Asian Energy Services Limited has initiated a postal ballot process via remote e-voting to seek shareholder approval on special businesses, including the re-appointment of its Managing Director. The e-voting period is scheduled from May 26, 2026, to June 24, 2026. The company has engaged National Securities Depository Limited (NSDL) to facilitate the electronic voting process.

The resolutions proposed for approval include the re-appointment of Dr. Kapil Garg as Managing Director for a period of three years effective from June 1, 2026, to May 31, 2029. Shareholders will also vote on the grant of up to 1,45,000 stock options to Mr. Parikshit Datta, Non-Executive Non-Independent Director, under the AESL ESOP 2025 plan. Additionally, the notice seeks approval for the payment of remuneration of ₹5,00,000 individually to each Independent Director for FY 2026-27.

Remuneration and Performance

The Board has proposed a remuneration package for Dr. Kapil Garg comprising a basic salary of ₹33,00,000 per month, along with an annual increment of 7.5%. He is also entitled to allowances and perquisites subject to an overall ceiling of 50% of basic salary per annum, and a commission subject to a ceiling of 5% of the net profits. The company reported a profit after tax of ₹4,484.68 lakh for the year ended March 31, 2026, compared to ₹4,103.94 lakh in the previous year.

Key Dates for Shareholders

The eligibility of members to participate in the voting process is determined based on the Register of Members or List of Beneficial Owners as of May 22, 2026. The company stated that no physical copies of the notice or postal ballot forms will be dispatched to shareholders. All communications regarding the assent or dissent of shareholders will take place exclusively through the remote e-voting facility provided by NSDL.

The detailed procedure for casting votes and the postal ballot notice is available on the company's website at www.asianenergy.com , the NSDL e-voting website at www.evoting.nsdl.com , and the websites of the BSE and NSE. The process is being implemented in compliance with the provisions of the Companies Act, 2013, and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE276G01015/ed0621c7082e4313.pdf

Asian Energy Services Limited has announced that the Mumbai Bench of the National Company Law Tribunal (NCLT) has directed the convening of a meeting of its equity shareholders to consider a proposed Scheme of Merger by Absorption. The meeting is scheduled for Friday, June 12, 2026, at 11:00 AM IST, and will be conducted through Video Conferencing or other Audio Visual Means (VC/OAVM), without physical presence. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and was communicated to stock exchanges on May 11, 2026.

NCLT Order and Merger Scheme Details

The NCLT, Mumbai Bench, issued its order on April 22, 2026, under Company Scheme Application No. C.A.(CAA)/49(MB)/2026, directing the convening of the shareholder meeting. The proposed scheme involves the Merger by Absorption of Oilmax Energy Private Limited (CIN: U40101MH2008PTC185357), designated as the Transferor Company or First Applicant Company, with Asian Energy Services Limited (CIN: L23200MH1992PLC318353), designated as the Transferee Company or Second Applicant Company. The scheme is being pursued under Sections 230 to 232 read with Section 66 and other applicable provisions of the Companies Act, 2013, and rules framed thereunder.

The key details of the NCLT-convened meeting are summarised below:

E-Voting Schedule

Equity shareholders have been provided the facility of remote e-voting to enable them to cast their votes electronically prior to and during the meeting. The remote e-voting period is as follows:

Notice Dispatch and Documentation

Asian Energy Services Limited completed the dispatch of the notice of the meeting to equity shareholders on May 11, 2026. The notice was accompanied by a copy of the Scheme and Explanatory Statement under Sections 230 to 232 and 102 of the Companies Act, 2013, read with Rule 6 of the Companies (Compromises, Arrangements, and Amalgamations) Rules, 2016. Notices were sent electronically to shareholders whose email addresses are registered with the company, Depository Participants, or the Registrar and Share Transfer Agent. Physical copies were dispatched to shareholders whose email addresses are not on record.

The relevant documents have been made available on the following platforms:

• Website of Asian Energy Services Limited: www.asianenergy.com
• BSE Limited: www.bseindia.com
• NSE Limited: www.nseindia.com
• NSDL e-voting portal: www.evoting.nsd.com

Physical copies of the notice may also be obtained free of charge from the registered office of the Transferee Company at 3B, 3rd Floor, Omkar Esquare, Chunabhatti Signal, Eastern Express Highway, Sion (East), Mumbai – 400 022, between 10:00 AM and 5:00 PM on all working days (except Saturdays, Sundays, and public holidays) up to the date of the NCLT-convened meeting. Shareholders may also request an electronic copy by writing to secretarial@asianenergy.com .

Meeting Conduct and E-Voting Facility

The NCLT has appointed a Chairperson for the meeting. Mr. Ketan Dand (Membership No. FCS 5288, COP No. CP 4470) has been appointed as Scrutinizer for the meeting. The company has engaged the services of National Securities Depository Limited (NSDL) to provide the VC/OAVM facility, remote e-voting, and e-voting during the meeting.

The newspaper advertisements regarding the NCLT-convened meeting were published on May 11, 2026, in Business Standard (English, National Edition) and Navshakti (Marathi language), as directed by the NCLT. The disclosure to the stock exchanges was signed by Shweta Jain, Company Secretary & Compliance Officer (Membership No.: 23368), on behalf of Asian Energy Services Limited.

Scheme Subject to Further Approvals

The proposed Scheme of Merger by Absorption, if approved at the NCLT-convened meeting, will remain subject to the subsequent approval of the Hon'ble NCLT and such other approvals, permissions, and sanctions of the relevant regulatory authorities as may be necessary and as contemplated in the Scheme. The scheme is also being pursued in compliance with the SEBI Master Circular bearing No. SEBI/HO/CFD/POD-2/PI/CIR/2023/93 dated June 20, 2023, as amended from time to time, and any other applicable SEBI circulars governing schemes of arrangement.