Essar Shipping Limited — Others, 30-05-2025: Appointment

Essar Shipping Limited has announced a board meeting approving the financial results for the quarter and year ended March 31, 2025, with clean audit opinions. The company appointed new secretarial and statutory auditors for five years, pending member approval, and added two experienced directors to the board. Consolidated results reflect ongoing operational losses, net worth erosion, and current liabilities exceeding assets, but management remains confident in going concern status through working capital improvements and asset monetization. Key updates include a partial share sale in a foreign subsidiary, reversal of revenues from unconfirmed contracts, one-time lender settlements still under negotiation, and ongoing recovery suits tied to a subsidiary’s liquidation.