Dec 05, 2019
Sub : Regulation 23 (9) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”)
Pursuant to Regulation 23(9) of the Listing Regulations, please find enclosed a statement showing the details of Related Party Transactions for the half year ended September 30, 2019.
I. Names of related parties and related party relationship
A. Associate Company of Aban Holdings Pte Ltd, (WOS) of AOL
Belati Oilfield Sdn Bhd, Malaysia
Aban Hydrocarbons Pte Ltd
B. Associate Company of Aban Offshore Ltd
Aban Drilling services Private Limited
C. Key Management personnel
(i) Mr. Reji Abraham - Managing Director
(ii) Mr. P. Venkateswaran- Dy. Managing Director
(iii) Mr. C. P. Gopalkrishnan- Dy. Managing Director and Chief Financial Officer
D. Relative of Key Management Personnel – Mrs. Deepa Reji Abraham - Director
II. Related Party Transactions
|(Rs. In millions)|
|Half Year Ended 30th September 2019|
|Nature of Transaction||Key Management Personnel|
|2. Rent Paid||2.48|
*In view of losses suffered in the Year ended 31/03/2019, excess remuneration paid to whole time directors is proposed to be recovered.
Please click here to view/download signed document.
November 18, 2019
Bank lenders to a wholly owned subsidiary of the Company have signed an Inter-Creditor Agreement ("ICA") to undertake the process of formulation and implementation of a resolution plan for the debts owed to such lenders; also, certain step-down subsidiaries of the Company have engaged Pareto Securities AS and ABG Sundal Collier ASA to explore a possible capital raise based on a new structure involving the nine modern jack-up drilling rigs owned by step-down subsidiaries of the Company, in order to settle the debts owed by the Company's subsidiaries.
October 31, 2019
This is to inform that a Meeting of Board of Directors of the Company will be held on Monday, the 11th November 2019 to transact the following items.
· To consider and take on record the Unaudited Quarterly Standalone Financial Results of the Company for the period ended 30th September, 2019.
· To consider and take on record the Unaudited Quarterly Consolidated Financial Results of the Company for the period ended 30th September, 2019.
October 10, 2019
A Letter of Award has been received for deployment of jack-up rig ABAN II from ONGC for a firm period of three years. The deployment is expected to commence during the second quarter of the Calendar year 2020.
October 1, 2019
An application filed against the Company by one of the financial creditors under Section 7 of Insolvency & Bankruptcy Code stands withdrawn.