Appointment of Mr. Subramanian Raman: The Board approved the appointment of Mr. Subramanian Raman (DIN: 11920269) as an Additional Non-Executive Independent Director, effective from September 1, 2026. He holds a Bachelor of Arts degree from Madras University and has over 40 years of experience in secretarial matters, compliances, merger & amalgamation, and investor relationships. He has handled many overseas and domestic merger & acquisitions and demerger activities. He retired as Joint-General Manager from Essar in 2018. His profile notes he is an avid performer of Classical Carnatic Music and devotes his time to contributing to society at large.
Re-appointment of Mr. Suresh Ramamirtham: The Board approved the re-appointment of Mr. Suresh Ramamirtham (DIN: 09299459) as a Non-Executive Independent Director, effective from September 1, 2026, subject to approval from shareholders. He worked with the Essar group of companies for 40 years in Oil, Ports, Shipping, Constructions, and Solar business. His areas of expertise included Marketing, Operations, HR, and Finance. He is an MBA and has various certifications in oil and shipping fields, including from Essar Oil as a Petroleum Trader and IOC trained LPG courses.
Cessation of Mr. Jayakumar: Mr. Jayakumar (DIN: 09300654) ceased to be an Independent Director effective from the close of business hours on August 31, 2026, consequent to the end of his five-year term. The Board placed on record its appreciation for his valuable contributions and guidance during his tenure.
Disclosures: The required disclosures pursuant to Regulation 30 of the SEBI LODR Regulations and relevant SEBI circulars were provided in Annexure-A. For all changes, the fields for 'Reason for change', 'Disclosure of relationships between directors', information pursuant to BSE/NSE circulars, resignation letters, details of other directorships, and independent director confirmations were marked as 'Not Applicable'.
Key Financial or Operational Approvals
Sale of Asset: Based on the recommendation of the Audit Committee and subject to shareholder approval, the Board approved the sale of the Mobile Offshore Semi-Submersible Drilling Rig Essar WildCat. The rig is owned by Essar Shipping FZCO, Dubai (formerly Essar Shipping DMCC), a wholly-owned subsidiary of Essar Shipping Limited.
Details of the Sale (from Annexure-B): The unit contributed Nil amount and percentage to the turnover, revenue, income, and net worth of the listed entity during the last financial year. The expected date of completion of the sale/disposal is March 31, 2027. Details regarding the date of the agreement, consideration received, identity of the buyers, related party status, and compliance with Regulation 37A of LODR were all marked as 'Not Applicable'.
Any Other Material Information
16th Annual General Meeting: The Board approved convening the 16th Annual General Meeting (AGM) of the company on September 30, 2026, to be held through video conferencing (VC)/ other audio visual means (OAVM) in accordance with the provisions of the Companies Act, 2013 and specified MCA Circulars.
Book Closure: The Board fixed the Cut-Off Date for determining eligibility for the AGM as September 23, 2026. The Register of Members and Share Transfer Books will be closed from September 24, 2026, to September 30, 2026 (both days inclusive).
