Dolphin Offshore Enterprises (India) Limited shareholders approved material related-party transactions and re-appointed its Managing Director at the company’s 47th Annual General Meeting. The meeting was held on August 25, 2026, via video conferencing.

The board sought shareholder approval for transactions involving both the parent company and its subsidiaries. Additionally, members approved the appointment of Mr. Rohan Vasantkumar Shah as a director liable to retire by rotation.

Key Resolutions Passed

Shareholders voted on five key agenda items during the proceedings:

• Adoption of audited standalone and consolidated financial statements for FY26
• Appointment of Mr. Rohan Vasantkumar Shah as director
• Approval of material related-party transactions by the company
• Approval of material related-party transactions by subsidiaries
• Re-appointment of Mr. Rupesh Kantilal Savla as Managing Director

Meeting Proceedings

The meeting commenced at 11:00 am with the requisite quorum present. Ms. Krena Khamar, Company Secretary & Compliance Officer, declared the meeting open after introducing the panel members, including the Board of Directors and Chief Financial Officer.

The Chairman delivered his address and announced the company’s performance. The auditors’ report and secretarial audit report for the year ended March 31, 2026, were not read out as they contained no qualifications or adverse observations.

Ms. Aishwarya Parekh, Practicing Company Secretary from Ahmedabad, was appointed as the scrutinizer to oversee the voting process. Remote e-voting had been enabled prior to the meeting, with venue e-voting available for those who had not voted earlier.

The meeting concluded at 11:17 am with a vote of thanks.

Dolphin Offshore Enterprises (India) Limited has scheduled its 47th Annual General Meeting (AGM) for Tuesday, August 25, 2026, to approve material related party transactions (RPTs) valued at up to ₹170 crore and re-appoint key management personnel. The meeting will be conducted via Video Conferencing or Other Audio-Visual Means (VC/OAVM), with remote e-voting open from August 21 to August 24, 2026. This procedural update follows the company’s announcement of a 30.7% year-on-year rise in consolidated net profit to ₹1,481.41 lakh for Q1FY27, highlighting improved operational performance ahead of the annual review.

The Board of Directors has sought shareholder approval for continuing business transactions with Deep Onshore Services Private Limited (DOSPL), the holding company, and Deep Industries Limited (DIL), the ultimate holding company. Additionally, approvals are required for transactions involving subsidiaries Beluga International FZCO and Deep International FZCO. The proposed RPTs cover loans, inter-corporate deposits, and service agreements essential for business expansion and working capital requirements.

Key Dates for Shareholders

Shareholders must note the specific timelines for voting and record determination to ensure their participation rights are preserved. The cut-off date for determining eligibility to vote electronically is August 18, 2026. Members holding shares in physical or dematerialized mode as on this date are entitled to cast their votes. Once a vote is cast during the remote e-voting window, it cannot be changed subsequently.

The Chairman is required to declare the results of the voting within two working days following the conclusion of the AGM. Ms. Aishwarya Parekh, Practicing Company Secretary, has been appointed as the Scrutinizer for the process.

Material Related Party Transactions

Pursuant to Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company seeks approval for RPTs that exceed 10% of the annual consolidated turnover. The annual consolidated turnover for FY26 was ₹116.42 crore.

The proposed transactions include:

• Deep Onshore Services Private Limited (DOSPL): Estimated value up to ₹50 crore, representing 42.94% of consolidated turnover. DOSPL holds a 74.99% equity stake in Dolphin Offshore.
• Deep Industries Limited (DIL): Estimated value up to ₹120 crore, representing 103.08% of consolidated turnover. DIL is the ultimate holding company.
• Subsidiaries (Beluga International FZCO & Deep International FZCO): Estimated value up to ₹50 crore. These entities are fellow subsidiaries under DIL.

The financial assistance provided under these arrangements will be unsecured, with repayment periods ranging from one to five years. Interest will be charged at appropriate rates as per defined norms. The funds are intended for business expansion, working capital requirements, and other operational needs.

Management Re-appointments

The AGM will also consider the re-appointment of Mr. Rupesh Kantilal Savla as Managing Director for a term of five years, effective December 7, 2026. Mr. Savla, who has not withdrawn any salary till date, will continue without remuneration. His re-appointment follows a performance evaluation by the Nomination and Remuneration Committee, which cited his professional background and contributions to the company’s growth.

Additionally, Mr. Rohan Vasantkumar Shah, an Executive Director, retires by rotation and offers himself for re-appointment. Mr. Shah is a Chartered Accountant with over 20 years of experience in finance and statutory compliances.

Recent Financial Context

This AGM follows the company’s announcement of a 30.7% year-on-year rise in consolidated net profit to ₹1,481.41 lakh for Q1FY27. Revenue from operations surged 160.6% to ₹4,284.65 lakh in the quarter ended June 30, 2026. While consolidated performance improved significantly, standalone profit after tax declined to ₹91.08 lakh from ₹124.08 lakh in the prior year period, highlighting the group’s reliance on overseas subsidiaries for bulk revenue generation. The disparity between consolidated and standalone figures underscores the strategic importance of international operations in driving overall profitability for Dolphin Offshore.