Resignation of Independent Director - Additional Details required by BSE for Corporate Announcement filed under Regulation 30 of SEBI (LODR) Regulations, 2015
Awaiting price reaction for this filing.
Aban Offshore was admitted into Corporate Insolvency Resolution Process (CIRP) by the NCLT Chennai on 01.09.2025, following a petition by Punjab National Bank under Section 7 of the Insolvency and Bankruptcy Code. Headway Resolution and Insolvency Services was appointed as Interim Resolution Professional (IRP), but its authorised signatory Mr. Ram Ratan Kanoongo subsequently passed away, and no replacement IRP has taken charge since. The company has effectively been without active management since 01.09.2025. Independent Director Mr. Sumit Kumar Khanna resigned by directly filing Form DIR-11 with the MCA on 18.09.2025 without informing the company. The company disclosed the resignation to the stock exchange within 24 hours of learning about it, attributing any delay to the CIRP-related management void.
This filing confirms Aban Offshore is in active insolvency with no functioning management, compounding operational and governance uncertainty for shareholders. The stock may remain volatile and illiquid, and recovery for equity holders is likely to be minimal under the IBC waterfall, with secured creditors like PNB having priority.