Seamec Limited shareholders approved key leadership changes at the 39th Annual General Meeting held on September 25, 2026. The meeting ratified the five-year re-appointment of Whole Time Director Naveen Mohta and the appointment of Dr. Rajesh Kumar Yaduvanshi as an Independent Director.

The proceedings, conducted via Video Conferencing in compliance with MCA and SEBI guidelines, commenced at 4:00 pm and concluded at 5:05 pm. Mr. Sanjeev Agrawal, Chairman, was absent due to unavoidable reasons, leading to the unanimous election of Mr. Naveen Mohta as Chairman for the meeting. Key managerial personnel, including CFO Ashok Kumar Verma and President S.N. Mohanty, were present.

Leadership appointments and remuneration

Shareholders approved a Special Resolution for the re-appointment of Naveen Mohta (DIN: 07027180) as Whole Time Director for a further period of five consecutive years, effective from September 1, 2026, to August 31, 2031. The resolution included provisions for minimum remuneration in the event of inadequacy or absence of profits during his term.

Additionally, Dr. Rajesh Kumar Yaduvanshi (DIN: 07206654) was appointed as a Non-Executive Independent Director for a first term of five years, from August 13, 2026, to August 12, 2031. Dr. Yaduvanshi brings over 35 years of banking experience, having served as Executive Director at Dena Bank and Punjab National Bank.

Financial approvals and related party transactions

The meeting adopted the audited standalone and consolidated financial statements for FY26. Shareholders also approved a final dividend of ₹2 per equity share (face value ₹10) for the financial year ended March 31, 2026. Mr. Sanjeev Agrawal was re-appointed as Director liable to retire by rotation.

A significant ordinary resolution granted prior approval to enhance the monetary cap for transactions with HAL Offshore Limited, the holding company. This approval covers charter hire of vessels and diving services until the AGM in 2030, subject to ceilings specified in the explanatory statement. The Audit Committee and Board are authorised to scrutinise individual contracts for viability and commercial interest.

Shareholder engagement and voting

Members raised queries regarding vessel deployment status, dry docking plans, subsidiary performance, and the impact of geopolitical conflicts on operations. The Company Secretary provided consolidated responses addressing these concerns, including details on capex plans and brokerage commissions.

Voting was conducted through remote e-voting via NSDL and live e-voting during the meeting. Mr. Satyajit Mishra served as the Scrutinizer. The consolidated voting results were scheduled for announcement within two working days of the meeting's conclusion.

SEAMEC Limited has confirmed that its vessel, SEAMEC AGASTYA, is back in operation. The asset has been rented since September 19, 2026, following a period of suspension due to technical issues.

The company previously disclosed that the vessel was off-hired effective September 15, 2026, at 17:00 hrs. The suspension stemmed from technical reasons affecting the vessel's deployment status.

Operational Update

The return to service marks the resolution of the technical defect that led to the initial off-hire. The vessel resumed commercial activity four days after the initial suspension was announced.

SEAMEC Limited had earlier filed the off-hire disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. That filing was received by the exchange on September 15, 2026, at 18:39 hrs and signed by S.N. Mohanty, President – Corporate Affairs, Legal and Company Secretary.

No financial impact or revenue implications were quantified in the initial filing or the subsequent update regarding the resumption of operations.