Latest news about Aban Offshore
Aban Offshore
15.49
-0.81(-4.97%)
Company Performance:
View Company Insights1D-4.97%
1M-26.34%
6M-59.81%
1Y-59.89%
5Y-51.67%
More news about Aban Offshore
02Apr 26
Aban Offshore Discloses Rs.281 Crores Outstanding Preference Shares Under CIRP
Aban Offshore Limited, undergoing CIRP since September 2025, disclosed Rs.281 crores outstanding Non-Convertible Redeemable Preference shares under SEBI regulations. The shares, including Rs.20 crores unlisted portion, remain unredeemed since 2014 and are under suspension. Resolution Professional Shailesh Desai made the disclosure to BSE on April 2, 2026.
28Jan 26
Aban Offshore Limited Receives CARE D Rating with Issuer Non-Cooperation Status
CARE Ratings Limited has assigned 'CARE D; ISSUER NOT COOPERATING' rating to Aban Offshore Limited's bank facilities worth ₹387.47 crore and preference shares totaling ₹281 crore due to the company's failure to provide requisite monitoring information despite repeated requests. The company is undergoing Corporate Insolvency Resolution Process with total admitted claims of ₹1,191 crore for financial creditors, primarily from Punjab National Bank (₹1,077 crore). The offshore drilling services provider has faced significant operational challenges with declining fleet utilization and revenue drops in recent years.
28Jan 26
Aban Offshore Limited Schedules Q3 FY26 Financial Results Review for February 13, 2026
Aban Offshore Limited has scheduled the review of its Q3 FY26 unaudited financial results for February 13, 2026. The Resolution Professional will consider and approve both standalone and consolidated results for the quarter ended December 31, 2025. The company, operating under CIRP, communicated this schedule to BSE and NSE on January 28, 2026, maintaining regulatory compliance and transparency during the insolvency resolution process.
20Jan 26
Aban Offshore Limited Reports ₹281 Crore Unredeemed Preference Shares Since 2014
Aban Offshore Limited disclosed that ₹281.00 crores worth of Non-Convertible Redeemable Preference shares have remained unredeemed since 2014 and are under suspension. Of this amount, ₹20.00 crores represents unlisted shares while ₹261.00 crores are listed. The company is currently undergoing Corporate Insolvency Resolution Process with Shailesh Desai as Resolution Professional, and the disclosure was made under SEBI regulations to ensure regulatory compliance.
11Nov 25
Aban Offshore Schedules First Committee of Creditors Meeting Amid Insolvency Process
Aban Offshore Limited has announced its first Committee of Creditors (CoC) meeting as part of its Corporate Insolvency Resolution Process (CIRP). The meeting is scheduled for Thursday, 13th November 2025, at Raheja Centre, Mumbai, with options for physical and virtual attendance. Shailesh Desai has been appointed as the Interim Resolution Professional. This meeting marks a significant step in the company's financial restructuring under the Insolvency and Bankruptcy Code, 2016, and will be crucial in determining the offshore drilling services provider's future direction.
11Nov 25
Aban Offshore Enters CIRP Amid Financial Struggles
Aban Offshore Limited has entered Corporate Insolvency Resolution Process (CIRP) following an NCLT Chennai order on September 1, 2025, in response to a petition by Punjab National Bank. Shailesh Bhalchandran Desai was appointed as Interim Resolution Professional on October 10, 2025. The company faces severe financial challenges with accumulated losses, net worth erosion, and defaults on loan payments. Latest quarterly results show a net loss of INR 59.18 million and negative net worth of INR 10,002.75 million. Auditors have expressed concerns over unconfirmed bank balances and borrowings, casting doubt on the company's ability to continue as a going concern.
31Oct 25
Aban Offshore Enters Corporate Insolvency Resolution Process, IRP Appointed
Aban Offshore Limited has entered the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016, following an NCLT Chennai Bench order. The CIRP commenced on September 1, 2025, with Shailesh Desai appointed as Interim Resolution Professional. The company's Board of Directors has been suspended, and a moratorium declared. The IRP will assume Board and committee responsibilities during the process. Regulatory compliance adjustments have been made in line with SEBI LODR Regulations. The IRP has scheduled a meeting on November 10, 2025, to consider and approve the unaudited financial results for the quarter ended September 30, 2025.
14Oct 25
Aban Offshore Appoints New Interim Resolution Professional Amid Ongoing CIRP
NCLT Chennai has appointed Mr. Shailesh Desai as the new Interim Resolution Professional for Aban Offshore Limited, following the death of the previous IRP. The Corporate Insolvency Resolution Process (CIRP) was initiated by Punjab National Bank. No Committee of Creditors has been formed yet. The company has appealed the CIRP initiation, and NCLAT has directed the financial creditor to decide on a one-time settlement proposal within four weeks. The next NCLAT hearing is scheduled for November 3, 2025.
22Sept 25
Aban Offshore Postpones AGM Amid Ongoing Corporate Insolvency Resolution Process
Aban Offshore Limited has postponed its Annual General Meeting (AGM) originally scheduled for September 24, 2025, due to the ongoing Corporate Insolvency Resolution Process (CIRP). The delay is attributed to the Interim Resolution Professional (IRP) not yet assuming charge of the company's affairs. The company has communicated this decision to the National Stock Exchange and Bombay Stock Exchange, assuring that a revised AGM date will be announced later.
19Sept 25
Aban Offshore Grapples with Management Void Amid Insolvency and Director Resignation
Aban Offshore Limited entered Corporate Insolvency Resolution Process on September 1, following an NCLT order. The company's management was suspended and transferred to an Interim Resolution Professional, who unfortunately passed away, creating a leadership void. Independent Director Sumit Kumar Khanna resigned on September 15, filing directly with the Registrar of Companies. The company, facing compliance challenges due to the absence of active management, is striving to meet regulatory requirements under difficult circumstances.
11Aug 25
Aban Offshore Reports Widening Losses and Financial Distress in Q1
Aban Offshore Limited's Q1 consolidated results show deepening financial troubles. Revenue declined 24.20% to Rs 1,162.35 crore, with net loss widening to Rs 2,528.12 crore. The company faces severe financial challenges, including negative net worth, loan defaults, and breaches of debt covenants. Despite standalone operations remaining profitable, the company is in discussions with lenders for a debt resolution plan. Auditors have expressed concerns about the company's going concern status.
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