ALAdishakti Loha and Ispat543377Board key decisions

Board outcome: three independent directors resign, two MOUs approved, registered office to shift

Afloat Enterprises (formerly Adishakti Loha and Ispat) shared the outcome of its board meeting held on October 22, 2026, with five items.

By ScoutQuest · Thu 22 Oct 2026, 6:20 PM IST · 3 min read

Independent director resignations

Three non-executive independent directors — Ms. Swati Jain, Mr. Kanwar Nitin Singh and Mr. Lovish Kataria — resigned with effect from…

Stake contemplated in DMNPL

acquisition of up to 100% stake in it through a share swap and/or equity issuance

Board meeting held

October 22, 2026

Five items came out of the board meeting held on Thursday, October 22, 2026, which ran from 04:00 p.m. to 4:30 p.m.

Three independent directors resigned

• Ms. Swati Jain
• Mr. Kanwar Nitin Singh
• Mr. Lovish Kataria

All three were non-executive independent directors, and their resignation took effect from October 21, 2026 — the day before the meeting that took note of it.

Committees reconstituted

In view of the resignations, the board approved a new committee structure with immediate effect.

• Audit Committee: Mr. Mohit Lochan (Chairman), Mr. Indrajeet Pradhan, Ms. Ritika Bachhawat
• Nomination & Remuneration Committee: Mr. Indrajeet Pradhan (Chairman), Mr. Mohit Lochan, Ms. Ritika Bachhawat
• Stakeholder Relationship Committee: Mr. Mohit Lochan (Chairman), Mr. Indrajeet Pradhan, Ms. Ritika Bachhawat

MOU with Dream Media Network

The board approved signing an MOU with Dream Media Network Private Limited to explore a potential strategic association; the stated purpose is to synergise DMNPL's business operations and digital reach with the company's corporate and investment expertise.

• The MOU contemplates the acquisition of up to 100% of the fully diluted equity share capital of DMNPL.
• Consideration is to be discharged by issuing and allotting equity shares of the company to DMNPL shareholders (or their nominees) at a share swap ratio derived from an independent valuer's report.
• Valuation is to be done by an independent registered valuer under the Companies Act, 2013, the Income-tax Rules (Rule 11UA / 11UAA) and SEBI regulations where applicable; a fair opinion from a SEBI-registered merchant banker is to be taken wherever required.
• The MOU provides for director nomination rights in proportion to shareholding, and affirmative/protective rights equivalent to 100% control over reserved matters even where the shareholding is below majority.
• Reserved matters listed include alteration of capital structure, related party transactions, change in business line, borrowings beyond agreed limits, merger/acquisition/divestment, and appointment or removal of key managerial personnel.
• The 100% stake is to be linked to financial performance benchmarks, operational growth metrics and regulatory and statutory compliance track record, with detailed milestones to be documented in definitive agreements.
• Next steps stated in the MOU: negotiate and execute a Share Swap / Share Subscription Agreement, a Shareholders' Agreement and any ancillary agreements.

MOU with Alvora Jewels and Gems

• A framework for commercial transactions between the parties covering gold, bullion, precious metals and other metal products, including jewellery, metal bars, coins and related products.
• The nature, quantity, purity, grade, specifications and value of goods are to be agreed for each transaction; neither party is obliged to any minimum quantity or value unless agreed in writing.
• Price is to be fixed by mutual agreement, taking into account applicable market price, purity, quantity, making charges, premiums and discounts.
• Each transaction is to be documented through purchase orders, sales orders, tax invoices, delivery challans, acknowledgements or separate transaction-specific agreements.

Registered office shift

The registered office moves from Plot 3, Shop 325, DDA C. CNTR, Aggarwal Plaza, Sec-14, Rohini, New Delhi, Delhi, India, 110085 to D-4, Basement, Jangpura Extension, South Delhi, New Delhi, India, 110014, within the local limits of ROC Delhi I, with immediate effect.

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