Jindal Stainless Limited — Interim / Quarterly Report 2019

Aug 5, 2019

August 5, 2019

J SL/BM-2/20 19-20

BSE Limited Corporate Relationship Depatiment, 1st Floor, New Trading Ring, Rotunda Bu ilding, P J Towers, Dalal Street, Fort, Mumbai- 400 001 Email: corp.relations@bseindia.com Secul'ity Code No.: 532508

National Stock Exchange of India Ltd. Exchange Plaza, 5th Floor, Plot no. C/1 , G Block Bandra-Kurla Complex, Bandra (E), Mumbai-400051 Email: cmlist@nse.co.in Security Code No.: JSL

Kind Attn. Listing Section

Sub.: Outcome of Board Meeting under Regulations 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended ("SEBI Listing Regulations").

Dear Sirs,

This is in continuation to our letters dated 22nd July, 2019 and 3 pt July, 2019.

We wish to inform you that pursuant to the applicable provisions of the SEBI Listing Regulations, the Board of Directors (the "Board") of Jindal Stainless Limited (the "Company") at its meeting held today, i.e. 5111 August, 2019, inter alia, considered and approved:

• a) Un-audited Standalone and Consolidated Financial Results of the Company for the quatier ended 30^{1 h}June, 2019. Copy of aforesaid results along with the Limited Review Report(s) are enclosed herewith as Annexure I.
• b) On the recommendation ofthe Nomination and Remuneration Committee:
• (i) Re-appointment of Mr. Suman Jyoti Khaitan (DIN: 000233 70), as Non-Executive Independent Director of the Company for a second term of 3 (three) consecutive years w.e.f. 22nd September, 2019, and subject to the approval of the shareholders at the ensuing Annual General Meeting ("AGM"); and
• (ii) Appointment of Mr. Jayaram Easwaran (DIN: 02241192), as an Additional Director (Non-Executive Independent). The Board has also recommended his appointment as Non-Executive Independent Director for a term of 3 (three) consecutive years w.e.f. 5111 August, 2019, subject to the approval of the· shareholders at the AGM.

Futiher, as informed vide our letter dated 31st July, 2019, the Board, also considered and approved following fund raising options: ·

(i) issue of Equity Shares of the Company upto Rs. 29 Crore (Rupees Twenty Nine Crore) to JSL Limited, a Promoter Group entity, on preferential basis, subject to the a of shareholders at the ensuing AGM, for the purpose of redemption of OptionaiJ).;A..:t,tu.LP-.::t·'l-tlrP'\ Preference Shares ("OCRPS") issued by the Company to its lenders; t)'

Jindal Stainless Ltd. L26922HR1980PLC010901 Corporate Offic Jindal Centre, 12 Bhikaiji Cam a Place, New Delhi - 110066, India O.P Jindal Marg, Hisar- 125005 (Haryana) India T +91 11 26188345, 41462000, 61462000 +91 11 41659169 'info@jindalstainless.com www.jindalstainless.com, www.jslstainless.com

• (ii) Issue of Non-convertible Debentures ("NCDs") of upto Rs. 900 Crore (Rupees Nine Hundred Crore) on private placement basis primarily to refinance existing debt/convertible instruments. This is an enabling resolution authorizing the sub-committee of the Board of Directors to negotiate and finalize the terms of issue ofNCDs.
• (iii) Issue of securities for an aggregate amount of upto 1,200 Crore (Rupees One Thousand Two Hundred Crore), by way of one or more public and/or private offerings on preferential allotment basis and/or qualified institutions placement and/or rights offering or any combination thereof or any other method as may be permitted under applicable laws, subject to the approval of shareholders at the ensuing AGM. This is an enabling resolution in line with the earlier approval of the shareholders granted at an Extra Ordinary General Meeting of the Company earlier held on 3'"d March, 2018. The Board/Sub-Committee of the Board, after considering various factors viz. capital market conditions, business need, opportunities etc., may then decide to raise funds.

The Meeting commenced at 12.00 Noon and concluded at 6:50P.M.

The financial results will be published in the newspapers in terms of Regulation 33 of SEBI (LODR) Regulations, 2015.

Please find enclosed herewith detailed disclosure(s) enclosed as Annexure II & Ill, as required under Regulation 30 of SEBI Listing Regulations.

Please take the above information on record.

Thanking you,

Yours faithfully, For Jindal Stainless L•'r lrftoa''~Uf----.:._ C/.)

Navneet Raghuvanshi Company Secretary

Enclosed as above

Walker Chandiok &..Co LLP

Walker Chandiok & Co LLP (Formerly Walker, Chandiok & Co) L-41 Connaught Circus New Delhi 110001 India

T +91 11 4278 7070 F +91 11 4278 7071

Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results of Jindal Stainless Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Jindal Stainless Limited

• 1. We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement') of Jindal Stainless Limited ('the Company') for the quarter ended 30 June 2019, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the Securities and Exchange Board of India ("SEBI") from time to time.
• 1. The Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('lnd AS 34'), prescribed under Section 133 of the Companies Act, 2013 ('the Act'), SEBI Circular CIR/CFD/FAC/62/2016 dated 5 July 2016 (hereinafter referred to as 'the SEBI Circular'), and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion .

Chartered Accountants

Walker Chandiok &.Co LLP

1. Based on our review conducted as above nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in lnd AS 34, prescribed under Section 133 of the Act, the SEBI Circular, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No: 001 076N/N500013

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Siddharth Talwar Partner Membership No. 512752 UDIN No: 19512752AAAAB06642

Place: New Delhi Date: 5 August 2019

Walker Chandiok &..Co LLP

Walker Chandiok & Co LLP (Formerly Wa lker, Chand iok & Co) L-41 Connaught Circus New Delhi 110001 India

T +91 11 4278 7070 F +91 11 4278 7071

Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results of Jindal Stainless Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Jindal Stainless Limited

• 1. We have reviewed the accompanying statement of unaudited consolidated financial results ('the Statement') of Jindal Stainless Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group') and its associates (refer Annexure 1 for the list of subsidiaries and associates included in the Statement) for the quarter ended 30 June 2019, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the Securities and Exchange Board of India ("SEBI") from time to time. Attention is drawn to the fact that the consolidated figures for the preceding quarter and corresponding quarter ended 30 June 2018 as reported in the Statement have been approved by the Holding Company's Board of Directors, but have not been subjected to audit or review.
• 1. This Statement, which is the responsibility of the Holding Company's management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('lnd AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), SEBI Circular CIR/CFD/FAC/62/2016 dated 5 July 2016 (hereinafter referred to as 'the SEBI Circular), and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

Offices in Bengaluru, Chandigarh Chennai, Gurgaon, Hyderabad, Kolkata, Mumbai, New Delhi, Naida and Pune

Walker Chandiok &.Co LLP

1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the SEBI Circular CIR/CFD/CMD1/44/2019 dated 29 March 2019 issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), to the extent applicable.

• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in lnd AS 34, prescribed under Section 133 of the Act, the SEBI Circulars and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. The Statement includes the interim financial information of five subsidiaries, which have not been reviewed/audited, whose interim financial information reflect total revenues of~ 316.21 crores, net loss after tax of~ 16.94 crores and total comprehensive loss of~ 16.94 crores for the quarter ended on 30 June 2019, as considered in the Statement. These interim financial information have been furnished to us by the Holding Company's management. The Statement also includes the Group's share of net profit after tax of~ 1.52 crores and and total comprehensive income of~ 1.52 crores for the quarter ended on 30 June 2019, as considered in the Statement, in respect of three associates, based on their interim financial information information, which have not been reviewed/audited by their auditors, and have been furnished to us by the Holding Company's management. Our conclusion on the Statement, and our report in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), read with SEBI Circular in so far as it relates to the aforesaid subsidiaries and associates, are based solely on such unaudited/unreviewed interim financial information. According to the information and explanations given to us by the management, these interim financial information are not material to the Group.

Our conclusion is not modified in respect of this matter.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No: 001 076N/N500013

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Siddharth Talwar Partner Membership No. 512752 UDIN No: 19512752AAAABP8764

Place: New Delhi Date: 5 August 2019

Walker Chandiok &.Co LLP

Annexure 1

List of entities included in the Statement

S. No.	Name	Relation
1	PT. Jindal Stainless Indonesia	Subsidiary
2	Jindal Stainless FZE	Subsidiary
3	JSL Group Holdings Pte. Limited	Subsidiary
4	lberjindal S.L.	Subsidiary
5	Jindal Stainless Park Limited	Subsidiary
6	Jindal United Steel Limited	Associate
7	Jindal Coke Limited	Associate
8	Jindal Stainless Corporate Management Services Private Limited	Associate

Regd. Office: O.P.Jindal Marg, H isar-125 005 (Haryana) Ph. No. (01662) 222471-83, Fax No. (01662) 220499, Email l d . for Investors: investorcare@jindalstainless.com, Website: www.jslstainless.com

UNAUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS

FOR THE QUARTER ENDED 30 JUNE 2019

		Standalone					(f in crores except per sh are data) Consolidated
		For the Quarter ended		For the Year	For the Quarter ended		For the Year
					ended				ended
S.No.	Particulars								31March
			30 J une 2019 31 March 2019 30 June 2018 31 March 2019 30 June 2019 31 March 2019 30 June 2018 (Refer note 2)						2019
		Unaudited	Audited	Unaudited	Audited		Unaudited (Refer note 7)	(Refer note 7)	Audited
	INCOME
I	Revenue from operations	3,066.72	3,25 1.28	3,137.92	12,585.01	3,263.32	3,547.49	3,364.66	13,557.33
II	Other income	9.71	8.82	5.78	27.58	9.52	11.10	6.17	32.61
III	Tota l income	3,076.43	3,260.10	3,143.70	12,612.59	3,272.84	3,558.59	3,370.83	13,589.94
IV	Exp en ses
	Cost of materials consumed	I ,990.76	I ,869.28	2,222.49	7,987.70	2,212.57	2,000.31	2,424.54	8,694.86
	Purchase of stock in trade	148.29	261.22	138.1 1	698.08	148.29	26 1.22	138.11	698.08
	Changes in inventories of finished goods, stock in trade and work in progress	(147.12)	45.23	(333.24)	(236.34)	(206.3 1)	164.10	(395.56)	(217.72)
	Employee benefits expense	37.51	33.78	35.44	136.65	52.44	62.04	51.41	211.91
	Finance costs	141.93	161.05	149.70					636.87
					61 4.09	146.64	166.59	155.64
	Depreciation and amortisation expense	100.75	92.45	76.05	335.08	104.81	96.74	79.92	351.50
	Stores and spares consumed	IH2.84	201.67	195.00	773.69	193.39	241.00	210.51	857.71
	Power and fuel	186.06	177.69	176.65	732.38	191.94	177.69	176.65	732.38
	Other expenses	354.59	360.12	328.54	1,356.9 1	371.15	337.06	354.24	1,415.54
v	T otal expenses Profit b efore exceptional items, sh are of net profit of	2,995.61	3,202.49	2,988.74	12,398.24	3,214.92	3,506.75	3,195.46	13,381.13
	investments accou nted for using equity method a nd tax	80.82	57.61	154.96	214.35	57.92	51.84	175.37	208.81
VI	Share of net profit of investments accounted for using e <juitj• method<="" td="">					1.52	2.62	2.49	12.23					1.52	2.62	2.49	12.23
VII	Profit before exceptional items and tax	80.82	57.61	154.96	214.35	59.44	54.46	177.86	221.04
	VIII Exceptional items - gain/ (loss) (refer note no. 5)	24.36	(0.90)	(1 5.09)	6.31	24.67	(0.85)	(18.78)	0.67
IX	P rofit after excep tional items but before tax	105.18	56.71	139.87	220.66	84.11	53.61	159.08	221.71
X	Tax exp ense
	Curent tax						2.73		2.73
	Deferred tax	40.42	24.43	48.54	81.09	38.56	16.68	47.97	73.34
	Taxes in relation to earlier years	(2.07)		0.48	0.53	(2.07)		0.48	0.53
XI	Profit for the period	66.83	32.28	90.85	139.04	47.62	34.20	110.63	145.11
XII	Other comp reh en sive income
	Items that will not be reclassified to profit or loss
	(A)(i) Items that will not be reclassified to profit or loss		(0.62)		(0.62)		0.07		0.07
	(ii) Income tax effect on above		0.22		0.22		0.04		0.04
	(iii) Share of other comprehensive income of invesunents accounted for						(0.09)		(0.09)
	using e <juity method<="" td="">
	(B)(i) Items that will be reclassified to profit or loss					3.24	(5.14)	2.67	(2.46)
	(ii) I ncome tax effecr on above
	XIII Total o ther com preh en sive income		(0.40)		(0.40)	3.24	(5.12)	2.67	(2.44)
	XIV T otal comprehensive income for the period (comp rising profit and o ther com p reh ensive income for the p eriod)	66.83	31.88	90.85	138.64	50.86	29.08	113.30	142.67
XV	Profit attributable to :
	Owners of the parent					46.65	34.09	109.61	142.38
	Non - controlling interests					0.97	0.11	1.02	2.73
						47.62	34.20	110.63	145.11
	Other compreh ensive income attributable to :
	Owners of the parent					3.24	(5.12)	2.67	(2.44)
	Non - controlling interests
						3.24	(5.12)	2.67	(2.44)
	T otal comprehensive income attrib utable to :
	Owners of the parent					49.89	28.97	112.28	139.94
	Non - controlling interests					0.97	0.11	1.02	2.73
						50.86	29.08	113.30	142.67
	XVI Paid-up Equiry Share Capital (face value of~ 2 each)	95.84	95.84	95.84	95.84	95.84	95.84	95.84	95.84
	),'VII Other equi ty				2,378.67				2,494.98
	~ XVIII Ea rning per share (EPS) (face value of~ 2 each)
	a) Basic	1.39	0.67	1.90	2.90	0.97	0.71	~ 2.29	2.97
	b) Diluted	1.30	0.67	1.63	2.90	0.97		~
	(EPS for the period not annualised) l c:P						~		[:\ 2.97
									~
	'l:) ~ (f SIGNED FOR ~
	:s:. (".)							~
									~

~ ~ :s:. (".) ~ ~ IDENTIFICATION ~ ~~DAcco)~ ~" PURPOSE ONLY ^~- · v

Notes:

• The financial results of the Company for the quarter ended 30 June 2019 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 5 August 2019 and the Limited Review of the same has been carried out by the auditors.
• 2 In Standalone results figures for the quarter ended 31 March 2019 are the balancing figures between audited figures in respect of the full financial year and published year to date figures up to the third quarter of year ended 31 March 2019.
• These results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable.
• 4 The Company has adopted Ind AS 116 "Leases" effective 1 April 2019, as notified by the Ministry of Corporate Affairs (.MCA) in the Companies (Indian Accounting Standards) Amendment Rules, 2019, using modified retrospective method. The adoption of the standard did not have any material impact on the profit of the current quarter.
• Exceptional items in standalone financial results include a) Net foreign exchange gain/ Qoss) for the quarter ended 30 June 2019 is ~ 24.36 crores [for the quarter ended 30 June 2018: (~ 15.09 crores)]; for the quarter and year ended 31 March 2019 is~ 16.82 crores and~ 33.81 crores respectively. The figure for the quarter ended 31 March 2019 and year ended 31 March 2019 includes provision for recompense liability ~ 17.72 crores and~ 27.50 crores respectively.
• As the Company's business activity falls within a single operating segment viz. 'Stainless Steel', the disclosure requirement of Accounting Standard (Ind AS 1 08) on "Operating Segments" is not applicable.
• 7 The figures in the consolidated financial results for the quarter ended 31 March 2019 and for the quarter ended 30 June 2018 have been approved by the Company's Board of Directors, but have not been subject to audit or review.

Place: New Delhi Date: 5 August 2019

SIGNED FOR IDENTIFICATION PURPOSE ONLY

Disclosure(s) of information pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular dated 9th September, 2015.

Annexure II

~

RAISING OF FUNDS

Particulars	of Equity Issue	Issue of	Issue of securities
	shares on	Non-convertible	including by way
	preferential basis	Debentures	of qualified
			institutional
			placement
			(In-principal)
Type of securities proposed to be	Equity Shares	of Issue Non	of Fw1her Issue
issued (viz. equity shares,		convertible	securities
convertibles etc.);		Debentures	aggregating upto
		(NCDs)	Rs. 1 ,200 Crore
of Issuance Type (further public offering, rights issue, depository	Preferential Allotment	Private Placement	This is a enabling approval to
receipts (ADR/GDR), qualified			empower the Board
institutions placement, preferential			of Directors of the
allotment etc.);			Company to issue
r-----------------------------r---------------+--------------4			securities in one or
Total number of securities proposed	Upto Rs. 29 Crore	Upto Rs. 900	more tranches at
to be issued or the total amount for	to JSL Limited, a	Crore	such time or times
which the securities will be issued	Promoter Group		and to such
(approximately);	Entity on		person(s) including
	Preferential basis		institutions, body or
			corporate otherwise as the
			Board/Committee
			thereof may in its
			absolute discretion
			deem fit.
In case of preferential issue the listed
entity shall disclose the following
additional details to the stock exchange(s):
· names of the investors; 1.	JSL Limited, a
	Promoter Group
	entity
of post al lotment II.
outcome of securities - the subscription, Issue	Not applicable as no convertible	Not Applicable	Not Applicable
price I allotted price (in	instruments are
of case convertibles),	being issued
number of investors;
in case of convei1ibles - Ill.	Not applicable
intimation on conversion
of securities or on lapse of the of the tenure
instrument	Jindal Stainless Ltld.		~
	L26922HR1980PLC01 0901		~
Corporate Offic	Jindal Centre, 12 Bhikaiji Cam a Place, New Delhi - 110066, India ~"""!
]A. 0 · O.P Jindal Marg, Hisar- 125005 (Haryana) India · -=r +91 11 26188345, 41462000, 61462000 +91 11 41659169 info@jindalstainless.com

www.jindalstainless.com, www.jslstainless.com

	In case of issuance of debt securities
	or other non convertible securities the
	listed entity shall disclose following
additional	details to the stock
exchange(s):		Not Applicable	Issue ofNCDs of	To be determined
1.	size of the issue;		upto Rs. 900	by the
11.	whether proposed to be		Crore on such	Board/Committee
	listed? If yes, name of		terms and	thereof.
	the stock exchange(s);		conditions as
111.	ten ure of the instrument		may be
	date of allotment and		determined by
	date of maturity;		the Sub
IV.	coupon/interest offered,		Committee of the
	schedule of payment of		Board at a later
	coupon/interest and		stage.
	principal;
v.	charge/security, if any,
	created over the assets;
v1.	special
	right/interest/privileges
	attached to the
	instrument and changes
	thereof;
VII .	of delay in payment
	I interest principal
	amount for a period of
	more than three months
	from the due date or payment of default in
	interest I principal;
V III.	details of any letter or
	comments regarding
	payment/non-payment
	of interest, principal on
	due dates, or any other
	matter concerning the
	security and /or the
	assets along with its
	if comments thereon,
	any;
IX .	details of redemption of
	preference shares
	indicating the manner of
	redemption (whether out
	of profits or out of fresh
	issue) and debentures

L26922HR1980PLC010901 Corporate Offlc Jindal Centre, 12 Bhikaiji Cama Place, New Delhi- 110066, India O.P. Jindal Marg, Hisar- 125005 (Haryana) India T: +91 11 26188345, 41462000, 61462000 +91 11 41659169 info@jindalstainless.com www.jindalstainless.com, www.jslstainless.com

Jindal Stainless Ltd.

Annexure III

Appointment/Re-appointment of Non-Executive Independent Director(s)

No. 1	Reason for change vtz. appointment, resignation, removal,	Mr. Suman Jyoti Khaitan Re-appointment	Mr. Jayaram Easwaran Appointment of Mr. Jayaram
	death or otherwise		Easwaran, as an Additional Director (Non-Executive Independent). The Board has also recommended his appointment as Non-Executive Independent Director for a term of 3 (three) consecutive years w.e.f. 5111 August, 2019, subject of to the approval the shareholders at the AGM.
2	of Date appointment/cessation (as applicable) & term of appointment	Re-appointed as Independent Director for a second term of three years w .e.f. 22ncl September, 2019.	Appointed as Independent Director for a term of three years w.e.f. 5111 August, 2019.
3	Brief profile (in case of appointment)	Mr. Suman Jyoti Khaitan is practicing advocate a having more than 30 years of experience in the legal field. He ts also a member of Supreme Court Bar Association, Supreme Court Advocates-on-Record Association, Delhi High Court Bar Association, Incorporated Law Society, Kolkata, Indian Law Institute and International Bar Association. Mr. Khaitan also serves as an independent legal director of on board listed companies.	Mr. Jayaram Easwaran is an alumnus of the Indian Institute of Management-Bangalore (liM-B) and has over three of expenence decades at leadership levels across functions in global corporate. He well-known ts a management consultant and a vanous prolific speaker at forums. Mr. Easwaran is also the author of C-Suite' ' Inside the published by Harper Collins, amongst the world's largest publishers.
4	of Disclosure relationships between of directors (in case of appointment a director).	Mr. Suman Jyoti Khaitan is not to any other related Director of the Company.	Mr. Jayaram Easwaran is not related to any other Director of the Company.

Jindal Stainless Ltd. L26922HR1980PLC010901 Corporate Office: Jindal Centre, 12 Bhikaiji Cama Place, New Delhi - 11 0066, India O.P Jindal Marg, Hisar- 125005 (Haryana) India T: +91 11 26188345, 41462000, 61462000 +91 11 41659169 info@jindalstainless.com www.jindalstainless.com, www.jslstainless.com