ELElectrotherm (India)526608Leadership appointment or

Board approves variation of powers of Managing Director Shailesh Bhandari as Executive Vice Chairman

Board approved variation of powers of Mr. Shailesh Bhandari (DIN: 00058866), Managing Director, designated Executive Vice Chairman with effect from 04 Nov 2026, for his term up to 31 January 2031.

By ScoutQuest · Wed 4 Nov 2026, 6:33 PM IST · 3 min read

Effective Date

04 Nov 2026

Term End

31 January 2031

DIN

00058866

What the board approved

The Board of Directors of Electrotherm (India) Ltd met on 04 November 2026 and approved, among other items, a variation of powers of Mr. Shailesh Bhandari (DIN: 00058866), Managing Director, designated as Executive Vice Chairman with effect from 04 November 2026.

• The designation applies during his current term, that is, up to 31 January 2031.
• The variation is subject to approval of the shareholders of the Company.
• The Board approved a Postal Ballot Notice seeking members' approval by way of a Special Resolution for the variation of powers, and appointed Mr. Arvind Gaudana, Senior Partner, or failing him Mr. Bhavya Gaudana, Partner, of Gaudana & Gaudana, Practising Company Secretaries, along with the authorised Executive Directors and the Company Secretary, to send the Postal Ballot Notice to members.

In simple terms, the Managing Director's role is being recast as Executive Vice Chairman; for shareholders, the change is put to a vote through the postal ballot before it is approved by members.

Financial results approved

The Board also approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026.

• Standalone revenue from operations: Rs. 912.43 crore for the quarter ended 30 September 2026.
• Standalone net loss after tax: Rs. 20.06 crore for the quarter and Rs. 13.20 crore for the half year.
• Consolidated net loss after tax: Rs. 19.97 crore for the quarter.
• Segment-wise, the Special Steel Division remained the largest revenue contributor for the quarter, followed by the Engineering & Technologies Division and the Electric Vehicle Division.

Other disclosures in the notes

• Loan repayment: the Company defaulted in payment of loan installments amounting to Rs. 56.00 crore from the quarter ended 30 September 2025 onwards till 30 September 2026, along with related interest, to Invent Assets Securitisation and Reconstruction Private Limited (Invent ARC). The Company is in discussion with Invent ARC for rescheduling the defaulted principal and interest.
• Old bank loan: Indian Overseas Bank had classified the loan account as a Non-Performing Asset in August 2011. The Debt Recovery Tribunal, Ahmedabad, has passed a judgment for recovery with future interest, and no interest has been provided on this loan for the quarter, amounting to Rs. 41.70 crore. The total liability towards RARE ARC and related interest as on 30 September 2026 is stated at Rs. 1148.28 crore.
• Auditor's conclusion: the statutory auditor has expressed a qualified conclusion in its limited review report in respect of the non-provision of interest on that loan account.
• Enforcement Directorate: a Provisional Attachment Order dated 25 September 2026 under the Prevention of Money Laundering Act, 2002, has provisionally attached and frozen an amount of Rs. 25.08 crore lying in two bank accounts of the Company, along with the equity shares of the Company held by Mr. Shailesh Bhandari and Mr. Mukesh Bhandari. The matter is pending before the Hon'ble Gujarat High Court.
• Preference shares: pursuant to an NCLT, Ahmedabad Bench order dated 21 July 2026, the Company has allotted 6% Non-Cumulative Redeemable Preference Shares of Rs. 10 each to five preference shareholders in lieu of unredeemed preference shares, on the same terms and conditions as the original issue.

What a retail investor can watch

The postal ballot outcome on the variation of powers decides whether the new designation takes effect for members. Separately, the results show a quarterly and half-yearly loss on a standalone basis, and the notes carry loan-default and attachment-related disclosures that are part of the Company's ongoing record with lenders and authorities.

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