Duke Offshore Ltd (531471)

Duke Offshore's Board approved a major business realignment, proposing to alter its Memorandum of Association (MOA) to enter Mining, Power/Energy, and Artificial Intelligence/Data Centres. To support these plans, the Board approved increasing its authorised share capital from ₹30 crore to ₹100 crore and the sale of non-revenue generating assets. The company, which reported ₹0 crore in TTM revenue and a ₹1 crore TTM net loss, will seek shareholder approval at its 40th AGM on September 30, 2026.

• Approved increase in Authorised Share Capital from ₹30 crore to ₹100 crore (10 crore equity shares of ₹10 each)
• Object Clause of MOA altered to add Mining, Power/Energy, and AI/Data Centres businesses
• Approved disposal of certain non-revenue generating assets at market value to non-promoter buyers
• AGM scheduled for September 30, 2026, with cut-off date for e-voting set as September 23, 2026
• Proposed regularisation and appointment of multiple directors, including 3 Independent Directors

Duke Offshore's board has approved expanding its authorised share capital more than threefold from ₹30 crore to ₹100 crore. The board also approved altering its Memorandum of Association to enter unrelated growth sectors, including Mining & Natural Resources, Power & Energy, and AI & Data Centres. Additionally, the company plans to dispose of legacy assets with zero current revenue to fund working capital and new business ventures, subject to shareholder approval at the upcoming AGM on September 30, 2026.

• Authorised share capital to increase from ₹30,00,00,000 (3 crore shares) to ₹100,00,00,000 (10 crore shares of ₹10 each)
• Object clause altered to add Mining, Power/Energy, and Artificial Intelligence & Data Centres
• Approval for disposal of legacy assets generating no identifiable revenue in FY26
• 40th Annual General Meeting convened for September 30, 2026 with an e-voting cut-off date of September 23, 2026

Aspect Global Ventures Private Limited has issued a formal Letter of Offer to acquire up to 25,62,872 shares (26% stake) of Duke Offshore Ltd at ₹30 per share. The total consideration for this open offer is ₹7.69 crore, triggered by a Share Purchase Agreement dated June 11, 2026, which involves a change in control. Notably, the offer price of ₹30 is a discount to the current market price of ₹36.0. The acquirer demonstrates significant financial backing with a certified liquidity of ₹160.63 crore as of March 2026.

• Open offer price set at ₹30 per share, representing a discount to the current market price of ₹36.0
• Acquisition of up to 25,62,872 shares representing 26% of the voting share capital
• Total open offer value aggregates to ₹7,68,86,160
• Acquirer's liquidity certified at ₹160.63 crore as of March 31, 2026
• Target company reported zero revenue for FY26 and a negative ROCE of -13.1%

Duke Offshore Ltd has announced a total restructuring of its leadership following its acquisition by Aspect Global Ventures Private Limited. Managing Director Avik George Duke and CFO Venkatesham Busa have resigned effective July 27, 2026, alongside four other board members. To replace them, the board has appointed six new directors, including a new Whole Time Director and three Independent Directors. This complete change in control is critical for a company that reported zero revenue in the last three quarters and has a small net worth of Rs 4 Cr.

• Resignation of Managing Director Avik George Duke and CFO Venkatesham Busa effective July 27, 2026
• Appointment of 6 new directors including Ashutosh Janak Kumar Thakar as Whole Time Director
• Company acquired by Aspect Global Ventures Private Limited, triggering the management overhaul
• Company reported 0.0 revenue for the quarters ending March 2026, December 2025, and September 2025
• Net worth of the company is currently Rs 4 Cr with a negative ROCE of -13.1%

Duke Offshore Ltd has undergone a total management transition following its acquisition by Aspect Global Ventures Private Limited. On July 27, 2026, the board accepted the resignations of six key officials, including the Managing Director (Avik George Duke) and the CFO (Venkatesham Busa). Simultaneously, six new directors were appointed, including a new Whole Time Director and three Independent Directors. This change in control is significant given the company's near-dormant status, having reported zero revenue in the last three quarters and a tiny FY25 revenue of Rs 0.07 Cr.

• Acquisition by Aspect Global Ventures Private Limited triggered a complete change in management control.
• Resignation of 6 key personnel including the Managing Director, CFO, and 3 Independent Directors effective July 27, 2026.
• Appointment of 6 new directors, including Ashutosh Janak Kumar Thakar as Additional Executive Whole Time Director.
• Company reported zero revenue for the quarters ending Sept 2025, Dec 2025, and March 2026.
• The transition occurs against a small financial base with a Net Worth of only Rs 4 Cr as per latest context.

Duke Offshore Ltd has undergone a total leadership restructuring effective July 27, 2026, following its acquisition by Aspect Global Ventures Private Limited. The Managing Director, CFO, and four other board members have resigned simultaneously. To fill these vacancies, the board has appointed six new directors, including one Executive Whole Time Director and three Independent Directors. This transition occurs as the company struggles with near-zero revenue (Rs 0.07 Cr in FY25) and a negative ROCE of -13.1%.

• Resignation of Managing Director Avik George Duke and CFO Venkatesham Busa effective July 27, 2026.
• Appointment of 6 new directors to the board, including Ashutosh Janak Kumar Thakar as Executive Whole Time Director.
• Acquisition by Aspect Global Ventures Private Limited cited as the primary reason for the management exit.
• Company reported zero revenue for the quarter ended March 2026 and a net loss of Rs 0.67 Cr.
• Total of 6 resignations and 6 new appointments processed in a single board meeting.

Duke Offshore Ltd has announced a complete restructuring of its leadership following its acquisition by Aspect Global Ventures Private Limited. Managing Director Avik George Duke and CFO Venkatesham Busa resigned effective July 27, 2026, alongside four other board members. To lead the transition, the board has appointed six new directors, including Ashutosh Janak Kumar Thakar as an Executive Whole Time Director. This change is significant for a company that reported a net loss of ₹2.23 cr on negligible revenue of ₹0.07 cr in FY25.

• Resignation of Managing Director Avik George Duke and CFO Venkatesham Busa effective July 27, 2026.
• Total of 6 board members and the CFO resigned following the company's acquisition by Aspect Global Ventures Private Limited.
• Appointment of 6 new directors, including 1 Executive, 2 Non-Executive, and 3 Independent Directors.
• Company reported near-zero revenue of ₹0.07 cr in FY25 with a net loss of ₹2.23 cr.
• Promoter holding stood at 70.61% as of June 2026 prior to this management change.

Duke Offshore Ltd has announced a complete restructuring of its leadership effective July 27, 2026, following its acquisition by Aspect Global Ventures Private Limited. A total of six key officials, including the Managing Director Avik George Duke and the CFO Venkatesham Busa, have resigned. Simultaneously, six new directors have been appointed, including Ashutosh Janak Kumar Thakar as Whole Time Director. This management overhaul is critical as the company reported near-zero revenue (Rs 0.07 Cr) in FY25 and a net loss of Rs 2.23 Cr.

• 6 key management personnel resigned, including the Managing Director and the Chief Financial Officer
• 6 new directors appointed, including 1 Whole Time Director and 3 Independent Directors
• Acquisition by Aspect Global Ventures Private Limited cited as the primary reason for the change in control
• Company reported Rs 0.00 revenue in the most recent quarter ending March 2026
• Net worth of the company stands at a small base of Rs 4 Cr as per latest context

Duke Offshore Ltd has announced a complete management transition on July 27, 2026, following its acquisition by Aspect Global Ventures Private Limited. The company saw the simultaneous resignation of its Managing Director (Avik George Duke), CFO (Venkatesham Busa), and four other directors. To replace them, the board has appointed six new members, including a new Whole Time Director and three Independent Directors. This total leadership turnover occurs as the company seeks to pivot from a period of negligible operations, having reported just ₹0.07 Cr in FY25 revenue.

• Resignation of Managing Director Avik George Duke and CFO Venkatesham Busa effective July 27, 2026.
• Appointment of 6 new directors, including Ashutosh Janak Kumar Thakar as Executive Whole Time Director.
• Acquisition by Aspect Global Ventures Private Limited cited as the primary driver for the leadership change.
• Company reported a net loss of ₹2.23 Cr in FY25 on a revenue base of only ₹0.07 Cr.
• Board transition includes the appointment of 3 new Independent Directors for 5-year terms.

Duke Offshore Ltd has announced a total overhaul of its leadership following its acquisition by Aspect Global Ventures Private Limited. On July 27, 2026, the Managing Director, three Independent Directors, one Executive Director, and the Chief Financial Officer resigned simultaneously. The board has appointed six new members, including a new Whole Time Director and three Independent Directors, to lead the transition. This change comes as the company struggles with near-zero revenue (Rs 0.07 Cr in FY25) and a negative ROCE of -13.1%.

• Resignation of Managing Director Avik George Duke and 4 other directors effective July 27, 2026
• Resignation of Chief Financial Officer Venkatesham Busa due to personal commitments
• Appointment of 6 new directors including Ashutosh Janak Kumar Thakar as Whole Time Director
• Company acquired by Aspect Global Ventures Private Limited, triggering the board reshuffle
• Company reported Rs 0.0 revenue for the quarter ending March 2026