Outcome of Board meeting as per annexed details.
Awaiting price reaction for this filing.
The Board addressed two matters at its meeting on 9 March 2026. First, it reviewed the written reply submitted by Ms. Darshan, a Non-executive Non-Independent Director, in response to a shareholders' notice seeking her removal under Section 169 of the Companies Act. The Board noted her reply did not request circulation to shareholders, contained irrelevant and defamatory statements, and decided not to circulate it. Second, the Board discussed the impact of the ongoing Iran-Israel-USA geopolitical conflict on the global steel industry, particularly TMT bars. It commissioned a market research agency to study supply chain risks, energy price volatility, green steel opportunities, and expansion into India, ASEAN, and MENA markets.
Shareholders may face a contentious vote on removing Director Ms. Darshan at the upcoming general meeting, creating short-term governance uncertainty. The strategic research initiative signals management's forward-looking approach but no immediate financial impact is expected.