satisfaction have been conducted in full compliance with regulatory requirements. The asset sale was approved under Section 180 of the Companies Act, 2013, and adhered to Regulation 37A of SEBI (LODR) Regulations. Shareholder approval was obtained via Special Resolution at the 33rd AGM on September 17, 2025.

About the Counterparty

M/s Shree Balaji Steel & Metal Private Limited, the beneficiary of both the asset purchase and the satisfied charges, is a company engaged in metal retail and distribution within the trade sector and is not affiliated with NISL's Promoter or Promoter Group.

This charge satisfaction represents the successful completion of Nova Iron and Steel Limited's debt restructuring strategy, demonstrating the company's commitment to improving its financial position through strategic asset optimization.

Nova Iron & Steel Limited, a prominent player in the iron and steel industry, made significant corporate governance decisions at its Annual General Meeting (AGM) held on September 17, 2025. The company announced key appointments and received approval for the reclassification of a promoter entity.

Director Appointments

The shareholders approved two important director appointments during the AGM:

1. Suraj Prakash Choudhary was appointed as an Independent Director, marking a change in his designation. Choudhary, born on October 20, 1985, brings professional expertise to the board.

2. Hardev Chand Verma was re-appointed as a Non-Executive Non-Independent Director. Verma, born on November 15, 1952, continues his association with the company in a non-executive capacity.

Both appointments were met with strong shareholder support. The resolution for Choudhary's appointment as an Independent Director received 99.99% votes in favor, while Verma's re-appointment garnered 99.99% of the votes cast.

Promoter Reclassification

In a separate development, Nova Iron & Steel Limited received approval from the BSE Limited for the reclassification of a promoter entity. Ambey Steel and Power Private Limited, previously categorized under the "Promoter Group," has been reclassified to the "Public" category. This reclassification, approved on September 17, 2025, aligns with Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Other Key Resolutions

The AGM also saw the passage of several other important resolutions:

1. Adoption of the audited financial statements for the year ended March 31, 2025, along with the Auditors' and Board's reports.
2. Ratification and approval of the remuneration for Cost Auditors for the financial year ending March 31, 2026.
3. Appointment of a Secretarial Auditor.
4. Revision in the remuneration of Mr. Dinesh Kumar Yadav, Whole Time Director.
5. Approval to act in accordance with Section 180 (1) (a) of the Companies Act, 2013.

All resolutions were passed with overwhelming majority, demonstrating strong shareholder support for the company's governance and strategic decisions.

The AGM, conducted through video conferencing in compliance with regulatory guidelines, saw participation from 68 shareholders, including 10 from the promoter and promoter group and 58 from the public.

These developments reflect Nova Iron & Steel Limited's commitment to maintaining robust corporate governance practices and adapting to regulatory requirements in the dynamic business environment.