Asian Energy Services Limited Schedules NCLT-Convened Shareholder Meeting on June 12, 2026 for Merger Scheme Approval
May 11, 2026
Asian Energy Services Limited has scheduled an NCLT-convened meeting of equity shareholders on June 12, 2026, at 11:00 AM IST via VC/OAVM, pursuant to an NCLT Mumbai Bench order dated April 22, 2026. The meeting is being held under Company Scheme Application No. C.A.(CAA)/49(MB)/2026 to consider the proposed Scheme of Merger by Absorption of Olinax Energy Private Limited with Asian Energy Services Limited. Notices were dispatched to shareholders on May 11, 2026, with documents available on the company's website, BSE, NSE, and the NSDL e-voting portal. The scheme, if approved, will be subject to subsequent NCLT and regulatory approvals.
Asian Energy Services Limited has announced that the Mumbai Bench of the National Company Law Tribunal (NCLT) has directed the convening of a meeting of its equity shareholders to consider a proposed Scheme of Merger by Absorption. The meeting is scheduled for Friday, June 12, 2026, at 11:00 AM IST, and will be conducted through Video Conferencing or other Audio Visual Means (VC/OAVM), without physical presence. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and was communicated to stock exchanges on May 11, 2026.
NCLT Order and Merger Scheme Details
The NCLT, Mumbai Bench, issued its order on April 22, 2026, under Company Scheme Application No. C.A.(CAA)/49(MB)/2026, directing the convening of the shareholder meeting. The proposed scheme involves the Merger by Absorption of Olinax Energy Private Limited (CIN: U40101MH2008PTC185357), designated as the Transferor Company or First Applicant Company, with Asian Energy Services Limited (CIN: L23200MH1992PLC318353), designated as the Transferee Company or Second Applicant Company. The scheme is being pursued under Sections 230 to 232 read with Section 66 and other applicable provisions of the Companies Act, 2013, and rules framed thereunder.
The key details of the NCLT-convened meeting are summarised below:
Parameter: Details Meeting Type: NCLT-Convened Meeting of Equity Shareholders Date: Friday, June 12, 2026 Time: 11:00 AM IST Mode: Video Conferencing / Other Audio Visual Means (VC/OAVM) NCLT Order Date: April 22, 2026 Company Scheme Application No.: C.A.(CAA)/49(MB)/2026 Transferor Company: Olinax Energy Private Limited (CIN: U40101MH2008PTC185357) Transferee Company: Asian Energy Services Limited (CIN: L23200MH1992PLC318353)
Notice Dispatch and Documentation
Asian Energy Services Limited completed the dispatch of the notice of the meeting to equity shareholders on May 11, 2026. The notice was accompanied by a copy of the Scheme and Explanatory Statement under Sections 230 to 232 and 102 of the Companies Act, 2013, read with Rule 6 of the Companies (Compromises, Arrangements, and Amalgamations) Rules, 2016. Notices were sent electronically to shareholders whose email addresses are registered with the company, Depository Participants, or the Registrar and Share Transfer Agent. Physical copies were dispatched to shareholders whose email addresses are not on record.
The relevant documents have been made available on the following platforms:
Website of Asian Energy Services Limited: www.asianenergy.com
BSE Limited: www.bseindia.com
NSE Limited: www.nseindia.com
NSDL e-voting portal: www.evoting.nsd.com
Physical copies of the notice may also be obtained free of charge from the registered office of the Transferee Company at 3B, 3rd Floor, Runwal & Omkar Esquire, Off. Eastern Express Highway, Chunabhatti Signal, Sion East, Mumbai – 400 022, between 10:00 AM and 5:00 PM on all working days (except Saturdays, Sundays, and public holidays) up to the date of the NCLT-convened meeting. Shareholders may also request an electronic copy by writing to secretarial@asianenergy.com .
Meeting Conduct and E-Voting Facility
The NCLT has appointed a Chairperson for the meeting. Mr. Ketan Dand (Membership No. FCS 5288, COP No. CP 4470) has been appointed as Scrutinizer for the meeting. The company has engaged the services of National Securities Depository Limited (NSDL) to provide the VC/OAVM facility, remote e-voting, and e-voting during the meeting. Equity shareholders have been provided the facility of remote e-voting to enable them to cast their votes electronically prior to and during the meeting.
The newspaper advertisements regarding the NCLT-convened meeting were published on May 11, 2026, in Business Standard (English, National Edition) and Navshakti (Marathi language), as directed by the NCLT. The disclosure to the stock exchanges was signed by Shweta Jain, Company Secretary & Compliance Officer (Membership No.: 23368), on behalf of Asian Energy Services Limited.
Scheme Subject to Further Approvals
The proposed Scheme of Merger by Absorption, if approved at the NCLT-convened meeting, will remain subject to the subsequent approval of the Hon'ble NCLT and such other approvals, permissions, and sanctions of the relevant regulatory authorities as may be necessary and as contemplated in the Scheme. The scheme is also being pursued in compliance with the SEBI Master Circular bearing No. SEBI/HO/CFD/POD-2/PI/CIR/2023/93 dated June 20, 2023, as amended from time to time, and any other applicable SEBI circulars governing schemes of arrangement.
Asian Energy Services Limited has successfully completed the conversion of a substantial portion of its preferentially allotted convertible warrants, marking a key milestone in its capital-raising programme. The company allotted 36,62,702 equity shares of Re. 10/- each upon conversion of convertible warrants, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The allotment was approved by the Allotment Committee of the Board of Directors through a circular resolution dated 5th May, 2026. The equity shares were issued at an issue price of Rs. 335/- per share and shall rank pari passu with the existing equity shares of the company in all respects.
Background: Warrant Issuance and Exercise
The warrants were originally allotted on 5th November, 2024, following shareholder approval at an Extraordinary General Meeting (EGM) held on 19th September, 2024. A total of 47,00,000 warrants were issued, each convertible into one equity share of face value Re. 10/- each, at a warrant issue price of Rs. 335/- per warrant. The warrant issue price comprised a warrant subscription price of Rs. 83.75/- (being 25% of the warrant issue price) paid upfront and a warrant exercise price of Rs. 251.25/- (being 75% of the warrant issue price) payable at the time of conversion. The warrants carried an exercise period of 18 months from the date of allotment.
Total Funds Raised
Asian Energy Services raised Rs. 92.03 crore upon receipt of the balance warrant exercise consideration from eligible warrant holders, which triggered the allotment of equity shares. Additionally, the company had raised Rs. 39 crore as part of the subscription amount paid upfront at the time of warrant allotment. In total, the company has raised Rs. 131.03 crore since 5th November, 2024 through this preferential warrant programme.
Warrant Conversion and Lapse Details
Of the 47,00,000 warrants originally allotted, 36,62,702 were converted into equity shares, while 10,37,298 warrants lapsed on account of non-exercise by the respective warrant holders within the stipulated 18-month exercise period. The upfront amount of 25% of the warrant issue price paid by these warrant holders in respect of the lapsed warrants has been forfeited by the company.
Particulars: No. of Warrants Warrants Allotted on 5th November, 2024 47,00,000 Warrants Converted into Equity Shares 36,62,702 Warrants Lapsed 10,37,298
Post-Allotment Share Capital
Consequent to the conversion of 36,62,702 warrants into an equal number of equity shares, the issued, subscribed and paid-up equity share capital of Asian Energy Services has increased. The updated capital structure is as follows:
Parameter: Details Paid-up Share Capital (Post-Allotment) Rs. 48,61,10,000/- Total Equity Shares (Post-Allotment) 4,86,11,000 equity shares of Re. 10/- each Warrant Issue Price Rs. 335/- per share Warrant Exercise Price (per warrant) Rs. 251.25/- (75% of Warrant Issue Price) Total Warrant Exercise Price Received Rs. 92,02,53,880/- Number of Allottees 28
Use of Funds
The funds raised through the warrant exercise will enhance the company's balance sheet and provide financial flexibility and cash flow to fund high-growth opportunities across all its verticals, including operations and maintenance and material handling plants. Asian Energy Services has actively undertaken integrated field development projects in the oil and gas sector and has been setting up coal and material handling plants. The funds will be deployed in existing and upcoming projects.
Allottee Details
The allotment was made to 28 non-promoter allottees on a preferential basis through private placement. Among the top subscribers are Titagarh Enterprises Limited, Everest Finance & Investment Company, and Ashish Kacholia. The key allottees and their respective equity shares allotted upon conversion are detailed below:
Allottee: Equity Shares Allotted Titagarh Enterprises Limited 6,56,700 Everest Finance & Investment Company 5,74,000 Ashish Kacholia 5,74,000 Mohit Agrawal 4,00,000 Variant Perceptions LLP 2,00,000 Gazania Advisory LLP 1,50,000 Shruthi M. 1,19,402 Sachin Kasera 1,00,000 Nexta Enterprises LLP 1,00,000 Trinity Infratech Pvt Ltd 1,00,000 Amisha Vora 1,00,000 Pawan Agarwal 1,00,000 Anuj Premkumar Agarwal 1,00,000 Shruti Sanjay Bhagat 1,00,000 Neelam Nyati 29,850 Anil Kumar Jha 29,850 Amit Kumar Mundra HUF 29,850 DBR Credit Capital Advisers Private Limited 29,850 Aruna Sampat 29,850 Abdul Razzaq Shaikh 23,100 Mitul Mehta 23,100 Mohit Poddar 20,000 Rabi Bastia 14,925 Meena Jain 14,925 Yash Mehta 14,925 Harsh Kejriwal 14,925 Ram Krishna Taparia 7,450 Anupam Agarwal 6,000 Total 36,62,702
The allotment was made in accordance with the Companies Act, 2013, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and other applicable laws. The intimation was filed under Regulation 30 of the SEBI (LODR) Regulations, 2015, and signed by Company Secretary Shweta Jain (Membership No.: 23368).
About Asian Energy Services Limited
Asian Energy Services Limited (AESL) offers end-to-end services extending across the entire upstream value chain. Its service offerings comprise Integrated Oil & Gas services including 2D and 3D Seismic Geographical Data Acquisition, Operations and Maintenance of Onshore and Offshore Oil and Gas Production Facilities, production enhancement services, and Mining services including supply and installation of Material Handling Plants and Rapid Loading Systems. Since its acquisition by Oilmax Energy Private Limited (OEPL), AESL has diversified its business verticals to capture more value across the energy and upstream oil and gas value chains.
About Oilmax Energy Private Limited
Oilmax Energy Private Limited (OEPL) is an unlisted private limited company holding 60.83% of the shareholding in AESL. OEPL is engaged in the business of exploration, development, and production of oil and gas assets, focusing on developing oil and gas blocks in India with discovered and proven existing reserves. It has created a diversified portfolio of onshore oil and gas assets with varied participating interest in 5 oil and gas blocks, including one Coal Bed Methane (CBM) block. OEPL has also expanded into the mineral sector, acquiring a quartzite block in India, and has interests in advanced agriculture through its subsidiary.
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As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation.
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Disclaimer:
The data and information provided on this website is for general informational and research purposes only. While we strive to ensure that the content is accurate, up-to-date, and reliable, this platform utilizes artificial intelligence (AI) tools to generate, curate, and summarize information. As such, the content may occasionally contain errors, omissions, or outdated information. All users are therefore advised to cross verify the source of the data and information.
This website does not constitute professional, legal, financial, medical, or any other form of licensed advice. Users are encouraged to independently verify any information before relying on it, especially for decisions that may have legal, financial, or personal consequences.
The views, analyses, and summaries presented on this platform may be generated or assisted by AI and do not necessarily reflect the opinions of the website owners, operators, editors, or affiliates.
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NCLT Order and Merger Scheme Details
The NCLT, Mumbai Bench, issued its order on April 22, 2026, under Company Scheme Application No. C.A.(CAA)/49(MB)/2026, directing the convening of the shareholder meeting. The proposed scheme involves the Merger by Absorption of Olinax Energy Private Limited (CIN: U40101MH2008PTC185357), designated as the Transferor Company or First Applicant Company, with Asian Energy Services Limited (CIN: L23200MH1992PLC318353), designated as the Transferee Company or Second Applicant Company. The scheme is being pursued under Sections 230 to 232 read with Section 66 and other applicable provisions of the Companies Act, 2013, and rules framed thereunder.
The key details of the NCLT-convened meeting are summarised below:
Parameter: Details Meeting Type: NCLT-Convened Meeting of Equity Shareholders Date: Friday, June 12, 2026 Time: 11:00 AM IST Mode: Video Conferencing / Other Audio Visual Means (VC/OAVM) NCLT Order Date: April 22, 2026 Company Scheme Application No.: C.A.(CAA)/49(MB)/2026 Transferor Company: Olinax Energy Private Limited (CIN: U40101MH2008PTC185357) Transferee Company: Asian Energy Services Limited (CIN: L23200MH1992PLC318353)
Notice Dispatch and Documentation
Asian Energy Services Limited completed the dispatch of the notice of the meeting to equity shareholders on May 11, 2026. The notice was accompanied by a copy of the Scheme and Explanatory Statement under Sections 230 to 232 and 102 of the Companies Act, 2013, read with Rule 6 of the Companies (Compromises, Arrangements, and Amalgamations) Rules, 2016. Notices were sent electronically to shareholders whose email addresses are registered with the company, Depository Participants, or the Registrar and Share Transfer Agent. Physical copies were dispatched to shareholders whose email addresses are not on record.
The relevant documents have been made available on the following platforms:
Website of Asian Energy Services Limited: www.asianenergy.com
BSE Limited: www.bseindia.com
NSE Limited: www.nseindia.com
NSDL e-voting portal: www.evoting.nsd.com
Physical copies of the notice may also be obtained free of charge from the registered office of the Transferee Company at 3B, 3rd Floor, Runwal & Omkar Esquire, Off. Eastern Express Highway, Chunabhatti Signal, Sion East, Mumbai – 400 022, between 10:00 AM and 5:00 PM on all working days (except Saturdays, Sundays, and public holidays) up to the date of the NCLT-convened meeting. Shareholders may also request an electronic copy by writing to secretarial@asianenergy.com .
Meeting Conduct and E-Voting Facility
The NCLT has appointed a Chairperson for the meeting. Mr. Ketan Dand (Membership No. FCS 5288, COP No. CP 4470) has been appointed as Scrutinizer for the meeting. The company has engaged the services of National Securities Depository Limited (NSDL) to provide the VC/OAVM facility, remote e-voting, and e-voting during the meeting. Equity shareholders have been provided the facility of remote e-voting to enable them to cast their votes electronically prior to and during the meeting.
The newspaper advertisements regarding the NCLT-convened meeting were published on May 11, 2026, in Business Standard (English, National Edition) and Navshakti (Marathi language), as directed by the NCLT. The disclosure to the stock exchanges was signed by Shweta Jain, Company Secretary & Compliance Officer (Membership No.: 23368), on behalf of Asian Energy Services Limited.
Scheme Subject to Further Approvals
The proposed Scheme of Merger by Absorption, if approved at the NCLT-convened meeting, will remain subject to the subsequent approval of the Hon'ble NCLT and such other approvals, permissions, and sanctions of the relevant regulatory authorities as may be necessary and as contemplated in the Scheme. The scheme is also being pursued in compliance with the SEBI Master Circular bearing No. SEBI/HO/CFD/POD-2/PI/CIR/2023/93 dated June 20, 2023, as amended from time to time, and any other applicable SEBI circulars governing schemes of arrangement.
Asian Energy Services Limited has successfully completed the conversion of a substantial portion of its preferentially allotted convertible warrants, marking a key milestone in its capital-raising programme. The company allotted 36,62,702 equity shares of Re. 10/- each upon conversion of convertible warrants, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The allotment was approved by the Allotment Committee of the Board of Directors through a circular resolution dated 5th May, 2026. The equity shares were issued at an issue price of Rs. 335/- per share and shall rank pari passu with the existing equity shares of the company in all respects.
Background: Warrant Issuance and Exercise
The warrants were originally allotted on 5th November, 2024, following shareholder approval at an Extraordinary General Meeting (EGM) held on 19th September, 2024. A total of 47,00,000 warrants were issued, each convertible into one equity share of face value Re. 10/- each, at a warrant issue price of Rs. 335/- per warrant. The warrant issue price comprised a warrant subscription price of Rs. 83.75/- (being 25% of the warrant issue price) paid upfront and a warrant exercise price of Rs. 251.25/- (being 75% of the warrant issue price) payable at the time of conversion. The warrants carried an exercise period of 18 months from the date of allotment.
Total Funds Raised
Asian Energy Services raised Rs. 92.03 crore upon receipt of the balance warrant exercise consideration from eligible warrant holders, which triggered the allotment of equity shares. Additionally, the company had raised Rs. 39 crore as part of the subscription amount paid upfront at the time of warrant allotment. In total, the company has raised Rs. 131.03 crore since 5th November, 2024 through this preferential warrant programme.
Warrant Conversion and Lapse Details
Of the 47,00,000 warrants originally allotted, 36,62,702 were converted into equity shares, while 10,37,298 warrants lapsed on account of non-exercise by the respective warrant holders within the stipulated 18-month exercise period. The upfront amount of 25% of the warrant issue price paid by these warrant holders in respect of the lapsed warrants has been forfeited by the company.
Particulars: No. of Warrants Warrants Allotted on 5th November, 2024 47,00,000 Warrants Converted into Equity Shares 36,62,702 Warrants Lapsed 10,37,298
Post-Allotment Share Capital
Consequent to the conversion of 36,62,702 warrants into an equal number of equity shares, the issued, subscribed and paid-up equity share capital of Asian Energy Services has increased. The updated capital structure is as follows:
Parameter: Details Paid-up Share Capital (Post-Allotment) Rs. 48,61,10,000/- Total Equity Shares (Post-Allotment) 4,86,11,000 equity shares of Re. 10/- each Warrant Issue Price Rs. 335/- per share Warrant Exercise Price (per warrant) Rs. 251.25/- (75% of Warrant Issue Price) Total Warrant Exercise Price Received Rs. 92,02,53,880/- Number of Allottees 28
Use of Funds
The funds raised through the warrant exercise will enhance the company's balance sheet and provide financial flexibility and cash flow to fund high-growth opportunities across all its verticals, including operations and maintenance and material handling plants. Asian Energy Services has actively undertaken integrated field development projects in the oil and gas sector and has been setting up coal and material handling plants. The funds will be deployed in existing and upcoming projects.
Allottee Details
The allotment was made to 28 non-promoter allottees on a preferential basis through private placement. Among the top subscribers are Titagarh Enterprises Limited, Everest Finance & Investment Company, and Ashish Kacholia. The key allottees and their respective equity shares allotted upon conversion are detailed below:
Allottee: Equity Shares Allotted Titagarh Enterprises Limited 6,56,700 Everest Finance & Investment Company 5,74,000 Ashish Kacholia 5,74,000 Mohit Agrawal 4,00,000 Variant Perceptions LLP 2,00,000 Gazania Advisory LLP 1,50,000 Shruthi M. 1,19,402 Sachin Kasera 1,00,000 Nexta Enterprises LLP 1,00,000 Trinity Infratech Pvt Ltd 1,00,000 Amisha Vora 1,00,000 Pawan Agarwal 1,00,000 Anuj Premkumar Agarwal 1,00,000 Shruti Sanjay Bhagat 1,00,000 Neelam Nyati 29,850 Anil Kumar Jha 29,850 Amit Kumar Mundra HUF 29,850 DBR Credit Capital Advisers Private Limited 29,850 Aruna Sampat 29,850 Abdul Razzaq Shaikh 23,100 Mitul Mehta 23,100 Mohit Poddar 20,000 Rabi Bastia 14,925 Meena Jain 14,925 Yash Mehta 14,925 Harsh Kejriwal 14,925 Ram Krishna Taparia 7,450 Anupam Agarwal 6,000 Total 36,62,702
The allotment was made in accordance with the Companies Act, 2013, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and other applicable laws. The intimation was filed under Regulation 30 of the SEBI (LODR) Regulations, 2015, and signed by Company Secretary Shweta Jain (Membership No.: 23368).
About Asian Energy Services Limited
Asian Energy Services Limited (AESL) offers end-to-end services extending across the entire upstream value chain. Its service offerings comprise Integrated Oil & Gas services including 2D and 3D Seismic Geographical Data Acquisition, Operations and Maintenance of Onshore and Offshore Oil and Gas Production Facilities, production enhancement services, and Mining services including supply and installation of Material Handling Plants and Rapid Loading Systems. Since its acquisition by Oilmax Energy Private Limited (OEPL), AESL has diversified its business verticals to capture more value across the energy and upstream oil and gas value chains.
About Oilmax Energy Private Limited
Oilmax Energy Private Limited (OEPL) is an unlisted private limited company holding 60.83% of the shareholding in AESL. OEPL is engaged in the business of exploration, development, and production of oil and gas assets, focusing on developing oil and gas blocks in India with discovered and proven existing reserves. It has created a diversified portfolio of onshore oil and gas assets with varied participating interest in 5 oil and gas blocks, including one Coal Bed Methane (CBM) block. OEPL has also expanded into the mineral sector, acquiring a quartzite block in India, and has interests in advanced agriculture through its subsidiary.
We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better.
Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians.
As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation.
We plan to change that - a technology-led and artificial intelligence enabled platform built for super traders and long term investors.
Disclaimer:
The data and information provided on this website is for general informational and research purposes only. While we strive to ensure that the content is accurate, up-to-date, and reliable, this platform utilizes artificial intelligence (AI) tools to generate, curate, and summarize information. As such, the content may occasionally contain errors, omissions, or outdated information. All users are therefore advised to cross verify the source of the data and information.
This website does not constitute professional, legal, financial, medical, or any other form of licensed advice. Users are encouraged to independently verify any information before relying on it, especially for decisions that may have legal, financial, or personal consequences.
The views, analyses, and summaries presented on this platform may be generated or assisted by AI and do not necessarily reflect the opinions of the website owners, operators, editors, or affiliates.
We make no warranties or representations, express or implied, regarding the completeness, accuracy, reliability, suitability, or availability of the information contained on this website. Any reliance you place on such information is strictly at your own risk.
This website may include links to third-party sources or content. We do not control or endorse the nature, accuracy, or availability of those external sites and are not responsible for any content or damages arising from their use.
By using this website, you acknowledge and agree that the use of AI-generated content involves inherent limitations, uncertainties and inaccuracies, and you accept full responsibility for how you interpret and use the information provided.
We reserve the right to modify, update, or remove content and this disclaimer at any time without prior notice.