BSIL appoints Goel CFO before Modi's December 1 departure

Bihar Sponge Iron Limited (BSIL) appointed Chirag Goel as chief financial officer effective November 13, 2026, before Aditya Kumar Modi’s December 1 departure as director and whole-time director. The board also proposed Raj Kumar Sharma, BSIL’s senior general manager with about 43 years of experience, for the whole-time director role subject to a postal ballot.

When do BSIL’s leadership changes take effect?

BSIL appointed Goel as chief financial officer (CFO) and key managerial personnel (KMP) with effect from November 13, 2026. The board approved the appointment at its meeting on that date, which began at 12:30 p.m. and concluded at 2:40 p.m.

The CFO appointment followed the resignation of Sachin from the KMP post effective November 1, 2026. BSIL said it had separately informed BSE about Sachin’s departure on October 29, 2026, leaving a 12-day interval before Goel’s appointment took effect.

Modi will resign as both director and whole-time director, also a KMP role, from December 1, 2026. The November 13 filing identifies the change as a resignation and does not disclose a reason, remuneration terms, or any further details of Modi’s departure.

Who is BSIL’s new CFO Chirag Goel?

Goel is a qualified chartered accountant and a member of the Institute of Chartered Accountants of India, with membership number 472841. BSIL said he has approximately 2.5 years of professional work experience and had begun his career as deputy manager at G S Pharmbutor Private Limited.

Goel joined BSIL as manager, accounts on January 1, 2026, and moved to the CFO position on November 13, 2026. His appointment came about 10 months after joining BSIL and followed the November 1 exit of the previous CFO, Sachin.

BSIL said Goel is not related to any of its directors under Section 2(77) of the Companies Act, 2013. The disclosure does not state Goel’s remuneration, tenure as CFO, or whether he will retain any accounts-management responsibilities after November 13.

Who will replace Modi as BSIL whole-time director?

Sharma is proposed to become a BSIL director and whole-time director from December 1, 2026, subject to shareholder approval through a postal ballot. The proposed start date is the same date as Modi’s resignation takes effect.

Sharma currently serves as senior general manager at BSIL and has approximately 43 years of experience in industrial relations, personnel management, human resource management and general administration. He holds a Master’s Degree in Social Work from Lucknow University and has held senior roles at Modi Threads Limited, U.P. State Textile Corporation Limited, Modi Distillery, Modi Steel and SBEC Sugar.

The appointment remains conditional because shareholders must approve it through the postal-ballot process. BSIL did not provide the ballot dates, voting timetable, proposed tenure or remuneration for Sharma’s whole-time director role in the November 13 announcement.

BSIL also said Sharma is not related to any company director under the Companies Act definition of relative. From December 1, he will additionally become occupier of BSIL’s plant at Umesh Nagar, Chandil, Saraikela-Kharsawan, Jharkhand, which is also the company’s registered office and plant location.

What governance changes will BSIL make on December 1?

BSIL will reconstitute its audit committee, stakeholders’ relationship committee and share transfer committee with effect from December 1, 2026. The effective date aligns the committee changes with Modi’s exit and Sharma’s proposed board appointment.

The filing does not identify the revised members of the three committees or the committee positions they will hold. It does, however, establish that the reconstitution will happen on December 1 irrespective of the separate disclosure that Sharma’s board appointment requires postal-ballot approval.

The leadership decisions were disclosed alongside BSIL’s unaudited standalone results for the quarter and six months ended September 30, 2026. The board took those results on record on November 13, the same date it appointed Goel as CFO.

How did BSIL’s September-quarter results change?

BSIL reported a loss after tax of Rs 10.73 crore for the quarter ended September 30, 2026, compared with a profit of Rs 1.74 crore in the corresponding 2025 quarter. The company also moved from a Rs 2.48 crore profit in the quarter ended June 30, 2026 to the September-quarter loss.

Total income was Rs 1.16 crore in the September 2026 quarter, down from Rs 71.00 crore a year earlier and Rs 6.39 crore in the immediately preceding quarter. The latest quarter’s total income consisted of other income, while the statement reported no sales or net revenue from operations.

For the six months ended September 30, 2026, BSIL recorded a loss after tax of Rs 8.25 crore, against a Rs 3.86 crore profit in the year-earlier six-month period. Total income for the latest six-month period was Rs 7.55 crore, compared with Rs 154.79 crore in the six months ended September 30, 2025.

BSIL’s statutory auditor issued a qualified conclusion on the September 2026 results. The auditor cited, among other matters, the absence of a provision for a Rs 2.15 crore penalty recovered by South East Coalfields Ltd. over short lifting of coal under a fuel supply agreement.

The company’s writ petition against South East Coalfields’ decision was dismissed on October 27, 2025, and BSIL said it planned to file an appeal before the High Court of Chhattisgarh. Pending final settlement, the Rs 2.15 crore amount remains included in long-term loans and advances, according to the auditor’s review report.

Conclusion

BSIL’s November 13 announcement records an immediate finance leadership change and a proposed board transition from December 1. Goel became CFO after joining BSIL’s accounts team on January 1, while Sharma’s proposed appointment would pair 43 years of management experience with a new plant-occupier responsibility, subject to shareholder approval.

The next disclosed event is the postal ballot on Sharma’s appointment, for which BSIL had not announced dates as of November 13. Investors can also watch the December 1 committee reconstitution and the planned appeal concerning the Rs 2.15 crore coal penalty, alongside whether operating revenue resumes after the nil sales reported for the September 2026 quarter.