Nova Iron and Steel Limited’s Board of Directors has approved requests from several entities within the promoter group to reclassify their status to the ‘Public’ category. This decision, made on November 14, 2026, aligns with SEBI regulations and does not require shareholder approval as the entities hold negligible equity and voting rights. The board also noted the delay in submitting un-audited financial results for the quarter ended September 30, 2026, due to auditor holidays.
Board Approves Promoter Reclassification
The Board of Directors of Nova Iron and Steel Limited, in its meeting held on November 14, 2026, has approved requests for the reclassification of several entities from the ‘Promoter Group’ category to the ‘Public’ category. This decision is in compliance with Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The entities seeking reclassification include Shivalikview Steel Trading Private Limited, Aarti Iron & Power Private Limited, Rockland Steel Trading Private Limited, Reward Capital Services Private Limited, and Nilanchal Investments Private Limited. The Board noted that these entities collectively hold 0% of the company’s paid-up equity share capital and do not exercise more than 1% of the total voting rights, thus making shareholder approval unnecessary as per the regulations.
Other Board Decisions
During the meeting, the Board also took note of and approved the Familiarization Programme for Independent Directors, the Policy on Related Party Transactions, and the Policy on Determination of Materiality of Events and Information. These policies are in line with the SEBI Listing Regulations.
Financial Results Delay
Additionally, the Board was informed about a delay in the submission of the Un-Audited Financial Results for the quarter ended September 30, 2026. The delay is attributed to the unavailability of most of the auditor’s staff during recent festival holidays. The company is actively working to expedite the finalization of the results and the accompanying Limited Review Report.
Source: BSE
