Meeting Details

The 16th Annual General Meeting of Essar Shipping Limited was held on Wednesday, 30th September 2026 at 4:00 p.m. IST through Video Conference / Other Audio Visual Means. The meeting was convened by notice dated 31st August 2026.

Proposed Resolutions and Implications

Nine resolutions were proposed for shareholder approval:

Ordinary Business:

1. Approval and Adoption of Audited Standalone Financial Statements for FY26 with Reports of Board of Directors and Auditors

2. Approval and Adoption of Audited Consolidated Financial Statements for FY26 with Report of Auditors

3. Appointment of Mr. Rajesh Dhirubhai Desai (DIN: 08848625) as Director liable to retire by rotation

Special Business:

4. Disinvestment in overseas wholly owned subsidiaries (Essar Shipping DMCC, Dubai and OGD Services Holdings Limited, Mauritius) under Section 180(1)(a) of Companies Act, 2013

5. Appointment of Mr. Subramanian Raman (DIN: 11920269) as an Independent Director

6. Re-appointment of Mr. Suresh Ramamirtham (DIN: 09299459) as an Independent Director for a second term

7. Approval for sale of asset - Semi-submersible rig - ESSAR WILDCAT owned by Essar Shipping DMCC, Dubai

8. Approval for sale of asset - TUG III owned by Essar Shipping Limited

9. Approval for General Related Party Transactions

Voting Process and Methods

The voting process comprised:

  • Remote e-voting: Conducted through National Securities Depository Limited (NSDL) from Sunday, September 27, 2026 (09:00 A.M. IST) to Tuesday, September 29, 2026 (05:00 P.M. IST)
  • E-voting at AGM: Electronic voting during the meeting
  • Cut-off date: Wednesday, September 23, 2026 for determining shareholder eligibility
  • No physical polling was conducted

Key Voting Outcomes

All resolutions were passed with requisite majority. Detailed results:

Resolution 1 (Ordinary): Adoption of Standalone Financials

  • Total valid votes cast: 15,55,34,563
  • Votes in favor: 15,52,32,296 (99.81%)
  • Votes against: 3,02,267 (0.19%)
  • 153 members voted

Resolution 2 (Ordinary): Adoption of Consolidated Financials

  • Total valid votes cast: 15,55,34,563
  • Votes in favor: 15,52,32,296 (99.81%)
  • Votes against: 3,02,267 (0.19%)
  • 153 members voted

Resolution 3 (Ordinary): Appointment of Mr. Rajesh Dhirubhai Desai

  • Total valid votes cast: 15,55,34,563
  • Votes in favor: 15,52,30,946 (99.80%)
  • Votes against: 3,03,617 (0.20%)
  • 150 members voted

Resolution 4 (Special): Disinvestment in Overseas Subsidiaries

  • Total valid votes cast: 28,87,348
  • Votes in favor: 25,83,392 (89.47%)
  • Votes against: 3,02,333 (10.52%)
  • 146 members voted
  • Related party votes excluded per SEBI LODR Regulation 23(4)
  • Public shareholder votes in favor exceeded those against per Regulation 37A

Resolution 5 (Special): Appointment of Mr. Subramanian Raman

  • Total valid votes cast: 15,55,34,563
  • Votes in favor: 15,52,31,530 (99.81%)
  • Votes against: 3,03,033 (0.19%)
  • 151 members voted

Resolution 6 (Special): Re-appointment of Mr. Suresh Ramamirtham

  • Total valid votes cast: 15,55,34,563
  • Votes in favor: 15,52,30,206 (99.80%)
  • Votes against: 3,04,357 (0.20%)
  • 148 members voted

Resolution 7 (Special): Sale of Semi-submersible Rig ESSAR WILDCAT

  • Total valid votes cast: 28,87,348
  • Votes in favor: 25,82,653 (89.45%)
  • Votes against: 3,04,695 (10.55%)
  • 148 members voted
  • Related party votes excluded per SEBI LODR Regulation 23(4)

Resolution 8 (Special): Sale of TUG III Asset

  • Total valid votes cast: 28,87,348
  • Votes in favor: 25,82,953 (89.46%)
  • Votes against: 3,04,395 (10.54%)
  • 143 members voted
  • Related party votes excluded per SEBI LODR Regulation 23(4)

Resolution 9 (Ordinary): General Related Party Transactions

  • Total valid votes cast: 28,87,381
  • Votes in favor: 25,85,048 (89.53%)
  • Votes against: 3,02,333 (10.47%)
  • 147 members voted
  • Related party votes excluded per SEBI LODR Regulation 23(4)

Scrutinizer's Role and Findings

Mr. Mayank Arora, Partner of Mayank Arora & Co., Company Secretaries, was appointed as Scrutinizer. His responsibilities included:

  • Scrutinizing the remote e-voting and e-voting processes
  • Ensuring fair and transparent voting procedures
  • Preparing the Consolidated Scrutinizer's Report based on NSDL-generated reports
  • The vote unblocking process was witnessed by two independent witnesses: Ms. Nishita Gandhi and Mr. Pranay Gaikar

Compliance Confirmation

The document confirms compliance with:

  • Section 108 of the Companies Act, 2013
  • Rule 20 of the Companies (Management and Administration) Rules, 2014
  • Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  • SEBI LODR Regulation 23(4) for excluding related party votes
  • Regulation 37A for public shareholder approval requirements

Additional Information

  • Shareholders with different folio numbers were considered separately
  • All electronic voting records will be preserved by the Company Secretary
  • No invalid votes were recorded for any resolution
  • No votes were cast during the AGM (all voting occurred remotely)