Jindal Stainless Limited has received regulatory disclosure from JSL Overseas Holding Limited, a Mauritius-based promoter group entity, regarding additional share acquisitions through open market transactions. The company filed mandatory disclosures with stock exchanges on March 2, 2026, under SEBI regulations.

Latest Acquisition Details

The recent acquisition involved the purchase of 8,03,661 equity shares of Jindal Stainless Limited through market purchases. The shares were acquired in two tranches:

Updated Shareholding Position

The acquisition resulted in an increase in JSL Overseas' shareholding in Jindal Stainless Limited. The transaction details show the following changes in voting rights:

Regulatory Compliance and Structure

JSL Overseas Holding Limited, headquartered at Two Tribeca, Tribeca Central, Trianon, Mauritius, belongs to the promoter group of Jindal Stainless Limited. The disclosure was made under Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The target company maintains its equity share capital at Rs. 1,64,88,39,176 divided into 82,44,19,588 equity shares of Rs. 2 each. The company's shares are listed on both the National Stock Exchange of India Limited and BSE Limited.

Corporate Governance

The disclosure was signed by Rathee Jugessur, Director of JSL Overseas Holding Limited, and submitted to both stock exchanges along with a copy to Jindal Stainless Limited's Company Secretary. The transaction represents continued strategic investment by the promoter group through open market purchases, maintaining regulatory compliance with SEBI disclosure requirements.

Jindal Stainless Limited has issued a postal ballot notice dated February 17, 2026, seeking shareholder approval for the re-appointment of three independent directors for their second consecutive three-year terms. The company has notified stock exchanges BSE Limited and National Stock Exchange of India Limited about the postal ballot process under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Postal Ballot Details and Timeline

The remote e-voting period will commence on Tuesday, February 24, 2026, at 9:00 a.m. (IST) and will end on Wednesday, March 25, 2026, at 5:00 p.m. (IST). The e-voting module will be managed by MUFG Intime India Private Limited (formerly known as Link Intime India Pvt. Ltd.). The company has appointed Mr. Kamal Gupta, Advocate, as the Scrutinizer to conduct the postal ballot process in a fair and transparent manner.

Director Re-appointment Proposals

The postal ballot seeks approval for three special resolutions concerning the re-appointment of independent directors:

Ms. Shruti Shrivastava (DIN: 08697973)

Ms. Shrivastava's re-appointment is proposed for a second term of three consecutive years with effect from January 23, 2026, till January 22, 2029. She was initially appointed as a Non-Executive Independent Director on January 23, 2023. Ms. Shrivastava is currently the Managing Partner of Sagus Legal and has over 17 years of experience in general corporate advisory, M&A, private equity, venture capital, business restructuring, projects, insolvency, banking and finance.

Dr. Aarti Gupta (DIN: 01668171)

Dr. Gupta's re-appointment is proposed for a second term of three consecutive years with effect from July 12, 2026, till July 11, 2029. She was initially appointed as a Non-Executive Independent Director on July 12, 2023. Dr. Gupta is a seasoned investment strategist serving as Chief Investment Officer at her family office (DM Gupta Family, JAGRAN Group) and Managing Partner at Anikarth Ventures.

Mr. Ajay Mankotia (DIN: 03123827)

Mr. Mankotia's re-appointment is proposed for a second term of three consecutive years with effect from July 12, 2026, till July 11, 2029. He was initially appointed as a Non-Executive Independent Director on July 12, 2023. Mr. Mankotia is a former Indian Revenue Service officer with 26 years of experience and previously served as President (Corporate Planning and Operations) at NDTV.

Board Evaluation and Recommendations

The Nomination and Remuneration Committee reviewed the performance evaluation framework covering attendance and participation in meetings, contribution to strategy, corporate governance, legal & compliance, environmental & social sustainability, and risk oversight. Based on their assessment of the directors' skills, experience, knowledge, continued valuable contribution, and performance during their first term, the committee recommended their re-appointment.

The Board of Directors, at their meeting held on January 21, 2026, approved the re-appointment of all three directors based on the Nomination and Remuneration Committee's recommendations, subject to shareholders' approval through special resolutions.

Voting Process and Compliance

In compliance with Ministry of Corporate Affairs General Circular Nos. 14/2020, 17/2020, and subsequent circulars, including the latest General Circular No. 03/2025 dated September 22, 2025, the postal ballot notice is being sent only through electronic mode to members whose e-mail addresses are registered with the Company/Depositories. The voting rights will be calculated based on shares registered in members' names as on the cut-off date of February 13, 2026.

Members can vote through remote e-voting or by submitting the postal ballot form to the Scrutinizer. However, if a member votes through both modes, the remote e-voting will prevail. The results will be declared by placing them along with the Scrutinizer's report on the company's website and will be communicated to the stock exchanges where the company's equity shares are listed.