Vedanta Limited (Cairn Oil & Gas) has extended the Operation & Maintenance (O&M) contract with Asian Energy Services Limited for its oil and gas facilities in Gujarat by one year. The contract extension was announced through a regulatory filing dated March 16, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Contract Extension Details

The extension covers the O&M contract for Vedanta's Oil and Gas Processing Facility and Offshore Platforms located in Cambay, Gujarat. The contract validity has been extended by one year, with the new timeline running from March 31, 2026 to March 31, 2027.

Background and Continuity

This extension builds upon the original Letter of Award (LOA) that Asian Energy Services received from Vedanta Limited on January 24, 2022. Asian Energy Services has been providing O&M services for Vedanta's critical oil and gas infrastructure, demonstrating operational reliability and service quality that has led to this contract renewal.

The extension maintains the same commercial terms as the original agreement, indicating stable pricing and operational parameters. This continuity suggests a satisfactory performance track record and established working relationship between the two companies.

Regulatory Compliance

Asian Energy Services has fulfilled its disclosure obligations by promptly informing both BSE Limited and National Stock Exchange of India Limited about this material development. The announcement was signed by Company Secretary & Compliance Officer Shweta Jain, ensuring proper corporate governance protocols were followed.

This contract extension provides Asian Energy Services with continued revenue visibility and operational stability in the oil and gas services sector, reinforcing its position as a reliable service provider for major energy companies in India.

Asian Energy Services Limited has achieved another significant milestone in its proposed merger scheme, receiving 'No objection' from the National Stock Exchange of India Limited (NSE) on March 05, 2026. This follows the company's earlier receipt of no adverse observations from BSE Limited on March 02, 2026, for the scheme of merger by absorption with Oilmax Energy Private Limited under the Companies Act, 2013.

Dual Stock Exchange Approvals

The company has now secured approvals from both major stock exchanges for its merger scheme. The NSE approval came through observation letter reference NSE/LIST/50839 dated March 05, 2026, while BSE had earlier provided its no adverse observations on March 02, 2026.

Merger Scheme Structure

The scheme involves the merger of Oilmax Energy Private Limited (OEPL) as the transferor company with Asian Energy Services Limited (AESL) as the transferee company. The merger is being executed under Sections 230 to 232 read with Section 66 and other applicable provisions of the Companies Act, 2013.

SEBI Compliance Requirements

Both exchange approvals reference SEBI's detailed comments dated February 27, 2026, which outline 13 specific conditions for the merger process. These comprehensive requirements cover various aspects of disclosure and compliance:

Key Disclosure Mandates

• Complete details of ongoing adjudication and recovery proceedings against the company, promoters, and directors
• Additional information submitted after filing to be displayed on company and stock exchange websites
• Compliance with all SEBI circulars and Master Circular provisions
• Financial information not older than six months for valuation purposes
• Mandatory demat form for any proposed equity shares

Enhanced Shareholder Communication

• Impact assessment on revenue generating capacity of the transferee company
• Comprehensive rationale and synergies analysis of the business combination
• Value assessment of assets and liabilities being transferred
• Updated shareholding patterns pre and post-merger
• Disclosure of pending actions against entities and their potential impact

Regulatory Timeline and Next Steps

The observation letters from both exchanges carry validity periods of six months from their respective dates, within which the scheme must be submitted to the National Company Law Tribunal (NCLT).

Outstanding Approvals Required

Despite securing both stock exchange approvals, the merger scheme remains subject to several additional approvals:

• Approval from respective shareholders of both companies
• Creditor approvals as required under applicable laws
• Final approval from the jurisdictional National Company Law Tribunal
• Any other statutory and regulatory approvals as may be required

Company Information

Asian Energy Services Limited, incorporated under CIN L23200MH1992PLC318353, has made both observation letters accessible on its website at www.asianenergy.com . The company is headquartered at 3B, 3rd Floor, Omkar Esquare, Chunabhatti Signal, Eastern Express Highway, Sion (East), Mumbai - 400022.

The dual exchange approvals represent crucial progress in the merger process, with the company now positioned to proceed with NCLT filing while ensuring compliance with SEBI's detailed requirements.