Duke Offshore Limited has undergone a significant leadership overhaul, appointing six new directors and accepting the resignations of five existing directors and its Chief Financial Officer. The changes, approved by the Board of Directors on July 27, 2026, follow the company’s acquisition by Aspect Global Ventures Private Limited. This restructuring marks a strategic transition in governance as the offshore energy firm integrates into the Aspect Group ecosystem.

The Board meeting, held at Bandra West, Mumbai, concluded with the appointment of Ashutosh Janak Kumar Thakar as Executive Whole Time Director. Thakar, who brings expertise in strategic management and liaisoning for the Aspect Group, joins alongside three non-executive directors: Aksha Mohit Kamboj, Sukumar Anand Shetty, and Rajesh Chunilal Bhojani. Additionally, Vaibhav Anjinikumar Agarwal and Arjun Bikas Dutta were appointed as Additional Independent Directors for five-year terms. All appointments are subject to shareholder approval at the ensuing Annual General Meeting, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the Companies Act, 2013.

Concurrently, the Board accepted the resignation of Avik George Duke as Managing Director and Director, citing the acquisition as the primary reason. Duke, who had led the company through its growth phase, stepped down effective close of business on July 27, 2026. The Board also accepted the resignations of Executive Director Vipul Patel due to health reasons, and Independent Directors Pranay Mehta, Revati Ganesh Pambala, and Ameet Avinash Kimbahune, all of whom cited personal commitments or reasons. Chief Financial Officer Venkatesham Gangadhar Busa also resigned due to personal commitments.

The reconstitution of the Board necessitated the restructuring of key statutory committees. Vaibhav Agarwal was appointed Chairperson of the Audit Committee, joined by Arjun Bikas Dutta and Sukumar Anand Shetty as members. Sukumar Anand Shetty was named Chairperson of the Stakeholder Relationship Committee, with Rajesh Chunilal Bhojani and Arjun Bikas Dutta serving as members. Rajesh Chunilal Bhojani leads the Nomination and Remuneration Committee, supported by Arjun Bikas Dutta and Sukumar Anand Shetty. These changes ensure regulatory compliance and robust governance under the new management structure.

The influx of experienced professionals from the Aspect Group signals a strategic shift towards leveraging broader industry expertise. Aksha Mohit Kamboj, Vice President of the India Bullion & Jewellers Association, brings multi-sector operational experience, while Sukumar Anand Shetty contributes financial management and treasury expertise. Rajesh Chunilal Bhojani adds over 41 years of experience from roles at UTI Mutual Fund and Aditya Birla Sun Life Insurance. Vaibhav Agarwal, a Chartered Accountant with 23 years in banking, and Arjun Bikas Dutta, a former RBI official with 35 years in regulatory compliance, strengthen the independent oversight framework.

New Board Composition

Resigned Officials

What the Numbers Show

The simultaneous resignation of the Managing Director, CFO, and all Independent Directors, coupled with the appointment of six new directors closely tied to the acquiring entity, Aspect Global Ventures, indicates a comprehensive governance reset. The new board composition heavily favors individuals with deep experience in financial services, regulatory compliance, and strategic expansion, suggesting that Duke Offshore Limited will likely align its operational and risk management frameworks more closely with the Aspect Group’s broader corporate strategy. The retention of Sukumar Anand Shetty, an Aspect Group associate, as Chairperson of the Stakeholder Relationship Committee further underscores this integration.

Duke Offshore Limited has undergone a significant change in ownership as Aspect Global Ventures Private Limited acquired a controlling stake of 70.61% in the company. The acquisition involves the purchase of 69,59,800 equity shares from three promoter family members: George Albert Donald Duke, Avik George Duke, and Komal Duke. This transaction marks the entry of Aspect Global Ventures into the promoter category of the offshore services provider, fundamentally altering its shareholding pattern and corporate governance structure.

The deal was formalized through a Share Purchase Agreement executed on June 11, 2026, between the acquirer, the sellers, and the target company. The consummation of the share transfer took place on July 21, 2026. In compliance with Regulation 29(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, the details of the acquisition were intimated to BSE Limited on July 23, 2026.

Transaction Details

The acquisition represents a substantial block transfer from the existing promoter group to an external entity. Prior to this transaction, Aspect Global Ventures held nil shares in Duke Offshore Limited. Post-acquisition, it holds 69,59,800 shares carrying voting rights, which constitutes 70.61% of the total share capital and 70.61% of the total diluted share/voting capital.

Shareholding Structure

Duke Offshore Limited’s total equity share capital remains unchanged at ₹9,85,72,000/-, divided into 98,57,200 fully paid-up equity shares of ₹10/- each. The total diluted share/voting capital also remains at 98,57,200 shares. The acquisition did not involve any warrants, convertible securities, or other instruments entitling the acquirer to receive shares. There are no encumbrances such as pledges or liens on the acquired shares.

Promoter Classification

Following the acquisition, Aspect Global Ventures Private Limited is classified as a promoter with effect from July 21, 2026. This reclassification signifies that the new entity now exercises control over the company’s management and policies. The disclosure was signed by Ashutosh Janak Kumar Thakar, Director of Aspect Global Ventures Private Limited, on July 23, 2026, in Mumbai.