Ashiana Ispat Limited conducted a significant board meeting on March 9, 2026, addressing critical corporate governance matters and strategic business planning amid evolving geopolitical circumstances. The meeting, held from 3.00 PM to 5.30 PM, covered two primary agenda items under Regulation 30 of SEBI listing requirements.

Director Removal Matter Resolution

The board examined the written response submitted by Ms. Darshan, Non-executive Non-Independent Director, dated February 24, 2026, concerning the shareholder proposal for her removal from office under Section 169 read with Section 115 of the Companies Act, 2013.

The board noted several key factors in reaching this decision:

• The director's reply did not include any request for circulation to shareholders as representation under Section 169(4) of the Companies Act, 2013
• The response contained statements deemed extraneous, irrelevant, and defamatory in nature
• Without a specific request from the director, the company has no statutory obligation to circulate the reply to members

Post-War Business Strategy Discussion

The board engaged in comprehensive discussions regarding the potential impact of ongoing geopolitical conflicts on the global steel industry, particularly focusing on the TMT steel bar sector used in construction. The conflict between Iran and the Israel-USA alliance has created significant implications for the steel market dynamics.

Market Research Initiative

The board has assigned a specialized market research agency to conduct comprehensive analysis of geopolitical tensions and global economic shifts affecting the steel and alloys industry. This research initiative will focus on identifying potential risks including supply chain disruptions and energy price volatility, while simultaneously exploring future opportunities in the post-war global steel market.

The research agency will undertake strategic analysis in several critical areas:

• Diversification strategies for raw material supply chains
• Energy hedging through renewable integration and long-term contracts
• Investment opportunities in green steel technologies
• Expansion possibilities into high-growth markets such as India, ASEAN, and MENA regions
• Development of comprehensive resilience strategies for logistics and supply chain disruptions

Strategic Positioning for Future Growth

The board expressed strong support for this strategic initiative, recognizing its importance in positioning Ashiana Ispat Limited to capitalize on future opportunities in the evolving global steel market. Board members emphasized their commitment to innovation, growth, and establishing a stronger global presence in the post-conflict business environment.

This comprehensive approach demonstrates the company's proactive stance in addressing both immediate corporate governance requirements and long-term strategic planning in an increasingly complex global market landscape.

Ashiana Ispat Limited has scheduled a board meeting for March 09, 2026 to deliberate on a director removal matter. The company informed BSE Limited about this development through a regulatory filing dated February 28, 2026.

Meeting Details and Agenda

The board meeting is scheduled to be held on Monday, March 09, 2026 at 03:00 P.M. The primary agenda includes examining the reply submitted by Director Ms. Darshan in response to a specific notice issued under the Companies Act, 2013.

Legal Framework and Compliance

The notice to Ms. Darshan was issued under Section 169 read with Section 115 of the Companies Act, 2013, which pertains to the removal of directors. The company has followed proper regulatory procedures by informing the stock exchange pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The board will consider and deliberate upon:

• Examination of Ms. Darshan's reply to the removal notice
• Any other business with the permission of the chair

Regulatory Communication

The announcement was made through CFO Shakti Sharma's communication to BSE Limited, confirming compliance with listing regulations. The company has committed to inform the exchange about the outcome of the board meeting in accordance with applicable SEBI (LODR) Regulations, 2015 provisions.

Ashiana Ispat Limited operates from its registered office and works at A-1116, RIICO Industrial Area, Phase-III, Bhiwadi-301019, District Alwar, Rajasthan, with corporate office located in New Delhi.