Aban offshore Limited has informed BSE about significant outstanding preference shares that have remained unredeemed for over a decade. The company disclosed that Non-Convertible Redeemable Preference shares worth ₹281.00 crores have not been redeemed since 2014 and are currently under suspension.

Regulatory Disclosure Details

The disclosure was made pursuant to Regulation 57 of SEBI (LODR) Regulations, 2015, highlighting the company's compliance with regulatory requirements despite its current financial challenges. The filing was submitted to BSE through the BSE Listing Centre on January 20, 2026.

Corporate Insolvency Resolution Process

The company is currently undergoing Corporate Insolvency Resolution Process (CIRP), as indicated in the official communication. Shailesh Desai, serving as the Resolution Professional, signed the disclosure document digitally. His IBBI Registration Number is IBBI/IPA-001/IP-P00183/2017-18/10362, confirming his authorized status to represent the company during the insolvency proceedings.

Market Implications

The unredeemed preference shares represent a significant financial obligation that has been outstanding for over a decade. The suspension status of these securities indicates the challenges faced by the company in meeting its redemption obligations. The distinction between listed and unlisted portions of the preference shares provides clarity on the market exposure of these instruments.

This disclosure ensures transparency for stakeholders and regulatory compliance during the ongoing insolvency resolution process. The company's BSE scrip code 523204 remains associated with these proceedings as the resolution process continues under professional supervision.

Aban Offshore Limited has announced the scheduling of its first Committee of Creditors (CoC) meeting, marking a significant step in the company's ongoing Corporate Insolvency Resolution Process (CIRP). This development comes as the offshore drilling services provider navigates through financial restructuring under the Insolvency and Bankruptcy Code, 2016.

Meeting Details

Key Points

• The meeting is set to be the inaugural gathering of the Committee of Creditors since the initiation of the CIRP.
• Shailesh Desai has been appointed as the Interim Resolution Professional to oversee the proceedings.
• The insolvency process is being conducted under the provisions of the Insolvency and Bankruptcy Code, 2016.

Implications

This meeting represents a crucial juncture for Aban Offshore Limited as it seeks to address its financial challenges. The Committee of Creditors will play a pivotal role in determining the company's path forward, potentially influencing its future operations and financial structure.

Company Background

Aban Offshore Limited, headquartered in Chennai, India, is known for its offshore drilling services. The company's entry into the CIRP indicates significant financial stress, likely impacted by the volatility in the oil and gas sector.

Stakeholders, including investors and creditors, will be closely monitoring the outcomes of this meeting, as it may provide insights into potential restructuring plans or resolution strategies for the company's financial situation.

As the insolvency process unfolds, further updates are expected regarding the company's financial health and potential turnaround strategies.