Tulsyan NEC Limited , a prominent player in the Indian steel industry, held its 78th Annual General Meeting (AGM) on September 17, 2025, where shareholders approved several significant appointments and reappointments. The meeting, conducted through video conferencing, marked important decisions for the company's leadership and auditing processes.

Director Reappointments

Shareholders at the AGM approved the reappointment of Mr. Sanjay Agarwalla as a Director liable to retire by rotation. Mr. Agarwalla, who serves as a Whole-time Director, plays a crucial role in the company's operations. He leads the financial department for the entire group and is responsible for key areas such as pricing, purchase approvals, production planning, and government liaison. Additionally, Mr. Agarwalla manages the customer care division, ensuring customer satisfaction with the support of a team of professionals.

In another significant move, Mr. Somasundaram Ponsing Mohan Ram was reappointed as an Independent Director for a second five-year term, effective from September 19, 2025, to September 18, 2030. Mr. Mohan Ram brings valuable expertise to the board, having previously served as the Director of Industrial Safety & Health (OSD) in the Labour Department, Government of Tamil Nadu. His experience in implementing labour laws, industrial safety enforcement, accident investigation, and safety training across various industries is expected to contribute significantly to Tulsyan NEC's governance and operational safety.

Appointment of Secretarial Auditors

The shareholders also approved the appointment of M/s. M Damodaran & Associates LLP as the company's Secretarial Auditors for a five-year term, spanning from the Financial Year 2025-26 to 2029-30. The Chennai-based auditing firm brings over two decades of experience in secretarial practice, serving more than 850 clients, including 20 listed companies. Their appointment comes with an annual fee of Rs. 67,000.00 plus applicable taxes and expenses.

M/s. M Damodaran & Associates LLP's extensive experience in various aspects of corporate governance, including secretarial audits, legal advisory, private equity financing, and business valuations, is expected to enhance Tulsyan NEC's compliance and corporate governance practices.

Conclusion

The decisions made at Tulsyan NEC Limited's 78th AGM reflect the company's commitment to maintaining strong leadership and ensuring robust corporate governance. The reappointment of experienced directors and the engagement of a reputable secretarial auditing firm demonstrate the company's focus on sustainable growth and regulatory compliance in the competitive steel industry.

As Tulsyan NEC moves forward with these appointments, stakeholders will be keenly watching how these decisions influence the company's performance and governance in the coming years.

Tulsyan NEC Limited , a company listed on the Bombay Stock Exchange (BSE), has received approval from BSE to forfeit 205,259 partly paid-up equity shares. This decision comes as a result of shareholders failing to pay the balance allotment or call money on these shares.

Forfeiture Details

The forfeited shares consist of:

• 94,815 shares at Rs. 6.00 per share
• 110,444 shares at Rs. 3.00 per share

This action follows a Last and Final Reminder-Cum-Forfeiture Notice issued by the company on February 27, 2023. The BSE provided the forfeiture approval through a letter dated July 28, 2025, and has subsequently informed trading members about this development.

Background and Process

The forfeiture process was initiated after the company issued a Last and Final Reminder-Cum-Forfeiture Notice to shareholders who had failed to pay the balance allotment or call money on their partly paid-up shares. Despite this notice, the required payments were not made, leading to the company's decision to forfeit these shares.

Regulatory Compliance

In compliance with Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015, Tulsyan NEC Limited has duly informed the stock exchange about this development. The company's board of directors had previously discussed this matter in a meeting held on March 27, 2025.

Impact on Share Structure

The forfeiture of these shares will result in a reduction of the company's partly paid-up equity share capital. The distinctive numbers of the forfeited shares have been provided to the BSE, ensuring transparency in the process.

Investor Implications

Shareholders who held these forfeited shares will lose their ownership rights to these securities. This serves as a reminder to investors about the importance of meeting payment obligations for partly paid-up shares to avoid potential forfeiture.

This corporate action underscores the significance of timely compliance with share payment requirements and highlights the consequences of non-payment for partly paid-up equity shareholders.