Resignation of Independent Directors.
SCANSTL · price
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On August 8, 2025, the Board of Scan Steels Ltd accepted the resignations of all three of its Independent Directors — Mr. Gagan Jalan (DIN: 09523622), Mr. Punit Kedia (DIN: 07501851), and Mrs. Konika Poddar (DIN: 10435224). All three cessation letters were dated August 1, 2025, and became effective at the close of business hours on August 8, 2025. Each director cited personal reasons and professional/personal commitments, with no material reasons disclosed beyond those stated. The Board recorded its appreciation for their contributions during their tenure. The company has not announced any replacement appointments in this filing.
Losing all three Independent Directors at once raises governance concerns, as listed companies must maintain at least one-third independent directors on the board. The company will need to appoint new independent directors within the SEBI-prescribed timeline (generally within 3 months) to stay compliant. Shareholders should watch for replacement appointments, as prolonged vacancies could invite regulatory scrutiny and weaken board oversight.