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

Essar Shipping has announced a board meeting outcome approving the financial results for the quarter and half-year. The company posted a net loss before tax of ₹656.57 crore for the year, despite exceptional gains from one-time settlements and partial sale of foreign subsidiary shares. Asset sales helped reduce liabilities, but the group’s net worth remains eroded with ongoing operational losses and current liabilities exceeding current assets. Management is addressing working capital mismatches. Two additional directors and new statutory and secretarial auditors were appointed, pending shareholder approval. Operations continue through bare-boat charters and management services while legacy financial and legal issues related to subsidiaries under liquidation are being resolved.