ABAN OFFSHORE LTD.

Aban Offshore Ltd has released its audited standalone financial results for the quarter and year ended March 31, 2026. The company is currently under Corporate Insolvency Resolution Process (CIRP) following an NCLT order on September 1, 2025. The independent auditors, Ford Rhodes Parks & Co. LLP, have issued a disclaimer of opinion due to the non-receipt of bank balance confirmations for deposits totaling INR 592.98 million and bank borrowings of INR 4,148.03 million. Additionally, the auditors noted a material uncertainty regarding the company's ability to continue as a going concern due to accumulated losses, eroded net worth, and liabilities exceeding assets, compounded by defaults on loan payments.

Aban Offshore Ltd has informed the stock exchanges about a delay in submitting its financial results for the quarter ended June 30, 2026. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. This process has led to changes in management and financial reporting, requiring additional time for collation, verification, and reconciliation of financial records. Consequently, the finalization of the financial statements for the year ended March 31, 2026, was also delayed. The company expects to submit the finalized results within the next two-three working days. The delay in March 2026 results has impacted the preparation of the June 2026 quarter results, which also require auditor review.

Aban Offshore Ltd announced the resignation of Mr. Krishnamurthy Vijayan, an Independent Director, effective July 22, 2026. The resignation is due to personal reasons and other professional commitments. Mr. Vijayan also confirmed there are no other material reasons for his departure. He currently holds a directorship and is a member of the Audit Committee at Neueon Corporation Limited. The company has filed the necessary disclosures as per SEBI regulations.

Aban Offshore Ltd announced the resignation of Mr. Krishnamurthy Vijayan, an Independent Director, effective July 22, 2026. The resignation is due to personal reasons and other professional commitments. Mr. Vijayan also confirmed there are no other material reasons for his departure. He currently holds a directorship and is a member of the Audit Committee at Neueon Corporation Limited. The company has filed the necessary disclosures as per SEBI regulations.

Aban Offshore Limited has provided a clarification regarding the delay in submitting its Secretarial Compliance Report. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) since September 1, 2025, as ordered by the NCLT Chennai. Although the CIRP proceedings were stayed by the NCLAT on January 21, 2026, this has prevented the company from convening its Annual General Meeting for FY 2024-25. Consequently, a Secretarial Auditor has not yet been appointed, leading to the inability to submit the report. The company asserts the delay is due to genuine difficulties and requests a waiver of the penalty, promising to submit the report post-appointment of the auditor and AGM.

Aban Offshore Ltd has announced the closure of its trading window for dealing in the company's securities. This closure, effective from April 1, 2026, is in preparation for the declaration of financial results for the quarter ending June 30, 2026. The window will remain shut until 48 hours after the official announcement of these results. This measure aligns with the company's Code of Conduct and SEBI's Prohibition of Insider Trading Regulations, 2015, aimed at preventing potential insider trading activities.

The National Company Law Appellate Tribunal (NCLAT) at Chennai has deferred the hearing of Company Appeal (AT) (CH) (Ins) No.477/2025, involving Aban Offshore Ltd's suspended Managing Director Reji Abraham, to the second week of July. The tribunal noted subsequent developments presented by the appellant's counsel that are deemed relevant to the appeal's adjudication. The interim order dated January 21, 2026, will remain in effect until the next hearing scheduled for July 13, 2026. The appeal concerns Punjab National Bank and another respondent.

523204 has announced the cancellation of its previously scheduled submission of audited financial results for the quarter and year ended March 31, 2026, which was due on May 28, 2026. The company stated that the preparation of financial statements is still ongoing, citing the extensive compilation, verification, and reconciliation of financial data from both physical and electronic sources. Due to the time and effort required for this process, the company is unable to submit the results as planned. The Resolution Professional has assured that the audited financial results will be submitted to the Stock Exchange at the earliest possible time once complete and reconciled financial information becomes available. The company expressed regret for the inconvenience caused.

Aban Offshore Ltd has scheduled a Board of Directors meeting on May 28, 2026, to consider and approve the audited financial results for the quarter and year ended March 31, 2026, on both standalone and consolidated bases. The Resolution Professional will oversee the approval process.

The National Company Law Appellate Tribunal (NCLAT), Chennai, has adjourned the Corporate Insolvency Resolution Process (CIRP) appeal concerning Aban Offshore Ltd. The appeal, filed by Reji Abraham, the suspended Managing Director, against Punjab National Bank and another respondent, was heard on April 10, 2026. Due to a prior professional engagement of the appellant's counsel, the matter has been relisted for orders on June 2, 2026. Any interim orders previously passed by the Tribunal will continue to remain in effect until the next hearing date.