This is in reference to our submission dated 9th May, 2025 vide letter no. SMEL/SE/2025-26/8 regarding resignation of Mr. Mahabir Prasad Agarwal, Chairman and Non-Executive Director of ....
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On the reaction day the stock moved 0.3 pts less than Nifty Smallcap 250 and 0.6 pts less than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Mr. Mahabir Prasad Agarwal, founder and Chairman, resigned as Non-Executive Director effective close of business on May 9, 2025, citing personal considerations and his age. Mr. Brij Bhushan Agarwal, who was serving as Vice Chairman, has been appointed as the new Chairman and Managing Director with effect from May 10, 2025. The outgoing Chairman will continue in an advisory role as Chairman Emeritus to ensure leadership continuity. This filing is a follow-up to the original May 9 submission, submitted now to provide the resignation letter that was inadvertently omitted earlier. The change is described as a strategic step towards generational leadership within the company.
The transition appears orderly and well-planned with the founder staying on as Chairman Emeritus, which should reassure shareholders about continuity and strategic direction. However, the elevation of another member of the Agarwal promoter family to Chairman and Managing Director further consolidates promoter control at the board level.