Essar Shipping Limited has informed the Exchange regarding Appointment of M/s. Manohar Chowdhry & Associates , Chartered Accountants (Firm Registration No. 01997S) as the Statutory Auditors, w.e.f. September 26, 2025.
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Essar Shipping Limited announced multiple approvals from its 15th AGM held on September 26, 2025. M/s. Manohar Chowdhry & Associates (FRN 01997S) was appointed as Statutory Auditor for a 5-year term covering FY2026 to FY2030. The company also approved disinvestment of its two wholly-owned overseas subsidiaries: Essar Shipping DMCC (UAE), with a negative net worth of Rs. 465.16 crore (19.55% of company's net worth), and OGD Services Holdings Limited (Mauritius), with a negative net worth of Rs. 419.94 crore (17.65% of company's net worth). Both buyers are Essar Investment Holdings Mauritius Limited or other Essar Group entities, making these related party transactions at arm's length. Sale proceeds will be used to redeem NCDs and ICDs earlier taken to repay FCCBs. Mr. Ketan Kantibhai Shah, a former CFO of Essar Shipping with 35 years of corporate finance experience, was appointed as a Non-Executive, Non-Independent Director. M/s. Mayank Arora & Co. was appointed as Secretarial Auditor for 5 years.
The divestments of loss-making overseas subsidiaries to promoter group entities signal ongoing deleveraging and restructuring, with sale proceeds earmarked for debt repayment which may strengthen the balance sheet. Related party transactions, though at arm's length, will require minority shareholder vigilance. Appointment of a new auditor and experienced director reflects governance housekeeping post-AGM.