On January 3, 2025, Sai Swami Metals and Alloys Ltd. clarified a typographical error in the outcome of the board meeting that had been submitted on December 27, 2024. The initial outcome, which outlined the resignation of three Independent Directors and the appointment of new directors, was mistakenly addressed. This revision ensures that the correct documentation is now provided to the Bombay Stock Exchange (BSE).

The company's board had held a meeting on December 27, 2024, where several significant corporate decisions were made. Among these decisions were the resignations of three Non-Executive Independent Directors, namely Mr. Devang Kishor Buddhdev, Mr. Himansu Bhanubhai Chalisazar, and Mr. Nilesh Pravinkumar Kapadia. All three directors cited preoccupation as their reason for stepping down from their respective positions, and no additional material reasons were cited. Their resignations were effective immediately.

Further, the board also approved the appointment of three new Independent Directors, namely:

• Ms. Shah Kriya (DIN: 10714962), an Associate Member of the Institute of Company Secretaries of India and a graduate in Commerce from Gujarat University.
• Ms. Twinkle Bipinchandra Gajjar (DIN: 10886216), a Graduate in Business Administration from Gujarat University and pursuing Company Secretaryship.
• Ms. Patel Vaibhavi Chamanbhai (DIN: 10886214), a Graduate in Commerce from Gujarat University, also pursuing Company Secretary certification.

These appointments were made following the recommendations of the Nomination and Remuneration Committee and in compliance with SEBI Listing Regulations.

The company has confirmed that there are no material reasons other than preoccupation behind the resignations of the directors, and none of the newly appointed directors are debarred from holding office due to any SEBI orders or similar regulatory restrictions.

For shareholders and stakeholders, these updates are crucial as they maintain transparency in the company's governance. The company’s efforts to correct the typographical error and submit the revised outcome underscore its commitment to regulatory compliance and effective corporate governance.

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