Essar Shipping Limited has informed the Exchange regarding Appointment of Mr Mayank Arora & Co., as Other of the company w.e.f. September 26, 2025.
ESSARSHPNG · price
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At its 15th AGM on September 26, 2025, Essar Shipping shareholders approved several key items. The company will appoint Manohar Chowdhry & Associates as Statutory Auditor and Mayank Arora & Co. as Secretarial Auditor, both for 5-year terms covering FY2026 to FY2030. Mr. Ketan Kantibhai Shah, a former CFO of Essar Shipping with 35 years of finance experience and nearly three decades with the Essar Group, has been appointed as a Non-Executive, Non-Independent Director. Shareholders also approved the divestment of two overseas wholly-owned subsidiaries — Essar Shipping DMCC (UAE) and OGD Services Holdings (Mauritius) — both of which have zero revenue and negative net worths of Rs 465.16 crore and Rs 419.94 crore respectively, together contributing about 37% of the company's net worth.
The divestments will be sold to Essar Group entities (related-party transactions at arm's length), with proceeds earmarked to redeem NCDs and ICDs that were raised earlier to repay FCCBs — effectively helping Essar Shipping clean up its overseas debt structure. The board and auditor changes are routine governance items, though investors should note the subsidiaries being sold have no revenue and negative net worth, so the financial impact will depend on the final sale consideration.