SAL Steel Limited has issued a comprehensive postal ballot notice to shareholders, seeking approval for multiple director appointments and remuneration matters through electronic voting scheduled from February 21, 2026 to March 22, 2026.

Key Voting Schedule and Process

The company has established a structured timeline for the postal ballot process, with all communications being sent electronically to registered shareholders.

The company has appointed CS Kamlesh M. Shah of M/s. Kamlesh M. Shah & Co. as the scrutinizer for conducting the postal ballot process. Only shareholders whose names appear in the Register of Members as on the cut-off date will be eligible to vote.

Director Appointments and Remuneration

The postal ballot covers seven special business items, primarily focusing on key leadership appointments and their compensation structures.

Managing Director Appointments

Two significant managing director appointments are being proposed:

Shri Mahesh Kumar Agarwal brings over 40 years of experience in the mining and steel industry, while Shri Kaustubh Agarwal, a mining engineer with 5 years of experience, represents the next generation of leadership. Notably, Shri Kaustubh Agarwal is the son of Shri Mahesh Kumar Agarwal.

Independent and Other Director Appointments

The company is also seeking approval for additional board positions:

Professional Backgrounds and Expertise

The proposed directors bring diverse professional expertise to the board:

• Shri Hiren S. Mahadevia is a Company Secretary and ICSI member since 1986, with MBA-Finance and L.L.B. qualifications, bringing 35+ years of finance and legal management experience
• Shri Anil Kumar Singh is a techno-commercial professional with 35+ years in steel, automobile, and textile industries, previously serving as Chief Operating Officer at Tambo Steels (U) Limited, Uganda
• Shri Rajesh Mangal is a Chartered Accountant with 28+ years of progressive leadership experience across manufacturing sectors including steel, ferroalloys, power, and automotive

Remuneration and Governance Matters

Two specific resolutions address remuneration matters for non-executive directors. The company seeks approval for paying remuneration to Shri Rajesh Mangal that may exceed 1% of net profits, as well as approval for his remuneration while holding an office or place of profit in the company.

All proposed appointments include standard provisions for remuneration adjustment in case of inadequate profits, governed by Schedule V of the Companies Act, 2013.

Compliance and Regulatory Framework

The postal ballot notice complies with Section 110 of the Companies Act, 2013, and SEBI regulations. The company has engaged National Securities Depository Limited (NSDL) for facilitating the e-voting process, ensuring transparent and secure shareholder participation.

Shareholders can access the complete postal ballot notice on the company's website at www.salsteel.co.in , as well as on BSE and NSE websites. The resolutions, if approved by requisite majority, will be deemed passed on March 22, 2026.

Source: Exclusive content

SAL Steel Limited has successfully completed the allotment of 3,57,50,000 equity shares to promoter entity Sree Metaliks Limited through warrant conversion, as announced in regulatory filings dated February 17, 2026. The conversion represents a significant capital infusion and demonstrates the promoter's continued commitment to the company's growth.

Warrant Conversion Details

The board approved the conversion of 3,57,50,000 warrants into an equal number of equity shares at an issue price of ₹18 per share, including a premium of ₹8. The conversion process involved Sree Metaliks Limited paying the remaining 75% of the warrant price, amounting to ₹13.50 per warrant.

SEBI SAST Regulatory Disclosure

Sree Metaliks Limited has filed mandatory disclosures under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, regarding the acquisition of 3,57,50,000 equity shares representing 24.69% of the expanded share capital. The acquisition was completed on February 14, 2026, through conversion of warrants to equity shares.

Shareholding Impact

The warrant conversion has significantly altered the shareholding pattern of SAL Steel Limited. Sree Metaliks Limited's stake in the company has increased substantially following the allotment.

Capital Structure Enhancement

Following the warrant conversion, SAL Steel's issued, subscribed and paid-up equity share capital has increased to ₹144,76,67,000, consisting of 14,47,66,700 fully paid-up equity shares of face value ₹10 each. The newly allotted equity shares rank pari-passu with existing equity shares of the company.

Financial and Regulatory Implications

The successful conversion of all outstanding warrants eliminates any pending conversion obligations, with no warrants remaining unconverted. The ₹48.26 crore raised through this conversion strengthens the company's financial position and provides additional capital for business operations and growth initiatives. The transaction was executed in accordance with SEBI regulations and original warrants were issued on October 30, 2025, following members' approval dated September 26, 2025.