Outcome of the Meeting of the Board of Directors of SRU Steels Limited
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The Board of SRU Steels held a meeting on April 21, 2025 (3:00 PM to 4:00 PM) and approved several key changes. Mr. Vijay Sureshbhai Makvana was appointed as Executive Managing Director (subject to shareholder approval) and also as Chief Financial Officer, bringing experience in finance and management. Two directors resigned effective April 19, 2025 — Mr. Meet Harshadbhai Govani from the posts of Executive Managing Director and CFO, and Mr. Ravi Maheshkumar Sinojiya as Non-Executive Non-Independent Director, both citing pre-occupation with other matters. The Stakeholders Relationship Committee was reconstituted with Dharmik Rojasara as Chairperson and Himanshu Vyas and Kairavi Vadodariya as members. The Board also approved seeking shareholder approval through a postal ballot for transactions under Sections 185 and 186 of the Companies Act, 2013, up to a borrowing/investment cap of Rs. 200 crore.
Multiple leadership changes in a single board meeting could raise governance concerns for retail investors, but the new MD/CFO appointment brings continuity in finance and management expertise. The proposed Rs. 200 crore borrowing/loan limit will require shareholder approval via postal ballot, so investors should review the rationale when the notice is issued.