Meeting Details

The 16th Annual General Meeting of Essar Shipping Limited was held on September 30, 2026, at 04:00 p.m. (IST). The meeting was conducted entirely through Video Conferencing (VC)/ Other Audio-Visual Means (OAVM) via the NSDL portal, in compliance with the Companies Act, 2013 and a series of MCA General Circulars dated between 2020 and 2025.

Summary of Proposed Resolutions

The meeting agenda included both Ordinary and Special Business for shareholder approval.

Ordinary Business

  • Resolution 1: To receive, consider, and adopt the Audited Standalone Financial Statements for the financial year ended March 31, 2026, along with the reports of the Board of Directors and Auditors.
  • Resolution 2: To receive, consider, and adopt the Audited Consolidated Financial Statements for the financial year ended March 31, 2026, along with the reports of the Auditors.
  • Resolution 3: To appoint a director in place of Mr. Rajesh Dhirubhai Desai (DIN: 08848625), who retired by rotation and offered himself for re-appointment.

Special Business

  • Resolution 4a: To approve the disinvestment in the overseas wholly-owned subsidiary, Essar Shipping DMCC, Dubai, under Section 180(1)(a) of the Companies Act, 2013.
  • Resolution 4b: To approve the disinvestment in the overseas wholly-owned subsidiary, OGD Services Holdings Limited, Mauritius, under Section 180(1)(a) of the Companies Act, 2013.
  • Resolution 5: To appoint Mr. Subramanian Raman (DIN: 11920269) as an Independent Director.
  • Resolution 6: To re-appoint Mr. Suresh Ramamirtham (DIN: 09299459) as an Independent Director.
  • Resolution 7: To approve the sale of the asset 'Semi-submersible Rig – Essar Wildcat', owned by the subsidiary Essar Shipping DMCC, Dubai.
  • Resolution 8: To approve the sale of the asset 'Tug III', owned by Essar Shipping Limited.
  • Resolution 9: To consider and approve General Related Party Transactions.

Voting Process

The voting process was conducted via remote e-voting and voting at the AGM. Mr. Mayank Arora, Practicing Company Secretaries, was appointed as the Scrutinizer to ensure the process was conducted in a fair and transparent manner.

Key Voting Outcomes and Scrutinizer's Role

The document states that the results of the voting were to be declared within two working days of the conclusion of the meeting. The results, along with the Scrutinizer's report, were to be placed on the website of the company and NSDL and intimated to BSE Limited (Scrip Code: 533704) and the National Stock Exchange of India Limited (NSE Code: ESSARSHPNG). The specific vote counts and percentages are not provided in this proceeding report.

Compliance Confirmation

The Chairman of the meeting, Mr. Suresh Ramamirtham, confirmed that all compliances pertaining to the calling, convening, and conducting of the meeting through VC/OAVM, as required under the Companies Act, 2013, its Rules, Secretarial Standards, and MCA Circulars, had been adhered to by the company. It was also noted that the appointment of proxies was prohibited for this virtual meeting.

Other Procedural Information

The meeting commenced with a welcome address by the Company Secretary, an introduction of the directors, KMPs, auditors, and scrutinizers present. The notice of the AGM was taken as read. The meeting was concluded at 4:15 p.m. IST on the same day.