Outcome of the Meeting of the Board of Directors of SRU Steels Limited
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The Board of SRU Steels approved unaudited financial results for Q2 and H1 FY26 ending September 30, 2025. For the half year, total revenue grew sharply to around Rs 524 lacs versus Rs 239 lacs in H1 FY25, though the quarter-on-quarter trend was weaker. The Board accepted the resignation of Mr. Vijay Sureshbhai Makvana as Managing Director and CFO, and Mr. Dharmik Atulbhai Rojasara as Independent Director, citing pre-occupation. Mr. Akhil Arora has been appointed as the new Executive Managing Director and CFO, subject to shareholder approval via postal ballot. The Audit, Nomination & Remuneration, and Stakeholders Relationship Committees have been reconstituted with newly appointed independent directors.
Significant management churn at the top — both the MD/CFO and an independent director exited on the same day, which may raise short-term governance concerns for shareholders, though the new appointments bring continuity. The auditor flagged an Emphasis of Matter around unrecorded interest on unsecured loans/advances and unreconciled balances, which investors should watch. Shareholder approval through postal ballot is the next key trigger.