Savitri Devi Jindal

Chairperson Emeritus

Smt. Savitri Jindal, “Chairperson Emeritus” of the OP Jindal Group is also a Member of the Legislative Assembly of the state of Haryana, from Hisar Constituency. She has recently been inducted as Minister-Urban Local Bodies in the Government of Haryana. She is a devoted social worker and strives to continuously work towards upliftment of the weak and backward sections of the society through various initiatives like women empowerment, health care, education and environment. Mrs. Jindal has been instrumental in launching various Housing Schemes and Computerizations of Land Records in Haryana.

Mr Ratan Jindal

Chairman & Managing Director, JSL

A commerce graduate and alumnus of the Wharton School of Management, Mr Ratan Jindal is the Chairman of Jindal Stainless, a USD 2.70 billion (as of March'21) consortia, and part of the USD 25 billion OP Jindal Group.

His apt leadership skills have made Jindal Stainless the largest integrated stainless steel producer in the country and has put Jindal Stainless amongst the top 10 global stainless steel producers. Helmed by Mr Ratan Jindal, Jindal Stainless Limited has grown from a producer of stainless steel products to a provider of innovative stainless solutions. With an annual capacity of 1.1 million tonnes, Jindal Stainless LImited serves an international audience through its global network.

Following on his father's footsteps, Shri O.P. Jindal, who believed that "without the upliftment of weak and backward sections of the society, a nation can never prosper", Mr Ratan Jindal has made Corporate Social Responsibility an integral part of Inclusive Management. He is the Chairman of the Board of a 600 bedded multi-specialty charitable hospital and also devotes time to oversee the functioning of two large schools, where more than 4000 students from all sections of society get access to education. and no differentiation is done between the have and the have not's.

Mr Ratan Jindal is a keen golfer, and takes avid interest in tennis and cricket.

Mr Abhyuday Jindal

Managing Director, JSL

A Boston University graduate in Economics and Business Management, Mr Abhyuday Jindal has a wide ranging experience in the areas of project management, supply chain systems, and strategic & general management. Currently, he is the Managing Director of Jindal Stainless. He is also the Co-Chair for FICCI’s Steel Committee.Mr Jindal started his career with the JSW Group. There, he played a prominent role in the stake acquisition of Ispat Industries and the post acquisition integration of JSW and Ispat. He then moved on to the Boston Consulting Group, where he managed project consultancy for diverse industries, including cement, steel, wind turbines, and auto components. Having gained a deep understanding of the industrial manufacturing arena, Mr Jindal entered the USD 2.70 billion (as of March’21) Jindal Stainless consortia.

Driven by the ambition to go beyond the ordinary, Mr Jindal took multiple strides in improving supply chain and operational efficiencies. Today, he is shaping Jindal Stainless into a far more dynamic, responsive, predictive, and solution-based organization. As a leader in the stainless steel landscape of the country, Mr Jindal has explored and unlocked new avenues for providing stainless solutions to stakeholders with the vision to improve lives. Helmed by him, the organization has built uncontested market leadership, and made foray into new fields. It was under his stewardship that the Company bolstered its unique competitive advantage in the manufacturing of special stainless steel grades for nuclear and defence sectors.

Strongly rooted in the Indian soil, Mr Jindal’s community-centric transformational approach has led to the development and sustenance of several empowerment initiatives in and around its production facilities. His signature style has endeared him further among employees. He personifies open and participative management, a consistent culture of dialogue and feedback, and a relentless march towards continuous improvement. Mr Jindal also serves as the Vice President of the Infrastructure Industry and Logistics Federation of India, endeavoring to forge stronger and wider public-private partnerships.

Mr. Parveen Kumar

Nominee Director - State Bank of India

Mr. Parveen Kumar Malhotra is a Science graduate from Punjabi University and Certified Associate of Indian Institute of Bankers. Mr. Malhotra has also done Masters in Financial Management from Jamnalal Bajaj Institute of Management Studies, University of Mumbai.Mr. Parveen Kumar Malhotra joined State Bank of India (“SBI”) in 1978 as Probationary Officer and retired as Dy. Managing Director, heading Stress Asset Management Group in August 2015. During the course of his engagement with the India’s largest Bank & PSU SBI, he carried out multifarious assignments in positions of high responsibility around the Country and abroad. He honed his skills in International Finance and Operations as Head of Syndication in Bahrain and then as CEO of State Bank’s operations in Singapore.Core competencies of Mr. Malhotra include Project Finance, funding of Large Corporates and resolution of Stressed Industrial Assets. Mr. Parveen Kumar Malhotra has been part of policy making committees in SBI as also Reserve Bank of India. He has represented SBI in quite a few infrastructure related groups/task forces constituted by Government of India and other bodies. He has also served on Boards of Investment and Manufacturing Companies in the past.

Suman Jyoti Khaitan


Graduate in economics and law, is an eminent corporate lawyer and a partner of Suman Khaitan & Company. Member of the executive committees of the Indian Chambers of Commerce.

Ms. Bhaswati Mukherjee


Ambassador Bhaswati Mukherjee (DIN: 07173244), aged 68 years, is a post graduate (First Class) in History from Delhi University and has a Degree (Superior) in French History and Civilization from Sorbonne University, France. Ms. Mukherjee joined the Indian Foreign Service in 1976 and was India's Ambassador to UNESCO, Paris, from 2004 to 2010 and subsequently, India's Ambassador to the Netherlands, The Hague from 2010 to 2013.

She completed FICCI's course on 'Woman and Corporate Governance'. She successfully cleared with distinction Ministry of Corporate Affairs online proficiency test for Independent Directors in October 2020.

She has served as Independent Director in Sona BLW Precision Forgings Ltd. till August 2019. Apart from Petronet LNG Limited, she is presently an Independent Director 0n the Board of JK Lakshmi Cement and Udaipur Cement. Ms. Mukherjee worked successfully on Indentured Labour Route Project for UNESCO and Government of Mauritius. . She has been a senior consultant to MGIEP, UNESCO and DFID.

A prolific writer, she has authored 3 books. 'India and EU: an Insider View' commissioned by Indian Council of World Affairs, a leading Indian think tank and published in August 18 in English and Hindi is a best seller. Her second book, also a best seller was ‘India and EU in a Turbulent World’ was published by Palgrave Macmillion in2020. Her latest book, 'Bengal and its Partition: an Inside Story' published by Rupa and released in March 21, is a global best seller. She is currently writing on “Indenture and its Route: a Relentless Quest for Identity” for Rupa Publications.

She has also published over 100 articles, columns reports and monographs in leading national and international publications.

A natural orator, Ms. Mukherjee is a political commentator on TV on Indian Culture and Civilization, the India EU relationship, Brexit, India's interests in the Indo Pacific, the Chemical Weapons regime, nuclear issues and the changing contours of India's Foreign Policy, apart from security issues of concern to India.

Ms. Mukherjee has participated in briefings, seminars, round tables on questions relating to India and the EU, India and its neighbours, the United Nations Human Rights Programme, the human rights of women and the girl child as well as issues relating to UNESCO's areas of competence, particularly in Education and Culture.

Ms Arti Luniya

Independent Director

A post graduate in International Relations from the Jawaharlal Nehru University, Delhi, Ms Luniya has 38 years of rich experience in the steel industry. Being an effective strategist, Ms Luniya has worked across various functions in the Steel Authority of India Ltd.(SAIL). From corporate communications, marketing and sales, to coal procurement and risk management, Ms Luniya has rare insights into the supply chain and lifecycle of products in the steel industry. Additionally, she was also an Advisor to Evidence for Policy Design (EPoD) at Harvard Kennedy School of Public Policy. She has been associated with Jindal Stainless since July 2018.

Mr Jayaram Easwaran

Independent Director

Mr Jayaram Easwaran, an alumnus of the Indian Institute of Management, Bangalore (IIM-B), has over three decades of leadership experience across various functions in global corporates. These include heading Corporate Marketing at the Eicher Group, HR at Sutherland Global Services and Tality India, Corporate Planning and Communications at Aricent Inc, and serving as the Joint MD and CEO at Maadhyam Advertising.A well-known management consultant and speaker, he has also been a winner of the National Competition for Young Managers by Business India and AIMA. Mr Easwaran is also the author of ‘Inside the C-Suite’ published by Harper Collins.

Tarun Kumar Khulbe

Whole Time Director

Mr. Tarun Kumar Khulbe is an Engineering graduate from MITS, Gwalior and MBA from JBIMS, Mumbai and possesses over 25 years of experience in the field of plant operations & projects. He has been associated with Organizations such as Raymond steel, EBG India, Thyssen Krupp Elec Steel, Bhushan Steel & Strips Ltd.


The Audit committee of Jindal Stainless, Limited comprises of following four members:

Member DirectorStatus
Mr. Suman Jyoti KhaitanChairman of the Committee, Independent Director
Mr. Parveen Kumar MalhotraMember, Nominee Director
Ms. Bhaswati MukherjeeMember, Independent Director
Mr. Jayaram EaswaranMember, Independent Director


Company Secretary shall act as the Secretary of the Committee.


The Committee shall meet at least four times a year. The time gap between any two meetings shall be less than 120 days.

Key Functions:

The role of the audit committee shall include the following:

  • oversight of the listed entity’s financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible;
  • recommendation for appointment, remuneration and terms of appointment of auditors of the listed entity;
  • approval of payment to statutory auditors for any other services rendered by the statutory auditors;
  • reviewing, with the management, the annual financial statements and auditor’s report thereon before submission to the board for approval, with particular reference to:
  1. matters required to be included in the director’s responsibility statement to be included in the board’s report in terms of clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013;
  2. changes, if any, in accounting policies and practices and reasons for the same;
  3. major accounting entries involving estimates based on the exercise of judgment by management;
  4. significant adjustments made in the financial statements arising out of audit findings;
  5. compliance with listing and other legal requirements relating to financial statements;
  6. disclosure of any related party transactions;
  7. modified opinion(s) in the draft audit report;
  • reviewing, with the management, the quarterly financial statements before submission to the board for approval;
  • reviewing, with the management, the statement of uses / application of funds raised through an issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the offer document / prospectus / notice and the report submitted by the monitoring agency monitoring the utilisation of proceeds of a public or rights issue, and making appropriate recommendations to the board to take up steps in this matter;
  • reviewing and monitoring the auditor’s independence and performance, and effectiveness of audit process;
  • approval or any subsequent modification of transactions of the listed entity with related parties;
  • scrutiny of inter-corporate loans and investments;
  • valuation of undertakings or assets of the listed entity, wherever it is necessary;
  • evaluation of internal financial controls and risk management systems;
  • reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal control systems;
  • reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit;
  • discussion with internal auditors of any significant findings and follow up there on;
  • reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the board;
  • discussion with statutory auditors before the audit commences, about 69 the nature and scope of audit as well as post-audit discussion to ascertain any area of concern;
  • to look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of non-payment of declared dividends) and creditors;
  • to review the functioning of the whistle blower mechanism;
  • approval of appointment of chief financial officer after assessing the qualifications, experience and background, etc. of the candidate;
  • Carrying out any other function as is mentioned in the terms of reference of the audit committee.

Review of Information:

The audit committee shall mandatorily review the following information:
  • management discussion and analysis of financial condition and results of operations;
  • statement of significant related party transactions (as defined by the audit committee), submitted by management;
  • management letters / letters of internal control weaknesses issued by the statutory auditors;
  • internal audit reports relating to internal control weaknesses; and
  • the appointment, removal and terms of remuneration of the chief internal auditor shall be subject to review by the audit committee.
  • statement of deviations:
  1. Quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted to stock exchange(s) in terms of Regulation 32(1).
  2. Annual statement of funds utilized for purposes other than those stated in the offer document/prospectus/notice in terms of Regulation 32(7).

The Committee may invite other Directors / Officers of the Company to attend the meetings of the Committee as ‘Invitees’ from time to time, as and when required. Minutes of the Audit Committee are placed before the Board in its subsequent meeting.



The Nomination and Remuneration Committee of Jindal Stainless Limited comprises of following three members:


Member DirectorStatus
Mr. Suman Jyoti KhaitanChairman of the Committee of the Committee, Independent Director
Mr. Ratan JindalMember, Chairman & Managing Director
Ms. Bhaswati MukherjeeMember, Independent Director
Mr. Jayaram EaswaranMember, Independent Director

Key Functions:

Role of committee shall, inter-alia, include the following:
  • formulation of the criteria for determining qualifications, positive attributes and independence of a director and recommend to the board of directors a policy relating to, the remuneration of the directors, key managerial personnel and other employees;
  • formulation of criteria for evaluation of performance of independent directors and the board of directors;
  • devising a policy on diversity of board of directors;
  • identifying persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down, and recommend to the board of directors their appointment and removal;
  • whether to extend or continue the term of appointment of the independent director, on the basis of the report of performance evaluation of independent directors.



The Stakeholders Relationship Committee of Jindal Stainless Limited comprises of following three members


Mr. Abhyuday JindalMember, Managing DirectorMr. Tarun Kumar KhulbeMember, Whole-time Director

Member DirectorStatus
Mr. Suman Jyoti KhaitanChairman, Independent Director
Key Functions:

The Committee shall consider and resolve the grievances of the security holders of the listed entity including complaints related to transfer of shares, non-receipt of annual report and non-receipt of declared dividends.



The Corporate Social Responsibility Committee of Jindal Stainless Limited comprises of following three members:

Member DirectorStatus
Mr. Ratan JindalChairman of the Committee, Chairman and Managing Director
Mr. Tarun Kumar KhulbeMember, Whole Time Director
Ms. Bhaswati MukherjeeMember, Independent DirectorMember, Independent Director



The Risk Management Committee of Jindal Stainless Limited comprises of following five members:

  • formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the company as specified in Schedule VII;
  • recommend the amount of expenditure to be incurred on the activities referred to in clause (a); and
  • monitor the Corporate Social Responsibility Policy of the company from time to time.

The Corporate Social Responsibility Committee of Jindal Stainless Limited comprises of following three members:

Mr. Abhyuday JindalChairman, Executive Director
Mr. Tarun Kumar KhulbeMember, Whole Time Director
Mr. Jayaram EaswaranMr. Jayaram Easwaran
Mr. Anurag MantriMember, Chief Financial Officer
Mr. Navneet RaghuvanshiMember, Company Secretary
Key Functions:
  • Framing of Risk Management Plan and Policy.
  • Overseeing implementation / Monitoring of Risk Management Plan and Policy.
  • Reviewing and evaluating the Risk Management Policy and practices with respect to risk assessment and risk management processes, on a periodic basis.
  • Identify emerging risks.
  • Reviewing risk mitigation strategies.
  • Formulating a cyber security plan and overseeing its implementation.
  • Carrying out any other function as delegated by the Board from time to time and / or enforced by any statutory notification, amendment or modification as may be applicable.



The Board of Directors has delegated the power of approving transfer of securities and other related formalities to the Share Transfer Committee comprising of Mr. Ratan Jindal, Chairman and Managing Director, Mr. Suman Jyoti Khaitan, Independent Director, Company Secretary and a representative of Registrar and Transfer Agent.

Mr. Abhyuday JindalChairman, Executive Director
Mr. Tarun Kumar KhulbeMember, Whole Time Director
Mr. Suman Jyoti KhaitanMember, Independent Director
Mr. Navneet RaghuvanshiMember, Company Secretary
Representative of RTA
Key Functions:

Power of approving transfer of securities and other related formalities

JSL recognizes communication as a key element of the overall corporate governance framework and therefore, emphasizes on seamless and efficient flow of relevant communication to all external constituencies. We follow the principles of fair representation and full disclosure in all our dealings and communications.

Our annual reports, results presentations and other forms of corporate and financial communications provide extensive details and convey important information on a timely basis. We fully comply with all mandatory requirements of corporate governance in all material aspects.

Find out more by reading our Corporate Governance policy paper.

JSL Code of Conduct helps maintain the standards of business conduct of Jindal Stainless Limited and its Group Companies. This code is applicable to all Directors and Employees of the company.

To run the business effectively, transparently and with due accountability, the Company has developed this Code of Conduct to be followed by all Representatives for carrying out their duties and responsibilities, as has been articulated and emphasized in the Vision, Core Values and Guiding Principles of the Company.

Find out more by reading our Code of Conduct paper.

Overall remuneration should be reflective of the size of the Company, complexity of the sector/industry/company's operations and the company's capacity to pay the remuneration.

Independent Directors ("ID") and Non-Independent Non- Executive Directors ("NED") may be paid sitting fees (for attending the meetings of the Board and of committees of which they may be members) and commission within regulatory limits. Quantum of sitting fees may be subject to review on a periodic basis, as required.

Within the parameters prescribed by law, the payment of sitting fees and commission will be recommended by the NRC and approved by the Board.

Overall remuneration (sitting fees and commission) should be reasonable and sufficient to attract, retain and motivate Directors aligned to the requirements of the Company (taking into consideration the challenges faced by the Company and its future growth imperatives).

Overall remuneration practices should be consistent with recognized best practices.

The aggregate commission payable to all the NEDs and IDs will be recommended by the NRC to the Board based on Company's performance, profits, return to investors, shareholder value creation and any other significant qualitative parameters as may be decided by the Board.

The NRC will recommend to the Board, the quantum of commission for each Director based upon the outcome of the evaluation process which is driven by various factors including attendance and time spent in the Board and committee meetings, individual contributions at the meetings and contributions made by Directors other than in meetings.

In addition to the sitting fees and commission, the Company may pay to any Director such fair and reasonable expenditure, as may have been incurred by the Director while performing his/her role as a Director of the Company. This could include reasonable expenditure incurred by the Director for attending Board/Board committee meetings, general meetings, court convened meetings, meetings with shareholders/creditors/ management, site visits, induction and training (organized by the Company for Directors) and in obtaining professional advice from independent advisors in the furtherance of his/her duties as a director.

Facilities / InstrumentsCurrent Rating by CRISILCurrent Rating by India Ratings & Research
Long-term Bank Facilities(Term Loans)CRISIL AA- (Outlook: Stable)IND A+
Long-term Bank Facilities
(Working Capital Limits)
(Outlook: Stable)
Short-term Bank FacilitiesCRISIL A1+IND A1+
Non-Convertible DebenturesNAIND A+
Commercial PapersNAIND A1+

RWE – Rating Watch Evolving

The contact details of the persons authorised for determining the materiality of an event or information as specified in Para B of Part A of Schedule III and making disclosure of said event or information of Jindal Stainless Limited to the Stock Exchanges as per Regulation 30 (5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are mentioned below:

NameDesignationAddressE-mailPhone No.
Mr. Navneet RaghuvanshiHead Legal & Company SecretaryJindal Center, 12, Bhikaiji Cama Place, New Delhi-110066navneet@jindalstainless.com0124-4494303
Mr. Anurag MantriChief Financial OfficerJindal Center, 12, Bhikaiji Cama Place, New Delhi-110066anurag.mantri@jindalstainless.com0124-4494403