Mahamaya Steel Board Approves Auditor, Director Re-appointment & Rs 900 Cr Borrowing Limit
Mahamaya Steel's Board approved appointing Chopra A J & Associates as Statutory Auditors for 5 years and re-appointed Ms. Vanitha Rangaiah as Independent Director until June 27, 2031. Borrowing limits increased to ₹900 Crores. The 38th AGM is on September 25, 2026.
The increase in borrowing limits up to ₹900 Crores and approval for RPTs for loans from promoters for a solar project could have a medium-term impact on the company's financial structure and strategic investments. Re-appointment of directors and auditors ensures operational continuity.
The announcement details routine corporate actions like auditor and director appointments/re-appointments, and increases in borrowing limits, which are standard procedures and do not inherently indicate a positive or negative shift in the company's immediate performance or outlook.
Mahamaya Steel Industries Limited's Board of Directors, in a meeting held on August 31, 2026, from 11:00 AM to 11:45 AM, approved several key decisions. The Board recommended the appointment of M/s. Chopra A J & Associates as Statutory Auditors for a term of 5 years, succeeding M/s. K PR K & Associates.
Furthermore, Ms. Vanitha Rangaiah was recommended for re-appointment as an Independent Director for her second term, spanning from June 28, 2026, to June 27, 2031. The Board also approved an increase in borrowing limits under Section 180(1)(c) up to ₹900 Crores and for creation of Mortgage/Charge under Section 180(1)(a), subject to shareholder approval.
Additionally, limits for Loans/Guarantee/Investment under Section 186 were approved up to ₹900 Crores, and for Loan/Guarantee/Security under Section 185 up to ₹300 Crores to group entities, also subject to shareholder approval. Approval was also granted for material related party transactions (RPTs) including sale/purchase of goods & services and acceptance of loans from Promoters for a Solar Project, pending shareholder consent.
The Board also approved the Notice of the 38th Annual General Meeting (AGM), the Directors' Report, Management Discussion and Analysis-Report, and other related documents for the Financial Year 2025-26. The 38th AGM is scheduled for Friday, September 25, 2026, to be held through Video Conferencing (VC)/Other Audio Visual Means (VC/OAVM). The remote e-voting period will be from September 22, 2026, to September 24, 2026, with September 18, 2026, as the cut-off date. The Register of Members and Share Transfer Books will be closed from September 19, 2026, to September 25, 2026, for the AGM.
A plain-language summary of a public exchange filing by Mahamaya Steel Industries Limited. Read the original for the full detail.