Change in Directors of the Company w.e.f October 28, 2025
Awaiting price reaction for this filing.
Following an NCLT-approved Resolution Plan (order dated October 9, 2025), a Monitoring Committee has reshaped the board effective October 28, 2025. Three new Non-Executive Non-Independent Directors — Mr. Madan Mohan, Mr. Rakesh Garg, and Mr. Pranav Singla — have been appointed; Mr. Madan Mohan and Mr. Pranav Singla are related as uncle and nephew. Five personnel have ceased, including Managing Director Mr. Rajeev Gupta, two Non-Executive Directors (Mrs. Mamta Gupta and Mr. Mukesh Kumar Tyagi), Independent Director Mr. Ritesh Kumar, and Company Secretary Ms. Priya Rastogi. The new directors bring 35+ years of experience in steel, trade, and finance, aligning with the company's core industry background. The Monitoring Committee also reviewed the Resolution Plan implementation and deferred renewal of a job-work MOU with JTL Industries Limited.
Shareholders should note that the entire board has been reconstituted as part of a court-driven insolvency resolution process, meaning prior management has stepped aside. The incoming directors have deep steel-industry experience, and a family link (uncle-nephew) on the new board is worth flagging for governance purposes.