Magnus Steel and Infra Ltd Announces Key Director Resignations and Designation Change
Magnus Steel and Infra Limited, formerly known as Magnus Retail Ltd, reported several significant changes in its board composition following a meeting held on July 8, 2026. The company confirmed the resignations of three directors and approved the elevation of one director's designation.As part of the updates, Mr. Chinmay Pradhan tendered his resignation as Managing Director. Mr. Prakash Salve stepped down from his role as Additional Executive Director, and Mrs. Aarti Singh resigned from her position as a Non-Executive Independent Director. All resignations were effective immediately following the close of business hours on July 8, 2026, citing increased professional and personal commitments.
The Board meeting also reviewed and approved the designation change of Mr. Karronn Bajaj, promoting him from Director to Managing Director, with this change being effective from July 8, 2026, subject to approval by the company's members.
Re-constitution of Board Committees
In light of these changes, the Board of Directors reconstituted several key committees to ensure continued compliance and oversight. The compositions of the boards were immediately updated as follows:| Committee Name | Chairperson | Members |
|---|---|---|
| Audit Committee | Ms. Kunal Sorathia (Independent Director) | Mr. Krutika Shah (Independent Director), Mr. Karron Bajaj (Managing Director) |
| Nomination and Remuneration Committee | Ms. Priya Gupta (Independent Director) | Ms. Krutika Shah (Independent Director), Mr. Naresh Bajaj (Non-Executive Director) |
| Stakeholders Relationship Committee | Ms. Naresh Bajaj (Non-Executive Director) | Ms. Priya Gupta (Independent Director), Ms. Aditya Bajaj (Executive Director) |
Details of Key Personnel Changes
The company provided detailed information regarding the directors involved in the changes:Designation Change: Mr. Karronn Bajaj
Mr. Karronn Bajaj was appointed as Managing Director following the recommendation of the Nomination and Remuneration Committee. He holds 7,54,733 shares and has experience exceeding nine years in Steel Trading and Manufacturing. He is the brother of Ms. Aditya Bajaj and son of Mr. Naresh Bajaj.
Resignations Confirmed:
The company also confirmed the resignations of the following directors:
| Director Name | Designation | Reason for Resignation | Date of Cessation |
|---|---|---|---|
| Chinmay Pradhan | Managing Director | Preoccupation and personal commitments | July 8, 2026 |
| Prakash Salve | Additional Executive Director | Personal commitments | July 8, 2026 |
| Aarti Singh | Non-Executive Independent Director | Personal commitments | July 8, 2026 |
The company confirmed that the composition of the Board and its Committees remains in compliance with applicable laws following these changes.
Stock Price Movement
Magnus Steel and Infra Ltd settled at ₹74.85 today, registering a notable rise of +4.99%. The shares saw significant movement throughout the day, trading within an intraday range established by a low of ₹67.73 and a high of ₹74.85.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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