Zenith Steel Pipes & Industries News

Zenith Steel Company Secretary Resigns

Zenith Steel Pipes & Industries announces resignation of Company Secretary and Compliance Officer Prakhar Agarwal effective February 06, 2026, citing pursuit of external opportunities.

Zenith Steel Pipes Signs Non-Binding MoU with Lloyds Realty for Land Development

Zenith Steel Pipes & Industries Limited has executed a non-binding Memorandum of Understanding with Lloyds Realty Developers Limited for the development of land owned by Zenith Steel Pipes. The agreement establishes that Zenith will collaborate with Lloyds for land development in a manner and on terms to be agreed between the parties. The companies are not related parties, and Lloyds Realty has no shareholding in Zenith Steel Pipes. The transaction does not fall under related party transactions.

Zenith Steel Pipes Reports Q1 Results Amid Financial Challenges and Auditor Changes

Zenith Steel Pipes & Industries Limited approved its unaudited Q1 financial results for the quarter ended June 30, 2025. The company appointed M/s. Varun Kabra & Associates as Secretarial Auditor for five years, replacing M/s. Anil Somani & Associates, and adopted updated codes of conduct for trading and fair disclosures. The auditor's review revealed significant concerns including non-compliance with deposit regulations, unconfirmed balances requiring reconciliation, frozen bank accounts with Rs. 41.07 lakhs provision, and fully eroded net worth raising going concern doubts. The company has a Memorandum of Understanding with Tribus Real Estate for taking over secured bank loans of Rs. 16,884.92 lakhs. Banks have taken symbolic possession of the Khopoli unit properties for outstanding dues of Rs. 19,319.00 lakhs, with the matter pending before Debt Recovery Tribunal. The company wrote back provisions totaling Rs. 622.17 lakhs during the quarter, recognized as other income.