Lloyds Engineering Works Limited, formerly known as Lloyds Steels Industries Limited, has officially announced the appointment of two new Independent Directors following the approval at its 31st Annual General Meeting (AGM) held on 21st August 2025. This decision aligns with the company’s commitment to strengthening its corporate governance framework, enhancing board diversity, and ensuring compliance with the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.

The disclosure was made on 22nd August 2025 to both BSE Limited and the National Stock Exchange of India Limited (NSE) under Regulation 30 of SEBI LODR Regulations, which mandates timely updates on significant board-level changes and appointments. The appointments of Mrs. Alka Upadhyay (DIN: 11165427) and Mr. Ashok Tandon (DIN: 00028301) as Independent Directors will be effective for a period not exceeding five consecutive years, until 30th September 2029.

Appointment of Mrs. Alka Upadhyay

The appointment of Mrs. Alka Upadhyay, aged 54, brings strong expertise in sustainability, ESG (Environmental, Social and Governance) strategies, low-carbon transformation, and industrial leadership. With nearly three decades of diverse experience, Alka has worked extensively in business development, operational excellence, and energy transition strategies.

Her most recent role was as a Partner at Ernst & Young (EY) India, where she led the Climate Change and Sustainability Services (CCaSS) practice, advising major corporations across the metals, mining, chemicals, and life sciences sectors. Her contributions at EY were instrumental in guiding companies to accelerate decarbonization initiatives, embed ESG strategies, and build water stewardship programs, helping organizations transition toward becoming global sustainability leaders.

Prior to EY, Alka had an illustrious career spanning 24 years at the Tata Group, where she spearheaded the group-wide ESG transformation agenda. She played a crucial role in crafting low-carbon strategies for over 25 Tata companies across industries like steel, chemicals, ICT, consumer products, power, and financial services. Her work helped position the Tata Group as one of Asia’s earliest conglomerates with a low-carbon roadmap.

Earlier in her career, she held key roles at Tata Steel, focusing on operations, product technology, and process development. Her outstanding contributions earned her the prestigious Young Metallurgist Award from the Ministry of Steel, Government of India. Alka is also an alumna of the Harvard Business School Senior Executive Leadership Program and holds a degree in Metallurgical Engineering from BIT Sindri.

Her inclusion on the Lloyds Engineering Works Limited board underscores the company’s growing emphasis on sustainability, energy efficiency, and ESG compliance, areas that are becoming crucial for long-term competitiveness in the engineering and manufacturing sector.

Appointment of Mr. Ashok Tandon

The company also confirmed the appointment of Mr. Ashok Tandon, aged 66, a highly respected engineering professional with more than 40 years of experience in sectors such as engineering, steel, oil & refinery, and capital equipment/EPC industries.

Mr. Tandon holds a Bachelor’s degree in Mechanical Engineering from SGS Institute of Technology & Science, Indore, and has worked in senior leadership roles across reputed organizations including Hindustan Petroleum Corporation Ltd. (HPCL), Ispat Industries Limited, M.N. Dastur & Company Ltd., and the Welspun Group.

At HPCL’s Visakhapatnam refinery, Mr. Tandon contributed significantly to major projects, improving operational efficiency and project execution standards. His corporate journey includes over 27 years of leadership as a Profit Centre Head across strategic business units, where he specialized in strategic planning, business leadership, and execution of advanced industrial projects.

His diverse industry exposure has equipped him with expertise in capital equipment manufacturing, EPC project management, and large-scale industrial operations, making his appointment particularly valuable for Lloyds Engineering’s expansion and operational excellence goals.

Corporate Governance and SEBI Compliance

Both appointments have been vetted through the Nomination and Remuneration Committee (NRC) and subsequently approved by the Board of Directors on 1st July 2025, before being placed for shareholder approval at the 31st AGM. The company has confirmed that neither Mrs. Alka Upadhyay nor Mr. Ashok Tandon are related to any existing directors of the company. Additionally, both are not debarred by SEBI or any regulatory authority from holding the office of director, ensuring full compliance with SEBI’s 2018 circular on appointment of directors.

The appointment of independent directors plays a crucial role in enhancing transparency, investor confidence, and strategic oversight. By adding experts from sustainability leadership and industrial engineering, Lloyds Engineering Works Limited aims to strengthen its board composition, balance decision-making, and align with global standards of governance.

Significance for Investors and Market Impact

For shareholders and investors, these appointments highlight the company’s forward-looking approach toward sustainability, industrial growth, and governance excellence. The engineering and manufacturing sector in India is witnessing increasing regulatory expectations on decarbonization, ESG disclosures, and compliance with SEBI regulations.

By appointing Alka Upadhyay, the company gains access to global ESG strategy expertise, which is critical as industries transition toward low-carbon operations. Similarly, Ashok Tandon’s engineering and project management expertise adds operational strength, especially in large-scale infrastructure and refinery-related projects.

Market analysts are likely to view this development positively as it signals long-term vision, regulatory compliance, and strong governance practices. While the immediate financial impact may not be significant, the strengthening of board oversight is a crucial element for sustainable value creation.

Conclusion

The appointments of Alka Upadhyay and Ashok Tandon as Independent Directors reflect Lloyds Engineering Works Limited’s dedication to building a robust governance framework and maintaining alignment with SEBI’s corporate governance norms. By bringing in leaders with decades of expertise in sustainability and engineering, the company is reinforcing its position in the Indian engineering sector and setting the stage for long-term strategic growth.

As industries move towards a low-carbon economy, these appointments are expected to provide Lloyds Engineering with a competitive edge in ESG compliance, operational leadership, and sustainable business transformation.

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