Asian Energy Services seeks approval for transactions, director pay

Asian Energy Services Limited (AESL) has called for a postal ballot to secure shareholder approval for significant resolutions. The e-voting period commences on Friday, December 5, 2025, at 09:00 A.M. (IST) and concludes on Monday, January 5, 2026, at 05:00 P.M. (IST). The company proposes to approve a material related party transaction with Asian Global Joint Venture, involving services for a Coal Handling Plant valued at INR 36,500 Lakhs, over a seven-year period. Another material related party transaction with Oilmax Energy Private Limited, the holding company, for exploration and field services worth INR 5,000 Lakhs over three years, also seeks approval.

Shareholders will also vote on the remuneration of non-executive non-independent director Mr. Rabi Narayan Bastia, arising from the exercise of 1,01,289 stock options granted under AESL ESOP 2024. Additionally, the grant of 3,80,500 stock options to Mr. Parikshit Datta, another non-executive non-independent director, under AESL ESOP 2025 and his associated remuneration will be put to vote. The company also seeks approval for the re-allocation of INR 25 crores from convertible equity warrants, originally earmarked for capital expenditure, towards long-term and short-term working capital requirements.

The total funds available for utilization from the convertible equity warrants have been revised to INR 118.09 crores. The re-allocation is a reclassification within approved objects, with no change in total proceeds or broad purpose of the issue. The company encourages shareholders to participate in the e-voting process, with results to be announced by Wednesday, January 7, 2026.