Magna Electro Castings Limited, a leading player in the casting industry, has announced a significant change in its leadership team. The company has appointed Sri. Ajeya Vel Narayanaswamy as Whole-time Director designated as Executive Director – Marketing for a five-year term.

Key Details of the Appointment

• Appointee: Sri. Ajeya Vel Narayanaswamy (DIN: 07553660)
• Position: Whole-time Director designated as Executive Director – Marketing
• Term: Five years, effective from September 4, 2025
• Approval Status: Subject to Central Government approval under Section 196 of the Companies Act

Shareholder Approval and Next Steps

The appointment has already received the green light from shareholders at the Annual General Meeting held on September 4, 2025. However, the company is now seeking the necessary approval from the Central Government to formalize the appointment.

Public Disclosure

In compliance with regulatory requirements, Magna Electro Castings has published newspaper advertisements regarding the application for Central Government approval. The advertisements appeared in:

• Financial Express (English)
• Maalai Malar (Tamil)

These publications were made on September 25, 2025, demonstrating the company's commitment to transparency and adherence to regulatory norms.

Company Background

Magna Electro Castings Limited, with its registered office in Coimbatore, Tamil Nadu, is known for its expertise in the casting industry.

Market Implications

The appointment of Sri. Ajeya Vel Narayanaswamy as Executive Director – Marketing could potentially bring fresh perspectives and strategies to Magna Electro Castings' marketing efforts, which may be crucial in an increasingly competitive business environment.

Magna Electro Castings Limited, a leading player in the casting industry, has unveiled ambitious expansion plans and reported its financial results for the first quarter of the fiscal year 2024. The company's board has greenlit a significant project to enhance its molding capacity, demonstrating its commitment to growth and meeting market demands.

Expansion Project Highlights

• Investment: The board has approved a Rs. 35.00 crore project to expand the company's molding capacity.
• Timeline: The expansion is expected to be commissioned in the third quarter of FY 2024-25.
• Funding: The project will be financed through a combination of term loans from banks, seller's credit, and internal resources.
• Capacity Enhancement: The expansion will enable Magna Electro Castings to secure new business in medium-sized components and cater to a wider range of castings from 1 kg to 250 kgs.

Q1 FY2024 Financial Results

Magna Electro Castings Limited has announced its unaudited financial results for the quarter ended June 30, 2023. While specific figures were not provided, the company has reported its performance for the first quarter of the fiscal year 2024.

Corporate Governance

In a move to strengthen its leadership, the company has initiated a postal ballot to seek shareholder approval for the appointment of Sri. G. D Rajkumar as a Director. The board approved the draft notice for this appointment on January 31, 2022.

Recent Annual General Meeting

The company recently held its 35th Annual General Meeting (AGM) through video conferencing. Key highlights from the AGM include:

• Adoption of audited financial statements for the year ended March 31
• Declaration of dividend for the financial year
• Re-appointment of Sri. J Vijayakumar as Director
• Approval of material related party transactions with M/s. Samrajyaa and Company
• Ratification of remuneration for cost auditors
• Appointment of MDS & Associates LLP as Secretarial Auditors for a five-year term
• Appointment of Sri. Ajeya Vel Narayanaswamy as Whole-time Director designated as Executive Director - Marketing
• Approval for alteration of the company's Articles of Association

All resolutions presented at the AGM were passed with the requisite majority, reflecting strong shareholder support for the company's strategic decisions and governance practices.

Magna Electro Castings' expansion plans and recent corporate actions underscore its commitment to growth and operational excellence in the casting industry. The company appears well-positioned to capitalize on new opportunities and enhance its market presence in the coming years.