Aban Offshore Limited , a prominent player in the offshore drilling industry, has announced the postponement of its Annual General Meeting (AGM) originally scheduled for September 24, 2025. The company cited the ongoing Corporate Insolvency Resolution Process (CIRP) as the reason for the delay.

Reasons for Postponement

The postponement stems from the fact that the Interim Resolution Professional (IRP), appointed by the National Company Law Tribunal (NCLT) Chennai, has not yet assumed charge of the company's affairs. This development follows the initiation of the CIRP against Aban Offshore.

Official Communication

In a notification to both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on September 22, 2025, S.N. Balaji, Deputy General Manager (Legal) & Secretary of Aban Offshore, stated:

"Our Annual General Meeting proposed to be held on 24th September, 2025 stands postponed as the Interim Resolution Professional appointed by the Hon'ble NCLT, Chennai has not taken charge of the affairs of the Company so far."

Next Steps

The company has assured shareholders and stakeholders that a revised date for the AGM will be announced in due course. This postponement is a procedural necessity to ensure that the meeting can be conducted under the proper authority once the IRP takes charge.

Implications

The postponement of the AGM and the ongoing CIRP indicate significant challenges for Aban Offshore. These developments may have important implications for the company's operations, financial reporting, and strategic decisions in the near future.

Investors and stakeholders are advised to stay tuned for further updates from the company regarding the revised AGM date and any progress in the CIRP proceedings.

Aban Offshore Limited continues to navigate through this critical phase in its corporate journey.

Aban Offshore Limited , a prominent player in the offshore drilling industry, finds itself navigating through turbulent waters as it faces a series of challenges stemming from its ongoing insolvency proceedings and recent management changes.

Insolvency Proceedings and Management Vacuum

On September 1, Aban Offshore entered into Corporate Insolvency Resolution Process (CIRP) following an order by the National Company Law Tribunal (NCLT). The petition was filed by Punjab National Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. As a result, the powers of the company's Board of Directors were suspended and transferred to an Interim Resolution Professional (IRP).

Headway Resolution and Insolvency Services Pvt Ltd, represented by Mr. Ram Ratan Kanoongo, was initially appointed as the IRP. However, in an unfortunate turn of events, Mr. Kanoongo passed away, leaving the company without active management since the CIRP admission. This situation has created a significant void in the company's leadership and day-to-day operations.

Director Resignation and Compliance Challenges

Adding to the company's woes, Aban Offshore recently disclosed the resignation of its Independent Director, Mr. Sumit Kumar Khanna. The resignation, effective from September 15, came to light in an unusual manner. Mr. Khanna filed his resignation directly with the Registrar of Companies via e-form DIR-11, without prior notification to the company.

Aban Offshore learned of the resignation on September 18 and promptly informed the stock exchanges within 24 hours, as required by regulatory norms. The company cited the absence of active management due to the ongoing insolvency proceedings and the unfortunate demise of the resolution professional as reasons for the delayed awareness and subsequent reporting of the resignation.

Regulatory Compliance and Future Outlook

In response to queries from the stock exchanges, Aban Offshore provided a detailed explanation of its current situation. The company emphasized that it continues to act in good faith and is striving to meet all regulatory compliances to the fullest extent possible under the prevailing circumstances.

S.N. Balaji, Deputy General Manager (Legal) & Secretary of Aban Offshore, stated in the company's communication to the stock exchanges, "The Company wishes to reiterate that all regulatory compliances are being discharged to the fullest possible extent under the prevailing circumstances of insolvency and absence of management."

As Aban Offshore grapples with these extraordinary challenges, stakeholders and industry observers are closely watching how the company will navigate through this period of uncertainty. The resolution of the management void and the progression of the insolvency proceedings will be crucial in determining the company's path forward in the coming months.