Proceedings of the 15th Annual General Meeting of Essar Shipping Limited held on Friday, September 26, 2015, at 3:00 p.m., through Video Conference (V/C) / Other Audio Visual Means (OAVM)
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Essar Shipping held its 15th AGM on September 26, 2025, where shareholders approved five key items. Members approved the disinvestment of 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% contribution). Both subsidiaries contributed nil revenue. The buyer is Essar Investment Holdings Mauritius Limited or another Essar Group entity (related party), and proceeds will be used to redeem NCDs and ICDs previously used to settle FCCBs. Shareholders also appointed Mr. Ketan Kantibhai Shah (former CFO of Essar Shipping) as a Non-Executive Non-Independent Director. M/s. Manohar Chowdhry & Associates was appointed as Statutory Auditor and M/s. Mayank Arora & Co. as Secretarial Auditor, both for 5-year terms (FY2026–FY2030).
The disinvestment sheds two loss-making (negative net worth) overseas subsidiaries, and sale proceeds will go toward debt reduction, which is a positive step for shareholders. However, the sale to a promoter-group entity at arm's length pricing means minority shareholders should watch for fair valuation.