Kalyani Steels Limited has announced receiving a Settlement Order from the Securities and Exchange Board of India (SEBI) dated February 23, 2026, involving the company and its Company Secretary Mrs. D.R. Puranik. The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015.

Settlement Order Details

The Settlement Order No. SO/JS/DP2025-26/7871-7873 was issued in respect of Settlement Application No. 7872/2024 filed by Kalyani Steels Limited and Settlement Application No. 7871/2024 filed by Mrs. D.R. Puranik under the SEBI (Settlement Proceedings) Regulations, 2018. The order was received by both parties on February 23, 2026.

Alleged Violations

The settlement addresses multiple alleged violations by Kalyani Steels Limited, including:

• Clause 49(VII)(D) of SEBI Circular CIR/CFD/POLICY CELL/2/2014 dated April 17, 2014 read with SEBI Circular CIR/CFD/POLICY CELL/7/2014 dated September 15, 2014 along with Regulation 103 of the LODR Regulations and Section 21 of the Securities Contracts (Regulations) Act, 1956
• Regulation 23(2) of LODR Regulations read with Section 21 of SCRA
• Clause 49(IV)(A)(i) of SEBI Circular SEBI/CFD/DIL/CG/1/2004/12/10 dated October 29, 2004 read with Regulation 103 of the LODR Regulations and Section 21 of the SCRA
• Clause 49(VII)(E) and Clause 49(VIII)(A)(1) of various SEBI circulars along with LODR Regulations

Mrs. D.R. Puranik was alleged to have violated Regulation 6(2)(a), (b) and (c) of LODR Regulations read with Section 21 of SCRA.

Financial Impact

The settlement has resulted in specific monetary payments by both parties:

Company Statement

Kalyani Steels Limited has clarified that except for the settlement amounts paid, there are no other implications for the company arising from the Settlement Order. The complete details of the settlement order can be accessed on SEBI's official website at www.sebi.gov.in .

The disclosure was signed by Mrs. D.R. Puranik, Company Secretary, and submitted to both BSE Limited and National Stock Exchange of India Limited as required under the regulatory framework.

Kalyani Steels Limited has informed stock exchanges about a shareholders agreement executed by its related party Bharat Forge Limited (BFL) on February 2, 2026. The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Agreement Details and Parties Involved

The shareholders agreement was executed between the BFL Group and PI Opportunities Fund I Scheme II as the investor. The BFL Group comprises three entities under common control with Kalyani Steels:

Business Restrictions and Impact

The shareholders agreement imposes specific operational restrictions on entities affiliated with the BFL Group, including Kalyani Steels. The key restrictions include:

• Non-compete restriction: Prohibition from undertaking or engaging in ferrous casting business in India, except through J S Auto Cast Foundry India Private Limited
• Non-solicitation restriction: As specified in the agreement terms
• International opportunities: Business opportunities can be explored outside India, subject to rejection by the JS Auto Board of Directors

Company's Position and Shareholding

Kalyani Steels has clarified its position regarding the agreement:

Purpose and Governance Framework

The shareholders agreement was established to define inter-se shareholder rights and obligations between the BFL Group and the investor. The agreement covers several governance aspects including information rights, transfer restrictions, and ancillary covenants undertaken by the BFL Group to facilitate the transaction.

Regulatory Compliance

The disclosure was made in compliance with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026. Kalyani Steels emphasized that while it is not a direct party to the transaction, the agreement's terms affect the company due to its relationship with the BFL Group entities.