IFGL Refractories Ltd has secured a landmark legal victory with the Supreme Court of India ruling in favor of the company's subsidy claim worth ₹11.15 lacs. The apex court delivered its judgment on January 6, 2026, allowing the company's Special Leave Petition and directing payment of interest at 9% per annum since 2003.

Supreme Court Judgment Details

The Hon'ble Supreme Court of India allowed IFGL Refractories' Special Leave Petition (Civil) No. 7013 of 2019 in the case of IFGL Refractories Ltd vs Orissa State Financial Corporation & Others. The court's decision encompasses both the principal subsidy amount and substantial interest accumulated over more than two decades.

Financial Impact and Recovery

The Supreme Court has allowed the company's claim for subsidies aggregating to ₹11,14,750 (Rupees eleven lacs fourteen thousand seven hundred fifty only) together with interest thereon at the rate of 9% per annum since 2003. This represents a significant financial recovery for the refractory manufacturer, considering the extended period over which interest has been accumulating.

The company has indicated that while the judgment has been delivered, detailed reliefs accorded by the Supreme Court are awaited as the complete judgment document is yet to be received. The ruling marks the culmination of a legal battle that has been ongoing since the original petition was filed in 2019.

Regulatory Compliance and Disclosure

IFGL Refractories has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has made the information available on both stock exchanges where it is listed - NSE (IFGLEXPOR) and BSE (540774).

The disclosure has also been hosted on the company's official website at ifglgroup.com and is available in the investor announcements section. This transparency ensures that all stakeholders have access to this material development that could impact the company's financial position.

Company Background

IFGL Refractories Ltd operates in the refractories sector with its registered office located at Sector B, Kalunga Industrial Estate in Odisha. The company's head and corporate office is situated at McLeod House, Netaji Subhas Road, Kolkata. The legal victory represents a positive development for the company's ongoing operations and financial standing in the refractory manufacturing industry.

IFGL Refractories Limited has issued a postal ballot notice dated January 2, 2026, seeking shareholder approval for the re-appointment of two key executive positions through special resolutions. The company has engaged National Securities Depository Limited (NSDL) to provide remote e-voting facility to its members for this corporate governance exercise.

Executive Re-appointments Under Consideration

The postal ballot addresses two critical leadership positions requiring shareholder approval:

Both appointments are for three-year terms and the executives will be liable to retire by rotation. The Board of Directors approved these re-appointments at their meeting held on November 8, 2025, following recommendations from the Nomination and Remuneration Committee.

Remuneration Structure for Executive Chairman

The remuneration package for Mr. Shishir Kumar Bajoria includes comprehensive benefits structured as follows:

Mr. Bajoria's previous remuneration for FY 2024-25 was ₹309.04 lakhs. The agreement was executed on December 5, 2025, and includes provisions for minimum remuneration during periods of loss or inadequate profit.

Director-General Counsel Compensation

Mr. Rajesh Agarwal's remuneration structure reflects his legal and corporate expertise:

Mr. Agarwal drew ₹185.49 lakhs in remuneration during FY 2024-25. His agreement was executed on November 13, 2025.

E-voting Process and Timeline

Shareholders can participate in the decision-making process through the remote e-voting facility:

The company has appointed M/s. P Sarawagi & Associates, Company Secretaries, as the scrutinizer for the e-voting process. Electronic copies of the notice have been sent to shareholders whose email addresses are registered with the company or depositories.

Company Performance Context

IFGL Refractories Limited reported strong financial performance for FY 2024-25:

The company operates as a prominent manufacturer and trader of specialized refractory products, serving primarily the iron and steel industry. Both executives bring significant experience to their roles, with Mr. Bajoria holding 29,63,284 equity shares (4.11% stake) and Mr. Agarwal holding 4,638 equity shares (0.006% stake) as of December 31, 2025.

Shareholders can access the complete postal ballot notice on the company's website at www.ifglgroup.com under the 'Investor' section, as well as on NSDL's e-voting platform at www.evoting.nsdl.com .