Ashiana Ispat Limited announced major board changes on January 19, 2026, marking a significant leadership transition as the company positions itself for expanded operations. The board meeting resulted in key appointments that reflect the company's strategic direction towards pan-India expansion and global presence.

New Managing Director Appointment

The board approved the appointment of Mr. Naresh Chand (DIN: 00004500) as Managing Director, subject to shareholder approval through a Special Resolution. This appointment requires compliance with the Companies Act, 2013 and SEBI LODR Regulations.

Mr. Naresh Chand brings extensive institutional knowledge, having been associated with the company since 1996. During his previous tenure as Managing Director, the company witnessed substantial progress across financial performance, governance standards, and stakeholder confidence. The board cited his proven leadership and turnaround experience as key factors in the decision, particularly given the company's current business restructuring phase.

Leadership Transition Details

The appointment comes as Mr. Puneet Jain (DIN: 00814312) resigned from his position as Managing Director, effective from the close of business hours on January 19, 2026. The board acknowledged his contributions during his tenure and expressed appreciation for his service.

Additional Board Appointment

The board also approved the appointment of Mr. Vicky Jain (DIN: 11489664) as Additional Director under Non-Independent Non-Executive Director category. Mr. Jain brings over 25 years of global business operations experience across 33 countries, with extensive exposure in markets including USA, Canada, UAE, Singapore, Malaysia, UK, and Morocco.

His professional credentials include:

• Certified Green Belt from CI
• Certified Business Consultant
• Leadership certification with AI from ISB
• Expertise in BPO industry operations and strategy
• Experience in managing large-scale operations and high-performance teams

Strategic Business Direction

The company emphasized that these leadership changes align with its restructuring initiatives and expansion plans. Ashiana Ispat Limited is transitioning from NCR-focused operations to establishing a pan-India presence while building global market reach. The board believes Mr. Naresh Chand's experience and strategic vision will provide the necessary guidance during this transformation phase.

Despite Mr. Naresh Chand's age of 81 years, the board unanimously determined that his experience, vision, and expertise significantly outweigh age-related considerations. The appointment demonstrates the company's confidence in leveraging seasoned leadership for its growth objectives and operational expansion strategy.

Ashiana Ispat Limited has announced a board meeting scheduled for January 19, 2026, to deliberate on significant leadership and governance changes. The company informed BSE Limited about the meeting in compliance with regulatory requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Meeting Details and Agenda

The board meeting is scheduled to be held on Monday, January 19, 2026, at 3:00 PM IST at the company's corporate office located at C-103, First Floor, Tower-C, Ansal Plaza, Khelgaon, HUDCO Place, New Delhi. The meeting has been convened to consider and approve several critical matters related to the company's board composition and leadership structure.

Key Agenda Items

The board will deliberate on four primary matters during the meeting. The first item involves the consideration and approval of Mr. Vicky Jain's appointment as an Additional Director under the Non-independent Non-Executive Director category. This appointment will expand the current board composition and bring additional expertise to the company's governance structure.

The second significant matter on the agenda is the acceptance of Mr. Puneet Jain's resignation from his position as Managing Director. This resignation represents a major change in the company's executive leadership and will require the board's formal acceptance to become effective.

Leadership Restructuring

A notable aspect of the meeting agenda is the proposed change in Mr. Naresh Chand's designation from Whole-Time Director to Managing Director. This elevation suggests a restructuring of executive responsibilities within the organization, with Mr. Naresh Chand potentially taking on enhanced leadership duties.

Regulatory Compliance and Corporate Information

The company has fulfilled its regulatory obligations by informing the stock exchange about the board meeting pursuant to Regulation 29 of SEBI regulations. Ashiana Ispat Limited, with CIN L27107RJ1992PLC006611, operates from its registered office and works at A-1116, RIICO Industrial Area, Phase-III, Bhiwadi-301019, District Alwar, Rajasthan.

The meeting agenda also includes consideration of any other business matters with the permission of the chair, indicating the board's openness to address additional items that may arise during the proceedings. The company has requested BSE Limited to take note of this information for record-keeping purposes.