Jindal Steel Limited (JSL) has launched a postal ballot process seeking shareholder approval on five significant resolutions, including amendments to its Employee Benefit Scheme and the appointment of a new Independent Director.

ESOP Scheme Amendment

The company proposes to amend its Employee Benefit Scheme 2022, with key changes including:

• Extension of the maximum vesting period to 40 years from the grant date or until retirement, whichever is earlier
• Modification of exercise price parameters
• Introduction of a Long-term Incentive Pay (LTIP) effective from October 1, 2024

The amended scheme aims to reward loyal and high-performing employees, aligning with market practices for talent retention. Notably, not more than 25% of the options granted under the scheme will have a vesting period beyond 5 years from the end of the year in which the option is granted.

Appointment of Independent Director

JSL seeks approval for the appointment of Mr. Parimal Rai (DIN: 00396446) as an Independent Director for a four-year term, effective October 4, 2025. Mr. Rai, a retired IAS officer, brings extensive experience in high-level governance across various administrative roles.

Other Key Resolutions

1. Amendment to Memorandum of Association: To include research activities for carbon capture and decarbonization.

2. Remuneration Revision: Approval sought for revised remuneration of Wholetime Directors Mr. Sabyasachi Bandyopadhyay and Mr. Damodar Mittal, effective April 1, 2025.

Voting Process

The e-voting period commences on October 24, 2025, and concludes on November 22, 2025. The results are expected to be announced by November 25, 2025.

Jindal Steel has engaged the services of Central Depository Services (India) Limited (CDSL) for facilitating the e-voting process. Mr. Navneet Arora of M/s Navneet K. Arora & Co., LLP, Company Secretaries, has been appointed as the Scrutinizer to oversee the voting process.

These resolutions reflect JSL's focus on employee retention, corporate governance, and strategic expansion into green technologies, aligning with broader industry trends towards sustainability and long-term growth strategies.

Jindal Steel 's potential takeover of Thyssenkrupp's steel business is progressing, according to Thyssenkrupp's CEO Miguel Lopez. While the discussions are advancing well, Lopez indicated that finalizing a deal could take several months.

Key Points of the Takeover Discussions

• Status of Talks: Lopez described the discussions as "intensive and constructive."
• Timeline: Despite positive progress, the CEO indicated that completing the deal could take months.
• Jindal Steel's Offer: The Indian company has submitted a non-binding bid for Thyssenkrupp Steel Europe (TKSE).

Thyssenkrupp's Evaluation Process

Thyssenkrupp is carefully examining Jindal Steel's offer, focusing on three primary aspects:

1. Economic sustainability
2. Continuation of green transformation
3. Protection of employment at steel sites

TKMS Naval Vessels Unit Goes Public

Lopez made these comments while attending the stock market debut of TKMS, Thyssenkrupp's naval vessels unit, at the Frankfurt stock exchange.

Implications for Stakeholders

This potential deal between Thyssenkrupp and Jindal Steel could have significant implications for both companies and the broader steel industry. Stakeholders will be closely watching how the negotiations progress, particularly regarding the key focus areas Thyssenkrupp has outlined in its evaluation process.

As the talks continue, more details are expected to emerge about the potential structure of the deal and its impact on Thyssenkrupp's steel business. The company's emphasis on economic sustainability, green transformation, and employment protection suggests a careful approach to any potential agreement.