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 Corporate Governance Report

General Shareholders Information

• Annual General Meeting for the year ending 31st March, 2006 - 20th September, 2006.
• Financial Year : 1st April To 31st March.
  

• Date of Book Closure
  From 18th Sep., 2006 to 20th Sep., 2006 (both days inclusive) for Dividend on Equity Shares.
• Dividend payment date
  Within 30 days from the date of A.G.M.
• Listing of Shares
  The Equity Shares of the Company are listed on the following Stock Exchanges.
  - Bombay Stock Exchange Ltd.
  - National Stock Exchange of India Ltd.
  - The Calcutta Stock Exchange Association Ltd.
  
  Requisite Documents have been submitted with The Calcutta Stock Exchange Association Ltd. (CSE) for De-Listing of Company’s Equity Shares. The De-Listing approval is awaited.
  
  Annual Listing Fee including fees for the year 2005-06 have been paid on due dates to all the Stock Exchanges. Our De-listing application is pending with CSE since September, 2003 therefore annual listing fee for 2004-05 and onward has not been paid to them.
• Stock Code
  - Bombay Stock Exchange Ltd. : 500055
  - National Stock Exchange of India Ltd.
• Market Price Data
  High, low of Company's Equity Shares (Rs.10/- per share) as per Stock prices of the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) during each month from April, 2005 to March, 2006.
  

• Share price performance in comparison to broad based indices - NSE Nifty and BSE Sensex based on share price on 31-03-2006.
  During financial year 2005-2006, BSL share price has decreased in NSE by 10% and in BSE by 11% as comparison to increase in NSE Nifty by 67% and BSE Sensex by 74%.
• Registrar and Transfer Agent
  RCMC Share Registry Pvt. Ltd.
  Unit : BHUSHAN STEEL LIMITED
  1515, 1st Floor, Kotla Mubarak Pur
  Bhishm Bitamah Marg, Near South Extn.
  New Delhi - 110003.
  Tel. # : 24649720, 24601017.
  Fax # : 24692345.
  
• Share Transfer System
  Pursuant to SEBI Circular Nos. D&CC/FITTC/CIR-15/2002 dated 27.12.2002 and D&CC/FITTC/CIR-18/2003 dated 12/02/2003, M/s. RCMC Share Registry Pvt. Ltd., which already the Depository Interface of the Company for both NSDL & CDSL, have been appointed as Registrar and Transfer Agents (RTA) w.e.f. 31/03/2003 for all the work related to share registry in terms of both physical and electronic.
  
  Share Transfer Committee
  It approves the transfer and transmission of securities, issuance of duplicate share certificate(s). This Committee comprises of Sh. P.K. Aggarwal and Sh. O.P. Davra.
  
  Physical Mode
  High, low of Company's Equity Shares (Rs.10/- per share) as per Stock prices of the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) during each month from April, 2005 to March, 2006.
  
  Dematerialised Mode
  The Company’s Equity Share are eligible for dematerialisation. The Company had signed Agreements with both the Depositories namely : NSDL and CDSL. The Shareholders may therefore hold Company’s Share in Electronic Mode. The company’s ISIN No. for both the Depositories is INE824B01013.
  
• Distribution of Shareholding as on 31.03.2006
  

  Categery	%age
  Promoters	66.05
  Banks, Financial Institutions, Mutual Funds	2.97
  NRI ’ s	0.28
  Others	30.70

  
  
• Dematerialisation of Shares & Liquidity
  Over 14859135 Shares of the Company ’ s paid up equity share capital has been dematerialized upto 31 st March, 2006. Trading in equity shares of the company is permitted only in dematerialized form as per notification issued by the Securities and Exchange Board of India (SEBI).
• Outstanding Warrants
  The Company has allotted 12,00,000 Nos. of Warrants on 28-04-2005. The said warrants are convertible into equal Nos. of Equity Shares of Rs. 10/ - each at a premium of Rs. 190/- representing 2.83% of the diluted share capital of the Company, shall be exercised within a period of 17 months and 29 days from the date of allotment.
• Plant locations
  - Plot No. 23, Site-IV, Sahibabad Industrial Area,Sahibabad, Distt. Ghaziabad, U.P
  - Plot 28/4, Site-IV, Sahibabad Industrial Area, Sahibabad, Distt. Ghaziabad, U.P.
  - Village - Nifan, Savroli and Dehvali, Taluka-Khalapure, Distt. Raigad, (Near Khopoli) Maharashtra .
  -Meramandali, District Dhenkanal, Orissa.
  
• Transfer of unclaimed amounts to Investor Education and Protection Fund
  The investors are advised to claim the un-encahsed dividends lying in the unpaid dividend accounts of the Company before the due date (as indicated in the Notes to the Notice) for crediting the same by the Company to the Investor Education and Protection Fund.
  
  During the year under review the Company has credited a sum of Rs.98180/- to the Investor Education and Protection Fund pursuant to Section 205C of the Companies Act, 1956.
• Committee On Borrowings
  The Company has a Committee of Directors on Borrowings since 26-11-1996.
  
  Presently, the Committee consists of Four Directors namely (1) Sh.B.B. Singal, (2) Sh. Sanjay Singal, (3) Sh. Neeraj Singal and (4) Sh. Nittin Johari.
  
  Twelve (12) Nos. of Meetings of Committee of Board of Directors on Borrowings were held during the year 2005-06 on 05-05-2005, 03-06-2005, 30-07-2005, 26-08-2005, 15-09-2005, 20-09-2005, 01-10-2005, 07-12-2005, 15-12-2005, 29-12-2005, 10-03-2006 and 23-03-2006.
• Address For Correspondence
  Regd. Office : Bhushan Steel Ltd.
  F-Block, 1st Floor, International Trade Tower,
  Nehru Place, New Delhi-110 019.
  Tel. : 011-42295555, 42297777
  Fax : 011-26478750
  Website: www.bhushansteel.com