Bihar Sponge Iron Limited names Chirag Goel CFO from Nov 13

Bihar Sponge Iron Limited appointed Chirag Goel as chief financial officer (CFO) on 13 November 2026 and has proposed senior general manager Raj Kumar Sharma, who has about 43 years of professional experience, as whole-time director from 1 December 2026, subject to a postal ballot. Aditya Kumar Modi’s resignation takes effect on the same date.

Who is BSIL’s new CFO?

BSIL appointed Chirag Goel as CFO and key managerial personnel (KMP) with effect from 13 November 2026. The board approved his appointment at its meeting held on that date, which began at 12:30 p.m. and concluded at 2:40 p.m. The appointment followed the resignation of former CFO Sachin, effective 1 November 2026, which BSIL said it had disclosed to BSE on 29 October 2026.

Goel is a chartered accountant and a member of the Institute of Chartered Accountants of India, with membership number 472841. BSIL said he has about 2.5 years of professional work experience, began his career as deputy manager at G S Pharmbutor Private Limited, and joined BSIL as manager, accounts, on 1 January 2026. The filing states that he is not related to any BSIL director under the definition of relative in Section 2(77) of the Companies Act, 2013.

The 13 November filing identifies Goel’s CFO role as a KMP appointment but does not disclose his remuneration, tenure or responsibilities beyond that designation. It also does not state whether his former manager, accounts, responsibilities will continue after the CFO appointment. The disclosure was made alongside BSIL’s unaudited standalone results for the quarter and six months ended 30 September 2026.

When will Aditya Kumar Modi leave BSIL?

Aditya Kumar Modi will cease to be BSIL’s whole-time director, director and KMP on 1 December 2026. The board took note of his resignation on 13 November 2026, and the filing identifies him by Director Identification Number 09303804. BSIL records the reason for the change as resignation and does not give any further reason for his departure.

The departure creates a board and management change on 1 December 2026, the same date proposed for Sharma’s appointment as director and whole-time director. BSIL has not disclosed handover arrangements, separation terms or a specific successor to Modi’s duties. Sharma’s proposed appointment remains conditional on approval by shareholders through a postal ballot.

Modi’s resignation was disclosed with results showing a loss before tax of Rs 10.7361 crore for the quarter ended 30 September 2026. That compares with a profit before tax of Rs 1.7477 crore in the quarter ended 30 September 2025 and a profit before tax of Rs 2.481 crore in the quarter ended 30 June 2026. BSIL does not link Modi’s resignation to its financial performance.

Who is proposed as BSIL’s whole-time director?

BSIL has proposed Raj Kumar Sharma as director and whole-time director, classified as KMP, from 1 December 2026, subject to shareholder approval through a postal ballot. Sharma is currently BSIL’s senior general manager and holds a Master’s Degree in Social Work from Lucknow University. His appointment date matches Modi’s stated cessation date.

Sharma has about 43 years of professional experience in industrial relations, personnel management, human resource management and general administration, according to BSIL. His previous senior managerial positions included roles at Modi Threads Limited, U.P. State Textile Corporation Limited, Modi Distillery, Modi Steel and SBEC Sugar. BSIL said his experience in personnel management, industrial relations and organisational administration is expected to contribute to its management and business affairs.

BSIL also appointed Sharma as occupier of its Umesh Nagar, Chandil plant in Saraikela-Kharsawan, Jharkhand, with effect from 1 December 2026. The filing gives his Director Identification Number as 07741845 and says he is not related to any BSIL director under the Companies Act definition cited. The occupier appointment is stated as effective from 1 December regardless of the separate shareholder approval condition attached to his board appointment.

What governance changes take effect on 1 December 2026?

BSIL will reconstitute its audit committee, stakeholders’ relationship committee and share transfer committee from 1 December 2026. The filing does not disclose the members or chairpersons of the reconstituted committees. The effective date aligns with Modi’s exit, Sharma’s plant-occupier appointment and the proposed start of his whole-time directorship.

Shareholders must approve Sharma’s appointment through a postal ballot within prescribed timelines, according to BSIL’s 13 November announcement. The company did not disclose a postal-ballot record date, notice-dispatch date, voting period or result date. It said the board-meeting outcome would also be made available on its website.

The company made the disclosure under Regulations 30 and 33 of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015. Regulation 30 covers disclosures of material events, while Regulation 33 governs financial-results disclosures. At the same meeting, the board took on record unaudited standalone results for the second quarter and half year ended 30 September 2026.

How did BSIL’s latest financial results compare with earlier periods?

BSIL reported total income of Rs 1.1669 crore in the quarter ended 30 September 2026, compared with Rs 6.3926 crore in the preceding quarter and Rs 71.0081 crore a year earlier. The latest quarter’s income consisted of other income, as the statement recorded no sales or net revenue from operations. Total expenses rose to Rs 11.9029 crore from Rs 3.9116 crore in the June 2026 quarter.

For the six months ended 30 September 2026, BSIL recorded total income of Rs 7.5595 crore and a loss before tax of Rs 8.2552 crore, against total income of Rs 154.7973 crore and profit before tax of Rs 3.8648 crore in the corresponding six months of 2025. Other expenses rose to Rs 42.0387 crore from Rs 8.2762 crore across those two six-month periods. The results therefore show a shift from profit to loss as income fell and expenses increased.

The statutory auditors issued a qualified conclusion on the 30 September 2026 results. They noted that BSIL had not made a provision for a Rs 2.1528 crore penalty recovered by South East Coalfields Limited over short lifting of coal, with the amount included in long-term loans and advances pending final settlement. BSIL said its writ petition was dismissed on 27 October 2025 and that it is planning to appeal before the High Court of Chhattisgarh.

The auditors also noted that interest on the Government of Jharkhand soft loan amounted to Rs 123.6181 crore, while BSIL had provided Rs 27.4619 crore in its books up to 10 August 2013. BSIL said the soft-loan principal had been fully paid after a 9 June 2022 Jharkhand High Court direction to pay Rs 1.25 crore a month, and that it had approached the lender for an interest waiver. The filing also says BSIL approached promoters for a one-time settlement of their loans, without quantifying the amount.

Conclusion

BSIL’s 13 November 2026 filing records an immediate CFO change and a planned board-level transition. Goel took charge as CFO on 13 November, while Modi’s resignation becomes effective on 1 December and Sharma is proposed to take a whole-time director role from that date. The changes coincide with a September-quarter loss before tax of Rs 10.7361 crore and a qualified limited-review conclusion.

The next disclosed matter to watch is the postal-ballot process for Sharma’s proposed appointment and the committee reconstitution scheduled for 1 December 2026. BSIL’s planned appeal over the Rs 2.1528 crore coal penalty, its request for waiver of soft-loan interest of Rs 123.6181 crore, and any quantified promoter-loan settlement are also unresolved matters identified in the filing.