NewsStocksNova Iron and Steel Appoints Directors, Approves Reclassification at Annual General MeetingNova Iron and Steel Appoints Directors, Approves Reclassification at Annual General Meeting
Nova Iron & Steel Limited held its AGM on September 17, 2025, making key corporate governance decisions. Shareholders approved the appointment of Suraj Prakash Choudhary as Independent Director and re-appointed Hardev Chand Verma as Non-Executive Non-Independent Director. The company received BSE approval to reclassify Ambey Steel and Power Private Limited from 'Promoter Group' to 'Public' category. Other resolutions passed include adoption of financial statements, approval of Cost Auditors' remuneration, and revision in remuneration for the Whole Time Director.
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Nova Iron & Steel Limited, a prominent player in the iron and steel industry, made significant corporate governance decisions at its Annual General Meeting (AGM) held on September 17, 2025. The company announced key appointments and received approval for the reclassification of a promoter entity.
Director Appointments
The shareholders approved two important director appointments during the AGM:
Suraj Prakash Choudhary was appointed as an Independent Director, marking a change in his designation. Choudhary, born on October 20, 1985, brings professional expertise to the board.
Hardev Chand Verma was re-appointed as a Non-Executive Non-Independent Director. Verma, born on November 15, 1952, continues his association with the company in a non-executive capacity.
Both appointments were met with strong shareholder support. The resolution for Choudhary's appointment as an Independent Director received 99.99% votes in favor, while Verma's re-appointment garnered 99.99% of the votes cast.
Promoter Reclassification
In a separate development, Nova Iron & Steel Limited received approval from the BSE Limited for the reclassification of a promoter entity. Ambey Steel and Power Private Limited, previously categorized under the "Promoter Group," has been reclassified to the "Public" category. This reclassification, approved on September 17, 2025, aligns with Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Other Key Resolutions
The AGM also saw the passage of several other important resolutions:
- Adoption of the audited financial statements for the year ended March 31, 2025, along with the Auditors' and Board's reports.
- Ratification and approval of the remuneration for Cost Auditors for the financial year ending March 31, 2026.
- Appointment of a Secretarial Auditor.
- Revision in the remuneration of Mr. Dinesh Kumar Yadav, Whole Time Director.
- Approval to act in accordance with Section 180 (1) (a) of the Companies Act, 2013.
All resolutions were passed with overwhelming majority, demonstrating strong shareholder support for the company's governance and strategic decisions.
The AGM, conducted through video conferencing in compliance with regulatory guidelines, saw participation from 68 shareholders, including 10 from the promoter and promoter group and 58 from the public.
These developments reflect Nova Iron & Steel Limited's commitment to maintaining robust corporate governance practices and adapting to regulatory requirements in the dynamic business environment.
Historical Stock Returns for Nova Iron & Steel
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.62% | +7.04% | +3.96% | +3.29% | -20.95% | +317.63% |
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