Deep Industries Limited announced significant strategic decisions following its board meeting held on March 12, 2026. The oil and gas field services company approved multiple business expansion initiatives and governance changes in compliance with SEBI regulations, positioning the company for diversified growth.

Green Energy Business Expansion

The board approved a crucial amendment to the company's Memorandum of Association, specifically targeting the addition of green energy business as an additional vertical. This strategic move involves altering Clause III (Main Object Clause) by adding Main object number 5 to Clause III [A] of the MOA. The expansion represents Deep Industries' commitment to diversifying its energy portfolio beyond traditional oil and gas services.

New Independent Director Appointment

Based on the recommendation of the Nomination and Remuneration Committee, the board appointed Mr. Shalin Harshadhai Patel (DIN: 08214933) as Additional Non-Executive Independent Director, subject to shareholder approval. The appointment follows all regulatory compliance requirements under SEBI regulations.

Mr. Patel brings extensive expertise in corporate finance, including business valuations, fundraising, and debt resolution. He serves as founder partner of Samvritti Advisory Services LLP and holds registrations as IBBI Registered Valuer and Insolvency Professional. His core competencies span finance and accounts, banking, and costing, with proven experience in aligning financial strategies with organizational growth objectives.

Corporate Restructuring Activities

The board approved the sale of 15,00,000 10% Optionally Convertible Redeemable Preference Shares (OCRPS) of subsidiary Raas Equipment Private Limited to a related party. The company indicated that detailed disclosures regarding this transaction will be provided upon completion of the share transfer process, in accordance with SEBI regulations.

Regulatory Compliance and Governance

All decisions align with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The board also approved postal ballot notice procedures to obtain necessary shareholder approvals for the proposed changes. The company confirmed that Mr. Patel meets all regulatory requirements, is not disqualified under Section 164 of the Companies Act 2013, and is not debarred from holding directorship by any SEBI order or other authority.

The regulatory filings were submitted to both BSE and NSE as per the prescribed disclosure requirements under SEBI circular guidelines.

Deep Industries Limited has informed stock exchanges about receiving a provisional suspension notice from Oil and Natural Gas Corporation Limited (ONGC) regarding business dealings due to alleged nonperformance in a drilling rig contract. The company disclosed this development through a regulatory filing dated February 13, 2026.

Company's Response to Suspension

Deep Industries has firmly rejected the grounds for suspension, stating that the provisional suspension imposed by ONGC is unwarranted. The company has announced its intention to challenge this decision through comprehensive legal action.

Business Operations Continue

Despite the suspension notice, Deep Industries has assured stakeholders that its overall business operations remain unaffected. The company emphasized several key factors supporting business continuity:

• Robust order book maintaining operational stability
• Strong financial position ensuring sustained operations
• Continued value creation for shareholders
• No disruption to ongoing business activities

Regulatory Compliance

The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with investors and regulatory authorities. The intimation was simultaneously sent to both BSE Limited and National Stock Exchange of India Limited.

Company Background

Deep Industries Limited, formerly known as Deep CH4 Limited, operates from its registered office in Ahmedabad. The company continues to maintain its commitment to shareholders while addressing the current contractual dispute with ONGC through appropriate legal channels.