Garware Offshore Services Limited has issued a demand notice to Afcons Infrastructure Limited under the Insolvency and Bankruptcy Code (IBC), 2016. The company is seeking payment of ₹3,04,59,761.44 plus interest for overdue charter hire and related expenses.

The dispute stems from a Charterparty agreement dated April 24, 2026, under which Afcons Infrastructure took one of Garware's vessels on charter for 75 days, effective May 18, 2026. Garware states that Afcons defaulted on payments for July 2026 charter hire, catering expenses, and demobilization fees, which remain long overdue.

Notice details

Through its advocates, Garware served the demand notice on September 30, 2026. The total outstanding amount, including interest calculated up to September 28, 2026, stands at ₹3,16,20,074.44. This action was taken in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

What the numbers show

The demand represents a significant receivable exposure for Garware Offshore Services. The inclusion of interest in the total claim highlights the duration of the default, with the principal amount accruing additional costs over time. The specific breakdown of dues into charter hire, catering, and demobilization fees indicates multiple points of payment failure within the single contractual relationship.

Garware Offshore Services Limited has submitted the scrutinizer's report for its 48th Annual General Meeting (AGM), held on September 24, 2026. The report confirms that both ordinary resolutions proposed at the meeting were passed with the requisite majority.

Voting results and resolutions

The consolidated scrutinizer's report, prepared by Taher Sapatwala & Associates, details the voting outcomes for the two items on the agenda. For Item No. 1, regarding the adoption of audited standalone and consolidated financial statements for FY26, a total of 152 members cast valid votes representing 10,947,177 votes. Of these, 147 members voted in favor, accounting for 100.00% of the valid votes. Five members cast votes against, totaling 230 votes, which constituted 0.00% of the total valid votes. No invalid votes were recorded.

Similarly, for Item No. 2, concerning the reappointment of Mr. Aditya Ashok Garware (DIN: 00019816), who retired by rotation, the voting pattern was identical. 147 members voted in favor with 100.00% support, while 5 members voted against with 0.00% opposition. The resolution was passed with the requisite majority.

Meeting proceedings and attendance

The AGM commenced at 11:30 am and concluded at 12:15 pm via video conferencing. Mr. Aditya A. Garware, Chairman and Managing Director, presided over the session. The requisite quorum was present, with authorized representation accounting for 58,81,624 shares, or 19.12% of the total shareholding. Of this, 42,95,686 shares (13.98%) were represented in favor of directors, while 15,85,938 shares (5.15%) were represented by others.

The following directors attended the meeting:

Key managerial personnel and auditors also attended, including Company Secretary A.C. Chandarana and CFO Pradip S. Shah. Ms. Debjani Maji represented statutory auditors D. Kothary & Co., while Mr. Rajkumar Tiwari served as secretarial auditor.

Compliance and e-voting details

The company utilized the e-voting facility provided by Central Depository Services (India) Limited (CDSL). Remote e-voting commenced on September 21, 2026, at 10:00 am and ended on September 23, 2026, at 5:00 pm. Shareholders holding shares as on the cut-off date of September 17, 2026, were eligible to vote. Additionally, e-voting facilities were available during the AGM for members who had not participated remotely.

Mr. Taher Sapatwala, a practicing company secretary, served as the scrutinizer. The electronic data and relevant records relating to electronic voting remain in his safe custody until the Chairman approves and signs the minutes of the AGM. Since there were no qualifications or adverse remarks in the Auditor's Report or Secretarial Audit Report, these documents were not read out during the meeting.