The
Board of Directors at their meeting held today
i.e. October 27, 2006 have also approved subscribing
to the equity of the Company's wholly owned
subsidiary viz. Greatship (India) Limited
to the extent of Rs. 250 crores.
The aforesaid funds will be utilised by
Greatship (India) Limited for part financing
its assets acquisition programme.
October
27, 2006
The
Board of Directors at their meeting held today
i.e. October 27, 2006 have :
1. considered and taken on record the unaudited
Financial Results (Provisional) for the
quarter and half year ended September 30,
2006. It may be noted that the Unaudited
Financial Results of the Company post demerger
of the offshore services business would
represent only the remaining business of
the Company (i.e. shipping). The copy of
the results are attached. The same will
be published in the newspapers.
2. declared an interim dividend of Rs.4.00
per share to the equity shareholders of
the Company which will be paid to the eligible
shareholders on or after November 22, 2006.
The Company has decided to maintain the
Book Closure for demerger i.e. November
15, 2006 and November 16, 2006 (both days
inclusive) as Book Closure for the purposes
of ascertaining the shareholders who will
be eligible for the interim dividend.
The interim dividend declared will be paid
on the reduced equity share capital i.e.
152,273,924 equity shares post demerger
of the offshore services business.
3. appointed Mr.Berjis Desai as Director
on the Board of the Company with effect
from October 27, 2006.
October
18, 2006
A
meeting of the Board of Directors is scheduled
to be held on Friday, October 27, 2006, to
inter-alia, consider the following:
1. Unaudited Financial Results (Provisional)
for the quarter & half year ended September
30, 2006. It may be noted that the Unadudited
Financial Results of the Company post demerger
of the offshore services business would
represent only the remaining business of
the Company (i.e. shipping).
2. Declaration of interim dividend on the
equity shares of the Company for the year
ending March 31,2007. The interim dividend
will be declared and paid on the reduced
equity share capital i.e. 152,273,924 equity
shares post demerger of the offshore services
business.
October
16, 2006
Effective Date – Scheme of Arrangement
being the Demerger of the Offshore Services
Business into Great Offshore Limited and
announcement of Book Closure.
This is to inform you that the conditions
stipulated under clause 35 of the Scheme
of Arrangement being demerger (Scheme) of
the offshore services business of The Great
Eastern Shipping Company Limited (GE Shipping)
into Great Offshore Limited to make the
Scheme effective having complied with, the
effective date of the Scheme shall be October
16, 2006. Accordingly the Scheme has become
effective today i.e. October 16, 2006 and
the transfer of assets and liabilities of
the Offshore Business of G.E.Shipping shall
stand vested pursuant to the provisions
of the Scheme with effect from the Appointed
Date i.e. April 1, 2005.
Pursuant to clause 30 of the Scheme the
appointment of Mr.Vijay K.Sheth as Managing
Director shall stand transferred from the
Effective Date i.e. today, October 16, 2006
and shall deem to be continued in the Resulting
Company, Great Offshore Limited on the same
remuneration and on the same terms and conditions
on the basis of continuity in services without
any hiatus; consequent upon which he shall
cease to be a Managing Director of G.E.Shipping.
The Company also announces closure of its
books from Wednesday, November 15, 2006
to Thursday, November 16, 2006, both days
inclusive, for ascertaining the shareholders
who will be eligible for the Equity Shares
of the Resulting Company i.e. Great Offshore
Limited in the ratio of 1 Equity Share of
Rs.10/- each credited as fully paid-up in
cash for every 5 equity Shares of Rs.10/-
each held by such member in G E Shipping.
Simultaneously pursuant to clause 16 (c)
of the Scheme the issued, subscribed and
paid-up share capital of G.E.Shipping shall
stand reduced to the extend of assets transferred
and accordingly the issued, subscribed and
paid-up share capital of G.E.Shipping shall
stand reduced by Rs.381,746,110/-, Rs.380,686,250/-
and Rs.380,671,790/- respectively and that
such reduction shall be effected by reducing
the paid up Equity share capital of GE Shipping
by Rs.2/- per Equity share of Rs.10/- each.
Consequently 5 Equity shares so reduced
shall be consolidated into 4 Equity shares
of Rs.10/- each.
New shares of Great Offshore Limited and
G.E.Shipping (as reduced) shall be allotted
to the shareholders in respect of shares
held in physical form to those members whose
name appear on the Register of Members of
the Company after giving effect to all valid
share transfers lodged with the Company
on or before the end of business hours on
November 14, 2006 and in respect of shares
held in electronic form to those “Deemed
Members” whose name appear in the Statement
of Beneficial Ownership furnished by National
Securities Depository Limited (NSDL) and
the Central Depository Services (India)
Limited (CDSL) as on that date.
October
10, 2006
Company
seeks extension of time for a period of 3
months from the Registrar of Companies, Mumbai
(ROC) to hold the Annual General Meeting (AGM)
for the financial year ended March 31, 2006.
The ROC granted extension of time upto
December 23, 2006 to hold the AGM for the
financial year ended March 31, 2006.
August
31, 2006
The
Hon'ble Bombay High Court after considering
the Company's request for extension of time
for completing the balance Demerger process
has approved extension of the Scheme of Arrangement
(Demerger) by a period of 3 months. The Hon'ble
Bombay High Court also approved the other
modification to the Scheme viz. Consequent
to the decision of the Board to have identical
promoters, clauses 24 and 32 in the Scheme
relating to inter-se transfer of shares amongst
promoters have been deleted.
August
7, 2006
Board
of Directors meeting to be convened on Wednesday,
August 9, 2006 to discuss the situation arising
out of the lapsing of Scheme of Arrangement
(being Demerger of Offshore Services Division)
due to expiry of time limit prescribed by
the High Court and to consider the various
restructuring options available to the Company
including seeking the approval of the Hon'ble
High Court for extension of time limit to
the Scheme of Arrangement.
August
4, 2006
Confirmation / Information on published
news:- As of date Board of Directors of
the Company clarify that the Company have
not considered any buyback of shares proposal.
July
20, 2006
A
meeting of the Board of Director's of the
Company is scheduled to be held on Monday,
July 31, 2006, to consider, inter-alia, Unaudited
Financial Results (Prvosional) for the first
quater ended June 30, 2006.
June
2, 2006
Status
Update on the Scheme of Arrangment between
The Great Eastern Shipping Company Ltd. (Demerged
Company) and Great Offshore Ltd. (Resulting
Company)
May
8, 2006 fixed as record date for ascertaining
shareholders eligibility for receiving interim
dividend if declared by the Board of Directors
at their meeting to be held on April 28, 2006.
The interim dividend, if declared, will be
paid to the shareholders on or after May 15,
2006.
April
20, 2006
Board
of Directors of the Company to meet on April
28, 2006 to consider, inter-alia, the following:
1. Unaudited Financial Results (Provisional)
for the quarter ended March 31, 2006
2) 3rd Interim Dividend on the equity shares
of the Company
January
27, 2006
The
Hon'ble High Court of Bombay have today approved
the Scheme of Arrangement for Demerger of
the Offshore Services Business of the Company
into "Great Offshore Limited".
In accordance with the Scheme the Company
has to comply with the conditions precedent
and upon fulfillment of those conditions precedents
the Board of Directors shall announce the
EFFECTIVE DATE of demerger, whereupon the
Offshore Services Business will stand vested
into "Great Offshore Limited" from
the Appointed date namely April 1, 2005. Other
provisions of the Scheme will be implemented
after the announcement of Effective date.
January
23, 2006
February
8, 2006 fixed as record date for ascertaining
shareholders eligibility for receiving interim
dividend if declared by the Board of Directors
at their meeting to be held on January 30,
2006.
January
23, 2006
Board
of Directors of the Company at their meeting
to be convened on January 30, 2006 will, inter-alia,
consider payment of interim dividend on the
equity shares of the Company.
January
20, 2006
Board
of Directors of the Company to meet on January
30, 2006 to consider, inter-alia, the Unaudited
Financial Results (Provisional) for the third
quarter ended December 31, 2005.
