Essar Shipping Limited (ESL) shareholders have given their approval for a significant restructuring move, including the divestment of overseas direct investments and the sale of shares in wholly-owned subsidiaries. This decision was made during the company's 13th Annual General Meeting (AGM) held on September 29, 2023.

Key Approvals

The shareholders approved the following major decisions:

1. Divestment of overseas direct investments
2. Sale of shares in wholly-owned subsidiaries:
   • Energy II Limited (Bermuda)
   • Essar Shipping DMCC (Dubai)
   • OGD Services Holdings Limited (Mauritius)

Director Re-appointment

In addition to the divestment approvals, the AGM also saw the re-appointment of Ms. Raichel Mathew as a Non-Executive Director of the company.

About Raichel Mathew

• Age: 59 years
• Experience: Over 36 years with the Essar Group (joined in 1986)
• Expertise: Fleet personnel, payroll, accounting, and vendor management
• Shareholding: Does not hold any shares in the company
• Relationships: No relationships with other directors

Company Background

Essar Shipping Limited, with its registered office in Gujarat, is part of the larger Essar Group. The company operates in the shipping and logistics sector, providing services related to sea transportation and offshore support.

Future Implications

The divestment of overseas subsidiaries signals a potential shift in Essar Shipping's strategic focus. This move could be aimed at streamlining operations, reducing international exposure, or reallocating resources to core business areas. Shareholders and market observers will be keenly watching how this restructuring impacts the company's financial performance and operational efficiency in the coming quarters.

As the shipping industry continues to face global challenges, including fluctuating fuel prices and changing international trade dynamics, Essar Shipping's strategic decisions will play a crucial role in shaping its future trajectory in the maritime sector.

Essar Shipping Limited , a prominent player in the shipping industry, has announced significant changes in its leadership team. The company has disclosed the resignation of Bharat Modi from his position as Company Secretary and Compliance Officer, effective August 28, 2025. Simultaneously, Essar Shipping has appointed Habib Jan as the new Company Secretary and Compliance Officer, with his tenure commencing on August 29, 2025.

Departure of Bharat Modi

Bharat Modi, who has served as the Company Secretary and Compliance Officer, submitted his resignation citing personal reasons. In his resignation letter, Modi expressed gratitude to the Board and management for the opportunities and support extended during his tenure. The company confirmed that there were no material reasons for his resignation other than those provided in his letter.

Appointment of Habib Jan

Taking over the reins from Modi, Habib Jan brings a wealth of experience to his new role at Essar Shipping. With over 20 years of expertise in secretarial, compliance, and finance aspects of businesses, Jan is well-equipped to handle the responsibilities of Company Secretary and Compliance Officer.

Habib Jan's Professional Background

Habib Jan's career highlights include:

• Specialization in corporate and securities law, capital issues, corporate restructuring, mergers and amalgamations, and corporate governance.
• Extensive experience in project and debt financing, refinancing, and corporate debt restructuring.
• Proficiency in business development contracts management, framing legal corporate policies, and foreign exchange management.
• Expertise in fund-raising activities, including public issues in primary and secondary markets, and international listings.
• Previous association with Essar since 2009, where he played key roles in various corporate actions, including the delisting of Essar Shipping, Ports & Logistics Limited (ESPLL) and the subsequent listing of Essar Shipping Limited and Essar Ports Limited.
• Prior experience with Reliance ADA Group, where he was involved in significant restructuring and M&A activities.
• Achievements include registering India's first land-based casino at Daman Hospitality and raising primary and secondary debt from overseas markets.

Jan is a qualified Company Secretary from The Institute of Company Secretaries of India and holds directorships in oilfields, shipping, and logistics businesses.

Additional Board Changes

In a separate announcement, Essar Shipping also informed that Mr. Ketan Shah (DIN: 02481491) has ceased to be a Non-Executive Additional Director of the company effective August 29, 2025. This change occurred as the required shareholder approval for his appointment was not obtained within the stipulated three-month period, as per Regulation 17(1C) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

These leadership changes come at a crucial time for Essar Shipping as the company continues to navigate the dynamic shipping industry landscape. The appointment of Habib Jan, with his extensive experience and diverse skill set, is expected to contribute significantly to the company's corporate governance and strategic initiatives moving forward.