Members approve appointment of director, two independent directors, disinvestment in two overseas units, sale of rig and tug

Mr. Rajesh Dhirubhai Desai as Director.

Sat 3 Oct 2026

AGM Date

30.09.2026

Director Appointment

Mr. Rajesh Dhirubhai Desai as Director

Independent Directors

Mr. Subramanian Raman and Mr. Suresh Ramamirtham as Independent Directors

Disinvestment - Essar Shipping DMCC

Net worth Rs.705.48 Crore (Negative); net worth contribution 34.03%

Disinvestment - OGD Services Holdings

Net worth Rs. 459.72 Crore (Negative); net worth contribution 22.17%

Members of Essar Shipping Limited approved eight items at the 16th Annual General Meeting held on 30.09.2026, and the company informed the exchanges of these approvals.

Changes in the board

• Mr. Rajesh Dhirubhai Desai (DIN: 08848625) — appointment as a Director. He retires by rotation in terms of Section 152 of the Companies Act, 2013 and, being eligible, offered himself for re-appointment. Date of appointment: 30.09.2026. He is a commerce graduate from Mumbai University with 38 years of experience in accounts and finance, of which 34 years are with the Essar Group.
• Mr. Subramanian Raman (DIN: 11920269) — appointment as an Independent Director, date of appointment 01.09.2026. He holds a Bachelor of Arts degree from Madras University and has over 40 years of experience in secretarial matters, compliance, mergers and amalgamation and investor relationships.
• Mr. Suresh Ramamirtham (DIN: 09299459) — re-appointment as an Independent Director, date of appointment 01.09.2026. He worked with Essar Group companies for 40 years across oil, ports, shipping, construction and solar businesses, and is an MBA with certifications in oil and shipping fields.

Disinvestment of two overseas units

Members approved disinvestment in Essar Shipping DMCC, U.A.E. and OGD Services Holdings Limited, Mauritius, both overseas wholly-owned subsidiaries, under Section 180(1)(a) of the Companies Act, 2013.

• Essar Shipping DMCC: Amount of total income Rs. Nil (0%); net worth Rs.705.48 Crore (Negative); net worth contribution 34.03%.
• OGD Services Holdings Limited: Amount of total income Rs. Nil (0%); net worth Rs. 459.72 Crore (Negative); net worth contribution 22.17%.
• The date on which the agreement for sale is entered into and the expected date of completion of sale/disposal are each stated as within 1 Year from the 16th AGM.
• Consideration received is at Fair Market Value (FMP), subject to valuation report.
• Buyers are group companies (fellow subsidiaries): Essar Investment Holdings Mauritius Limited or any other Essar group entity.
• The transactions fall within related party transactions and are at arm's length price, subject to valuation report.
• The sale/disposal is not outside the Scheme of Arrangement.

Sale of two assets

Members approved the sale of the Semisubmersible Rig — Essar Wildcat, owned by Essar Shipping DMCC, U.A.E. (a wholly-owned subsidiary), and Tug III, owned by Essar Shipping Limited.

• For both assets, the agreement for sale and the expected completion of sale/disposal are each within 1 Year from the 16th AGM.
• Consideration is at Fair Market Value (FMP), subject to valuation report.
• Buyers are "To be decided".
• Neither transaction is with a related party, and neither sale is outside the Scheme of Arrangement.

Other approval

Members approved General Related Party Transactions.

What this covers

• Two overseas wholly-owned units are to be disinvested and two assets (a semisubmersible rig and a tug) are to be sold, with the sale agreements and completion expected within 1 year from the AGM.
• The consideration in each case is stated as Fair Market Value (FMP), subject to valuation report.
• Both units being disinvested are shown with negative net worth, with net worth contribution of 34.03% and 22.17%.
• The two unit sales go to Essar group entities as related party transactions at arm's length price; the rig and tug sales are not related party transactions.
• On the board, three directors were appointed or re-appointed, of whom Mr. Subramanian Raman and Mr. Suresh Ramamirtham are Independent Directors.

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