Aban Offshore has submitted a revised notice convening its 39th Annual General Meeting (AGM) for the financial year ended March 31, 2025. The meeting is scheduled for Monday, November 16, 2026, at 10:15 am via Video Conferencing or Other Audio Visual Means.

This revision follows the earlier submission of the FY26 annual report and the notice for the 40th AGM, which is set to follow immediately at 11:30 am on the same day. The company, currently undergoing the Corporate Insolvency Resolution Process (CIRP), reported a standalone net profit of ₹316.83 million (₹31.7 crore) for FY26 in its previous filing.

Financial performance overview

The company's standalone turnover for FY26 stood at ₹1,113.64 million (₹111.4 crore), a decline from ₹1,245.49 million in the previous year. Despite the drop in revenue, the company posted a net profit of ₹316.83 million, compared to a net profit of ₹1,678.20 million in FY25. The net worth of the company remained negative at ₹(9,627.95) million as against ₹(9,943.59) million in the previous year.

During the year, the company deployed its rigs Aban II, Aban III, and Aban IV on bareboat hire charges, which assured revenue visibility. However, the consolidated loss for the year widened to ₹(28,386.86) million from ₹(15,300.77) million in the previous year, driven largely by finance costs and foreign exchange losses.

Agenda for 39th and 40th AGMs

The revised notice for the 39th AGM includes ordinary business items such as adopting the audited standalone and consolidated financial statements for FY25 and appointing a director in place of Mr. C.P. Gopalkrishnan, who retires by rotation.

Special business includes:

• Approval for the continuation of Mr. P. Venkateswaran as Non-Executive Non-Independent Director beyond the age of 75 years.
• Appointment of M/s. G. Ramachandran & Associates as Secretarial Auditor for five consecutive years from FY26 to FY30.

The 40th AGM, scheduled subsequently, will address matters related to the financial year 2025-26.

AGM logistics and voting details

Shareholders can exercise their voting rights remotely using the electronic voting facility provided pursuant to Regulation 44 of SEBI (LODR) Regulations, 2015. The remote e-voting period commences at 9:00 am on Friday, November 13, 2026, and concludes at 5:00 pm on Sunday, November 15, 2026. Both dates are inclusive in the voting window.

The voting rights of members are determined based on the number of equity shares held as of the cutoff date, which is set for November 9, 2026. This ensures that only shareholders recorded on this date are eligible to participate in the e-voting process and the subsequent AGM proceedings.

Governance and insolvency status

The notices were issued by Shailesh Desai, Resolution Professional of Aban Offshore Limited (Undergoing CIRP), bearing IBBI Registration No. IBBI/IPA-001/IP-P00183/2017-18/10362. The communication was addressed to BSE Ltd and National Stock Exchange of India Ltd for regulatory compliance.

The company remains under the Corporate Insolvency Resolution Process initiated by the NCLT Chennai Bench vide order dated September 1, 2025, following a petition filed by Punjab National Bank. Consequently, the powers of the Board of Directors are suspended, and the management of the affairs of the company vests with the Resolution Professional. The auditors have issued a disclaimer of opinion on the standalone financial statements due to material uncertainties regarding going concern status and incomplete bank confirmations.

Aban Offshore Limited has disclosed outstanding Non-Convertible Redeemable Preference shares worth ₹281 crore that remain unredeemed and under suspension since 2014.

The disclosure, made pursuant to Regulation 57 of SEBI (LODR) Regulations, 2015, notes that of the total amount, ₹20 crore pertains to unlisted preference shares. The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP).

Set-off with Axis Bank dues

The filing highlights a specific financial adjustment involving Axis Bank Limited, an investee of the company's preference shares. In a prior year, Axis Bank utilised Aban Offshore's current account balance without consent to settle preference dues amounting to ₹18 crore.

The company stated that the legal framework of the preference share issue allowed this utilisation to be reflected as a recoverable amount in its books. Consequently, Aban Offshore set off the liability and the recoverable amount as on March 31, 2026.

Disclosure details

The document was signed by Shailesh Desai, Resolution Professional for Aban Offshore Limited, confirming the status of these long-standing liabilities amidst the ongoing insolvency proceedings.