Change in Management

To, Date: July 9, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jee Jee Bhoy Towers Exchange Plaza Dalal Street, Fort Bandra-Kurla Complex, Bandra(E) Mumbai 400001 Mumbai 400051 Scrip Code: 513343 Symbol: GFSTEELS Sub: Outcome of the Meeting of the Board of Directors held on July 9, 2026 and Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/Madam, Pursuant to Regulation 30 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), we wish to inform you that the Board of Directors of Grand Foundry Limited ("Company"), at its meeting held today, i.e. Thursday, July 9, 2026, has, inter alia, considered and approved the following matters: The following approvals have been granted consequent to the acquisition of control and management of the Company by SAR Televenture Limited pursuant to the successful completion of the Open Offer under the provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Accordingly, the Board has approved the reconstitution of the Board of Directors and Key Managerial Personnel of the Company with effect from July 9, 2026, subject to applicable statutory and shareholders' approvals, wherever required. 1. Appointment of Managing Director Based on the recommendation of the Nomination and Remuneration Committee, the Board has approved the appointment of Mr. Deepak Chaudhary (DIN: 08215601) as an Additional Director under the category of Executive Director and Managing Director of the Company for a period of five (5) consecutive years with effect from July 9, 2026, subject to the approval of the shareholders of the Company and such other approvals as may be required. The details required under Regulation 30 of the SEBI Listing Regulations are enclosed as Annexure-I 2. Appointment of Whole-time Director Based on the recommendation of the Nomination and Remuneration Committee, the Board has approved the appointment of Mr. Vikas Tandon (DIN: 08001501) as an Additional Director under the category of Executive Director, designated as Whole-time Director of the Company, for a period of five (5) consecutive years with effect from July 9, 2026, subject to the approval of the shareholders of the Company and such other approvals as may be required. Mr. Vikas Tandon is presently serving as the Whole-time Director and Chief Financial Officer of SAR Televenture Limited, the holding company of the Company. The Board noted that the Board of Directors of SAR Televenture Limited, vide its resolution dated July 9, 2026, has conveyed its no-objection to the appointment of Mr. Vikas Tandon as the Whole-time Director of Grand Foundry Limited. 17, 1st Floor, A Wing, B No. 19, BKC Bandra Pinnacle Corporate Park, MUMBAI- 400098 | CIN No.: L61900MH1974PLC017655 + 9 1- 9315615506| cs@gfsteel.co.in | www.gfsteel.co.in The details required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are enclosed as Annexure-I. 3. Appointment of Non-Executive Non-Independent Director Based on the recommendation of the Nomination and Remuneration Committee, the Board has approved the appointment of Mr. Paramjit Singh (DIN-05348473) as an Additional Director under the category of Non- Executive Non-Independent Director of the Company with effect from July 9, 2026, subject to approval of the shareholders. The details required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are enclosed as Annexure-I. 4. Appointment of Independent Director Based on the recommendation of the Nomination and Remuneration Committee, the Board approved the appointment of Mr. Arun Goel (DIN: 11792383) as an Additional Director under the category of Non-Executive Independent Director for a term of five consecutive years commencing from July 9, 2026, subject to approval of the shareholders. The Board has taken on record the declaration of independence submitted by Mr. Goel pursuant to Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the SEBI Listing Regulations. Mr. Arun Goel has also confirmed that: • he satisfies the criteria of independence prescribed under the Companies Act, 2013 and SEBI Listing Regulations; • he is not debarred from holding the office of Director by virtue of any order passed by SEBI or any other statutory authority; and • he is registered with the Independent Directors' Databank maintained by the Indian Institute of Corporate Affairs, wherever applicable. The details required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are enclosed as Annexure-I. 5. Appointment of Chief Financial Officer Upon the recommendation of the Nomination and Remuneration Committee and Audit Committee, the Board approved the appointment of Mr. Kamal Garg as the Chief Financial Officer of the Company with effect from July 9, 2026. Mr. Kamal Garg shall also be designated as a Key Managerial Personnel pursuant to Section 203 of the Companies Act, 2013. The details required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are enclosed as Annexure-I. 17, 1st Floor, A Wing, B No. 19, BKC Bandra Pinnacle Corporate Park, MUMBAI- 400098 | CIN No.: L61900MH1974PLC017655 + 9 1- 9315615506| cs@gfsteel.co.in | www.gfsteel.co.in 6. Resignation of Independent Director The Board noted the resignation of Ms. Aishwarya Singhvi (DIN: 10241207) from the office of Non-Executive Independent Director of the Company with effect from the close of business hours on July 9, 2026. The resignation has been tendered consequent to the acquisition of control of Grand Foundry Limited by SAR Televenture Limited pursuant to the successful completion of the Open Offer made in accordance with the provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Ms. Aishwarya Singhvi is presently serving as an Independent Director of SAR Televenture Limited, the holding company of the Company. In view of the change in control and to ensure continued compliance with the provisions of the Companies Act, 2013, the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and other applicable laws and regulations governing the independence of directors, she has tendered her resignation as an Independent Director of the Company. The Company has received confirmation from Ms. Aishwarya Singhvi that there are no material reasons for her resignation other than those stated in her resignation letter. The details required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with the applicable SEBI Circular(s), are enclosed as Annexure-II. The resignation letter of Ms. Aishwarya Singhvi is also enclosed herewith. 7. Resignation of Managing Director The Board noted the resignation of Mr. Gaurav Goyal (DIN: 00370681) from the office of Managing Director of the Company with effect from the close of business hours on July 9, 2026. The resignation has been tendered consequent to the acquisition of control of Grand Foundry Limited by SAR Televenture Limited pursuant to the successful completion of the Open Offer made in accordance with the provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The Company has received confirmation from Mr. Gaurav Goyal that there are no material reasons for his resignation other than those stated in the resignation letter. The details required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with the applicable SEBI Circular(s), are enclosed as Annexure-II. The resignation letter of Mr. Gaurav Goyal is also enclosed herewith. 8. Resignation of Whole Time Director The Board noted the resignation of Mr. Ra [Showing first 8,000 characters — download PDF for full document]