Corporate Governance

Leading with Integrity

At Jindal Stainless, strong governance underpins trust and long-term success. Guided by integrity, transparency, and accountability, the Company’s governance practices are designed to uphold stakeholder confidence, manage risk, and align performance with purpose. A diverse and experienced Board, supported by robust oversight mechanisms and clearly articulated policies, ensures that sustainability is embedded at every level of strategic decision-making. The policies highlighted above are among the key policies that form part of the Company’s broader governance and policy framework.

Governance Philosophy

Jindal Stainless views corporate governance as an ongoing process of creating and enhancing longterm sustainable value through ethically driven business practices. The Company is committed to managing its affairs fairly and transparently through a governance framework aligned with applicable Indian regulatory requirements, including SEBI and the Companies Act, and evolving global expectations around Environmental, Social, and Governance (ESG) disclosures.

JSL believes that appropriate disclosure procedures, transparent accounting policies, strong and independent Board practices, and the highest level of ethical standards are critical to enhancing and retaining investor trust and generating sustainable corporate growth. The Company also maintains strong systems and processes to ensure full and timely compliance with all legal and regulatory requirements, with zero tolerance for non-compliance.

Reflecting this commitment, Jindal Stainless secured the 1st Rank in the Corporate Governance category for the third consecutive year at the India Corporate Governance & Sustainability Vision Awards 2026, organised by the Indian Chamber of Commerce.

0 %

Independent Directors on the Board

0 %

Women Directors on the Board

0 Years

Average tenure of Independent Directors

0 Years

Average tenure of of the Board

Board of Directors

JSL’s Board of Directors

Committee Constitution Legend

AC Audit Committee
NRC Nomination and Remuneration Committee
SRC Stakeholders Relationship Committee
CSR Corporate Social Responsibility Committee
ESG Environmental, Social and Governance Committee
RMC Risk Management Committee
STC Share Transfer Committee
SC Sub Committee
Chairperson
Member
Mr Ratan Jindal

Mr Ratan Jindal

Chairman and Managing Director

CSR NRC
A commerce graduate and alumnus of the Wharton School of Management, Mr Ratan Jindal is the Chairman of India’s leading stainless steel manufacturer, Jindal Stainless. With an annual turnover of USD 4.86 billion (as of FY26), the Company is part of the O.P. Jindal Group and is rapidly expanding to reach an annual melt capacity of 4.2 million tonnes by FY27.

Incorporated in 1970, Jindal Stainless has, under Mr Jindal’s visionary leadership, transformed from a stainless steel manufacturer into a global force for innovative, sustainable, and future-ready solutions, driven by a bold vision of a stainless and corrosion-free world.

Mr Jindal has led India’s Atmanirbhar journey by example, envisioning India’s infrastructure, automotive, and industrial development, and realising it by championing import substitution and strengthening every link in the value chain, from raw material sourcing to end application. In doing so, he has laid the foundation for a modern, self-reliant stainless steel industry that powers India’s growth story.

His deep commitment to social impact is reshaping education, healthcare, and financial independence in communities across Haryana and Odisha.

Recognised as the Stainless Steel Executive of the Year 2024 by SMR GmBH, an international independent market research organisation, Mr Jindal continues to shape the future of the Indian manufacturing industry.

On the personal front, Mr Ratan Jindal is a keen golfer and takes an avid interest in tennis and cricket.

Mr Abhyuday Jindal

Mr Abhyuday Jindal

Managing Director

RMC CSR STC SC SRC ESG
A Boston University graduate in economics and business management, Mr Abhyuday Jindal has wide-ranging experience in project management, supply chain systems, and strategic and general management. He is currently the Managing Director of Jindal Stainless. Striving to forge stronger and wider public-private partnerships, he serves as the President of the Indian Chamber of Commerce (ICC) and Co-Chair of CII’s Advisory Council of the Corrosion Management Division.

Mr Jindal started his career with the JSW Group, where he played a prominent role in the acquisition of a stake in Ispat Industries and the postacquisition integration of JSW and Ispat. He then moved to the Boston Consulting Group, where he managed consulting projects across diverse industries, including cement, steel, wind turbines, and auto components. Having gained a deep understanding of the industrial manufacturing arena, Mr Jindal joined the USD 4.86 billion (as of March 2026) Jindal Stainless consortia, which is a part of the O.P. Jindal Group with an annual turnover of over USD 38 billion.

Driven by the ambition to go beyond the ordinary, Mr Jindal helped the company make concerted efforts to improve its supply chain and operational efficiencies. Today, he is shaping Jindal Stainless into a far more dynamic, responsive, predictive, and solution-based organisation. As a leader in the nation’s stainless steel landscape, Mr Jindal has explored and unlocked new avenues for providing stainless solutions to stakeholders with a vision towards sustainability and improving lives. Helmed by him, the organisation has built uncontested market leadership and made forays into new fields. Under his stewardship, the company bolstered its unique competitive advantage in manufacturing special stainless steel grades for the nuclear and defence sectors.

Mr Jindal has received widespread acclaim for his dynamic leadership and forward-thinking approach to business. In 2025, he was named the winner in the ‘Urban Visionary’ category of the prestigious BT-PwC India’s Best CEOs list, following his 2024 recognition in the ‘Mid-sized Companies’ category of the same ranking. That year, he was also listed among Business World’s Most Valuable CEOs and featured in the Economic Times’ esteemed ‘ET 40 Under Forty’. Further affirming his commitment to social responsibility, he was honoured as India’s NextGen Philanthropy Leader of the Year by Hurun Report India in 2024. These accolades reflect not only his strategic acumen but also his deep commitment to sustainable growth, innovation, and societal impact.

With a strong belief in an Atmanirbhar India, Mr Jindal’s community-centric transformational approach has led to the development and sustenance of several empowerment initiatives in and around Jindal Stainless’ production facilities. He personifies open and participative management, a consistent culture of dialogue and feedback, and a relentless march towards progress.

Mr Tarun Kumar Khulbe

Mr Tarun Kumar Khulbe

CEO & Whole-Time Director

RMC SRC STC SC
An industry veteran with 35 years of experience, Mr Tarun Kumar Khulbe has played an instrumental role in steering Jindal Stainless toward operational excellence and strategic growth. He was appointed Chief Executive Officer (CEO) in January 2024 after serving as Whole-time Director since 2018. In his current role as CEO and a Director on the Board, Mr Khulbe provides overall leadership and is responsible for key strategic decisions across the organisation

Mr Khulbe began his career with Raymond Steel, which later became part of ThyssenKrupp, Germany. He joined Jindal Stainless in October 2004 as General Manager of the cold rolling mills at Hisar. In 2012, he was appointed Head of Stainless Steel Operations. In 2015, he was elevated to the role of Director and Chief Operating Officer (COO), leading major transformation initiatives across the business. In these roles, he gained comprehensive exposure to plant operations and led teams that delivered significant value and volume expansions. Mr Khulbe holds an engineering degree from MITS, Gwalior, and an MBA from the Jamnalal Bajaj Institute of Management Studies, Mumbai.

Mr Jagmohan Sood

Mr Jagmohan Sood

Whole-Time Director & COO

CSR ESG SC
Mr. Jagmohan Sood is a technocrat with nearly three decades of experience in operational and managerial excellence. He was the Wholetime Director and Chief Operating Officer of Jindal Stainless (Hisar) Limited (now merged with Jindal Stainless Limited). Currently, he is associated with Jindal Stainless as Director, Operations. In his current role, he is responsible for driving growth and sustainability strategies for the Hisar and Jajpur units of Jindal Stainless. Mr Sood also helms the Sourcing function of the organisation and drives strategic technology integration in Operations and Sourcing.

Mr. Sood began his career in 1990 by joining the Operations team of the public sector steel major, Steel Authority of India Limited. Five years later, he joined the Research & Development wing of Jindal Stainless and then went on to work in various divisions of the Company. He is an expert metallurgist with versatile on-ground experience across the value chain of the business in both domestic as well as international markets. In the stainless steel industry, his voice is a force to be reckoned with.

Mr. Sood’s academic records are at par with his illustrious professional journey. He is a gold medalist in Metallurgical Engineering from the University of Nagpur. He also secured the first rank in M. Tech. in the Department of Metallurgical and Material Engineering at IIT Bombay. Furthermore, Mr. Sood has attended several management and leadership development programmes at reputed institutes such as Harvard Business School, the Indian Institute of Management (IIM), Ahmedabad, and the Management Development Institute, Gurgaon.

Mr Ajay Mankotia

Mr Ajay Mankotia

Independent Director

AC SRC NRC ESG RMC STC
Mr Ajay Mankotia holds a BA (Honours) in Economics from St. Stephen’s College, University of Delhi, followed by a master’s degree in Economics from the Delhi School of Economics, University of Delhi. He also holds a Diplôme d’études supérieures spécialisées (DESS) in Diplomacy and Administration of International Organizations from the University of Paris-XI, Paris; a Diploma in International Economic Relations from the Institut International d’Administration Publique (IIAP), Paris; and a bachelor’s degree in law (LLB) from the Law Centre, University of Delhi.

Mr Mankotia joined the Indian Revenue Service in 1982 and served in a wide range of roles in the Income Tax Department, spanning assessments, appeals, administration, the Central Board of Direct Taxes, and search and seizure operations. During his career, he also served on deputation as Chief Vigilance Officer at several public-sector fertiliser companies and undertook overseas courses in vigilance and internal affairs. While serving as Commissioner of Income Tax, Mr Mankotia opted for voluntary retirement in 2008, after completing 26 years in the Indian Revenue Service. He subsequently joined NDTV as President (Corporate Planning and Operations) and a member of its Core Committee. He oversaw tax, shared services, legal, human resources, projects, and other corporate functions. He also interacted with industry bodies, ministries, investigative authorities, SEBI, and stock exchanges. Since January 2018, Mr Mankotia has been running his own tax and legal advisory practice. He served as an Independent Director and Chairman of the Audit Committee at MPS Limited until the conclusion of his tenure earlier this year. He also served as a Director of RSG Media Systems Pvt. Ltd.

Dr Rajeev Uberoi

Dr Rajeev Uberoi

Independent Director

NRC AC ESG RMC
Dr Rajeev Uberoi is a career banker specialising in governance, legal, compliance, and control functions. He served as the CEO of IDFC Holding Finance Co. Ltd. and held senior positions at various banks, including General Counsel and Group Head – Audit at IDFC Bank Ltd., and Group Senior President – Governance and Control at Yes Bank.

Earlier, he worked with several domestic and multinational banks, including Standard Chartered Bank, Union Bank of India, and State Bank of India. He also served as Assistant General Manager in the Department of Banking Supervision at the Reserve Bank of India; Vice President and Regulatory Head at Citibank; and Head of Risk Management and Compliance, India, at ANZ Grindlays Bank. Dr Uberoi is also a prolific writer with several publications to his credit. He is a member of various committees and has been active on the speaker circuit. He has received several awards and accolades, and his contribution to the legal fraternity has been recognised by the industry. Dr Uberoi is a lawyer and Canadian Commonwealth Scholar. He holds a master’s degree from McMaster University and a PhD in Economics. He also holds a postgraduate diploma in Business Administration from the Management Development Institute (MDI). He has served on the boards of MPCON Limited, IFCI Infrastructure Development Limited, and NICDC Haryana Global City Project Limited. He has also served as a senior adviser to Shardul Amarchand Mangaldas, Unity Small Finance Bank, Bridgewater Tech Ltd., UK, and Faarm Global Venture Pte, Singapore, among others. He has also served on the boards of Auvionpro Payment Solutions Pvt. Ltd., Shalimar Paints, Investment Trust of India Limited, and Roadstar Investment, among others. Dr Uberoi has been mentoring several start-ups, particularly in digital financing, governance, and control.

Ms Shruti Shrivastava

Ms Shruti Shrivastava

Independent Director

AC SRC CSR NRC RMC SC
Ms Shruti (Kanodia) Shrivastava holds a BA LLB (Hons.) degree from the National Law School of India University, Bengaluru, where she was awarded a gold medal. She is currently the Managing Partner of Sagus Legal.

She has over 18 years of experience in general corporate advisory, M&A, private equity, venture capital, business restructuring, projects, insolvency, and banking and finance. She advises clients across a wide range of industries, spanning power, automobiles, manufacturing, chemicals, retail, real estate, hospitality, and infrastructure, on complex legal, regulatory, and strategic matters.

Prior to founding Sagus Legal, she was a Partner in the corporate transactions team at Shardul Amarchand Mangaldas, New Delhi. She began her career at S&R Associates, New Delhi. She serves on the boards of listed and unlisted companies as an Independent Director.

She has a keen interest in the safe use of technology and AI to improve efficiency and productivity. Her distinguished recognitions include:

  • Top 100 Women in Litigation – Asia-Pacific (2025) – Benchmark Litigation
  • Litigation Star (Insolvency, India – 2025) – Benchmark Litigation
  • India Top Lawyers: The A-List 2024–25 – India Business Law Journal
  • Recommended Lawyer – Banking & Finance, Corporate & M&A (2025) – The Legal 500 Asia-Pacific
  • Highly Regarded and Women Leader – Banking & Finance, Corporate & M&A – IFLR1000
Dr Aarti Gupta

Dr Aarti Gupta

Independent Director

SRC ESG AC NRC CSR
Dr Aarti Gupta is a seasoned investment strategist who has served as Chief Investment Officer of her family office, the D M Gupta Family of the Jagran Group, for the past 14 years. She is also the Managing Partner at Anikarth Ventures, an angel-investing firm that invests in innovative, early-stage start-ups developing transformative solutions.

Committed to advancing women’s economic participation, Dr Gupta serves as Vice President of Harvard Global WE and Head of Policy and Advocacy at FICCI FLO, working at the intersection of capital, policy, and women’s empowerment. She is the author of ‘I Am My Own Laxmi’ and a regular columnist and public speaker on investing and financial decisionmaking, with a particular focus on women. She is also an investor on Bharat Ke Superfounders, a reality show for early-stage founders, where she evaluates founders and business models.

Her contributions have been widely recognised. Inc42 named her among the country’s Top 30 Women Torchbearers, Priwexus honoured her as ‘Woman in Family Office Thought Leader 2023’, and she is featured among the world’s Top 50 Family Capital Investment Specialists on the FamCap 50 list.

Dr Gupta holds a PhD from IIT Kanpur, a postgraduate diploma from Harvard University, and a master’s degree in Economics from Northeastern University. Having lived and worked across India and the United States, she brings a global yet grounded perspective to investing and institution-building.

Board Effectiveness

An effective Board is central to guiding Jindal Stainless through growth, complexity, and transformation. As of March 31, 2026, JSL’s Board comprises eight members, with Independent Directors accounting for 50% and Women Directors representing 25% of the Board. Its composition brings together diverse perspectives and experience, supporting balanced and informed decisionmaking.

The Board actively engages in strategic planning and oversees risk, compliance, ESG matters, and stakeholder accountability. Its effectiveness is assessed through regular evaluations of the Board as a whole, its committees, and individual Directors. These evaluations consider participation in Board meetings, understanding of roles and responsibilities, knowledge of the Company’s business and operating environment, and the effectiveness of each Director’s contribution.

Directors receive updates on industry trends, emerging risks, regulatory developments, and sustainability matters to support informed oversight business, compliance and ESG priorities.

Through active oversight, periodic evaluation, and continued learning, the Board guides JSL’s strategic direction and upholds the governance values that define the Company.

Ethics & Integrity

Ethical conduct is central to Jindal Stainless and guides the Company’s business operations, supply chains, and stakeholder relationships. A culture of fairness, transparency, and accountability shapes how JSL operates, makes decisions, and conducts its business.

The Company’s commitment to integrity is supported by a well-defined policy framework that sets out expectations relating to ethical behaviour, anti-corruption, human rights, grievance redressal, and regulatory compliance.

During FY26, JSL recorded zero reported cases of human rights violations or significant breaches of ethical conduct, reflecting the strength of its controls and the depth of its ethical culture.

The Company also conducts periodic training and sensitisation sessions across departments and facilities to strengthen awareness and ownership of ethical practices.

By reinforcing ethical decision-making at every level of the organisation, Jindal Stainless continues to build a culture that earns trust, attracts talent, and sets high standards for responsible business conduct in India and beyond.

Policy Framework

Jindal Stainless has established a comprehensive policy framework that underpins its corporate governance practices and promotes transparent, ethical, and responsible business conduct. These policies are periodically reviewed to remain aligned with evolving regulatory requirements, global standards, and stakeholder expectations.

Ethical Governance & Business Conduct

Ethical Governance & Business Conduct

  • Code of Conduct and governance practices that promote integrity, accountability, and responsible business practices.
  • Anti-Bribery and Anti-Corruption Policy, Whistleblower Policy, and Related Party Transactions Policy to strengthen ethical conduct and transparency.
  • Policies relating to dividend distribution, remuneration, and material disclosures, together with processes for managing foreign exchange risks, to support corporate governance and financial discipline.
Stakeholder Engagement

Stakeholder Engagement

  • Structured stakeholder engagement framework centred on stakeholder identification, transparent communication, proactive engagement, and responsiveness.
  • Stakeholders Grievance Policy to ensure timely and effective resolution of stakeholder concerns.
Social Responsibility

Social Responsibility

  • CSR Policy aligned with the Company’s philosophy of shared value creation, national development priorities, and the United Nations Sustainable Development Goals (SDGs).
  • Community development initiatives implemented through the Jindal Stainless Foundation in partnership with government agencies, NGOs, and local communities, with an increasing focus on participatory and sustainable development.
Diversity, Equity & Inclusion

Diversity, Equity & Inclusion

  • Equal Opportunity Policy promoting an inclusive workplace and compliance with the Rights of Persons with Disabilities Act, 2016.
  • Prevention of Sexual Harassment (PoSH) Policy supported by a dedicated Internal Committee and confidential reporting mechanisms.
  • Continued focus on strengthening gender diversity, leadership representation, and gender pay parity.
Environmental & Climate Governance

Environmental & Climate Governance

  • Net Zero commitment by 2050 and alignment with the Science Based Targets initiative (SBTi).
  • Transparent carbon reporting and compliance with evolving global climate disclosure requirements, including the EU Carbon Border Adjustment Mechanism (CBAM).
Operational Excellence & Product Stewardship

Operational Excellence & Product Stewardship

  • Quality and laboratory management supported by internationally recognised certifications, including ISO 17025:2017, NABL accreditation, and IATF 16949:2016
  • Information security governed through ISO/IEC 27001:2022 certification and a Zero Trust security architecture to strengthen cyber resilience and data protection.