Board approves new auditor, director re-appointment, higher borrowing limits

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MAHASTEEL · price

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AI summary

Mahamaya Steel's board on Aug 31, 2026 approved: appointing M/s. Chopra A J & Associates as new statutory auditors for 5 years (replacing K PR K & Associates who finished their tenure); re-appointing Ms. Vanitha Rangaiah as independent director for a second 5-year term; increasing borrowing limits to Rs. 900 crore and loan/investment limits to Rs. 900 crore; and material related party transactions. The 38th AGM is scheduled for Sept 25, 2026 via video conferencing. All key items need shareholder approval.

Likely market impact

Routine auditor rotation and director re-appointment. Higher borrowing and loan limits signal expansion plans, pending shareholder approval at AGM.