Annual Secretarial Compliance Report for the Financial Year ended March 31, 2026, issued by Kamlesh M Shah & Co, Practicing Company Secretary
SALSTEEL · price
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S.A.L. Steel Ltd has filed its Annual Secretarial Compliance Report for the financial year ended March 31, 2026, issued by Practicing Company Secretary Kamlesh M Shah. The report confirms compliance with most SEBI regulations including Secretarial Standards, LODR, PIT Regulations, and Related Party Transactions. However, the company received advisory letters from both NSE and BSE regarding non-compliance with SEBI (ICDR) Regulations concerning the lock-in period of shares. Key corporate actions during the year include a preferential allotment of 1,92,50,000 equity shares and 3,57,50,000 convertible warrants in October 2025, with further warrant conversions in December 2025 and February 2026 — some pending trading approval. A change of management also occurred, with Shah Alloys Ltd and SAL Care Private Limited selling their stake to Sree Metaliks Limited, triggering an open offer under SEBI (SAST) Regulations.
The advisory letters from NSE/BSE on lock-in period non-compliance under ICDR Regulations could invite regulatory action. The large share allotments and pending trading approvals also indicate ongoing capital restructuring. Shareholders should monitor for any penalties or notices from SEBI.