SAL Steel Limited has announced the resignation of its Chairman and Non-Executive Director Rajendrakumar Shah, effective December 23, 2025. The resignation comes pursuant to the open offer acquisition by Sree Metaliks Limited.

Director Resignation Details

Rajendrakumar Shah (DIN: 00020904) tendered his resignation from the directorship of SAL Steel Limited with effect from closure of business hours on December 23, 2025. The resignation is directly linked to the acquisition process by Sree Metaliks Limited (The Acquirer).

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. SAL Steel informed both BSE and NSE about the board change through proper regulatory filings on December 23, 2025.

Company Secretary and Compliance Officer Radhika P. Soni (M.No.-A64410) signed the disclosure documents on behalf of the company, ensuring compliance with SEBI circulars dated September 9, 2015, and July 13, 2023.

Resignation Letter Highlights

In his resignation letter dated December 23, 2025, Shah confirmed that there is no other material reason for his resignation apart from the acquisition by Sree Metaliks Limited. He expressed his gratitude for the opportunity to serve as Chairman and board member, specifically mentioning:

• His privilege of being a member of the Board of Directors as Chairman
• Appreciation for his memorable association during his tenure
• Request for relief from duties with effect from closure of business hours on December 23, 2025
• Best wishes for the company's future

Company Information

SAL Steel Limited (CIN: L29199GJ2003PLC043148) operates with its registered office in Ahmedabad and corporate office in Gandhinagar, Gujarat. The company's manufacturing facility is located in Village Bharapar, Gandhidham, Kutch-Bhuj.

The resignation represents a strategic board change linked to the corporate acquisition, with the company maintaining full regulatory compliance in announcing the directorial change to stakeholders and stock exchanges.

SAL Steel Ltd has completed a comprehensive board restructuring on December 23, 2025, with formal regulatory filings confirming both new director appointments and resignations as part of the ongoing acquisition process by Sree Metaliks Limited. The company has submitted all required documentation under SEBI regulations to BSE and NSE.

Regulatory Compliance and Documentation

The company has filed comprehensive intimations under Regulation 30 of SEBI (LODR) Regulations, 2015 with both stock exchanges. The filings include detailed disclosures for director appointments and resignations, ensuring full regulatory compliance during the ownership transition.

New Director Appointments

The board approved three strategic appointments, all effective from December 23, 2025, subject to shareholder approval through postal ballot:

Mahesh Kumar Agarwal brings over 40 years of experience in the Mining and Steel Industry. As a science graduate, he has demonstrated extensive management expertise and visionary leadership. Kaustubh Agarwal, a mining engineer with over 5 years of experience, represents the new generation of leadership and is the son of Mahesh Kumar Agarwal. Hiren S. Mahadevia joins as an Independent Director, bringing substantial expertise as a Company Secretary and ICSI member since 1986, with over 35 years of finance and legal management experience.

Formal Resignation Process

Rajendrakumar Shah (DIN: 00020904) formally submitted his resignation from the position of Chairman, Non-Executive, Non-Independent Director through a detailed resignation letter. The resignation was specifically attributed to the Open Offer acquisition by Sree Metaliks Limited.

In his resignation letter, Shah confirmed there were no other material reasons for his departure beyond the acquisition. He expressed gratitude for his tenure and wished the company success. Additionally, Mrinal Sinha (DIN: 09482143) resigned as Whole Time Director due to personal and unavoidable circumstances.

Governance Authorization

The board has authorized Kaustubh Agarwal, designated as Whole Time Director, to determine the materiality of events and make disclosures to stock exchanges. The Key Managerial Personnel now include Kaustubh Agarwal as Whole Time Director and Radhika P. Soni as Company Secretary and Compliance Officer, who signed the regulatory filings.

These comprehensive board changes are pursuant to the Share Purchase Agreement dated September 04, 2025, with the Open Offer completing on December 11, 2025, marking SAL Steel's transition under Sree Metaliks Limited's ownership.