Jindal Steel & Power Limited has informed the Exchange regarding Proceedings of Postal Ballot. Further, the company has submitted the Exchange a copy of Srutinizers report.
JINDALSTEL · price
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Jindal Steel & Power Limited has announced the results of its Postal Ballot conducted via remote e-voting, which concluded on July 18, 2025. Out of six resolutions, five were approved by shareholders. The four related party transactions (with Nalwa Steel and Power, Jindal Saw, Jindal Global Trading DMCC, and between Jindal Steel Odisha and Nalwa Special Steel) passed with 81% to 99.97% votes in favor. The special resolution to change the company's name (and alter its MOA/AOA) was approved with an overwhelming 99.99% in favor. However, the special resolution to amend the Jindal Steel & Power Employee Benefit Scheme 2022 failed, receiving only 73.67% support — falling short of the 75% threshold required for a special resolution. A total of 1,375 shareholders participated, out of 3,08,604 shareholders on the record date.
The approval of the name change means the company will be renamed with corresponding changes to its charter documents — investors should watch for the new name and any associated corporate action. The failure of the Employee Benefit Scheme amendment is a negative signal for management, as it could delay or force restructuring of employee incentive plans. Approval of the related party transactions allows ongoing inter-group dealings to continue without further shareholder hurdles.