Essar Shipping Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 20, 2008, inter alia, has approved the following:
1. Appointment of Mr. D J Thakkar & Mr. K V Krishnamurthy, as Independent Directors of the Company.
2. Resignation of Mr. S K Poddar & Mr. Rewant Ruia from the Board of the Company.
Essar Shipping Ltd has announced the following results for the quarter & year ended March 31, 2008:
The Unaudited results for the Quarter ended March 31, 2008
The Company has posted a net profit of Rs 1107.10 million for the quarter ended March 31, 2008 as compared to Rs 382.00 million for the quarter ended March 31, 2007. Total Income has increased from Rs 2097.30 million for the quarter ended March 31, 2007 to Rs 3125.40 million for the quarter ended March 31, 2008.
The Audited results for the Year ended March 31, 2008
The Company has posted a net profit of Rs 2416.70 million for the year ended March 31, 2008 as compared to Rs 1339.80 million for the year ended March 31, 2007. Total Income has increased from Rs 10397.20 million for the year ended March 31, 2007 to Rs 10587.20 million for the year ended March 31, 2008.
The Consolidated results are as follows:
The Audited consolidated results for the Year ended March 31, 2008
The Group has posted a net profit of Rs 2774.30 million for the year ended March 31, 2008 as compared to Rs 1577.50 million for the year ended March 31, 2007. Total Income has increased from Rs 16761.10 million for the year ended March 31, 2007 to Rs 22371.30 million for the year ended March 31, 2008.
Essar Shipping Ltd has informed BSE that the members of the Company have passed the following resolutions with requisite majority:
1. Special resolution for amending the main objects clause of the Memorandum of Association of the Company.
2. Special resolution for shifting the Registered Office of the Company from the State of Karnataka to the State of Gujarat.
3. Special resolution for issuance of Guarantee.
4. Ordinary resolution for increasing the borrowing limits of the Company.
Essar Shipping Ltd has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company held on February 23, 2008, have approved the following by way of Special Resolutions:
1. Issue, offer and allotment of equity shares, FCCBs, GDRs etc., upto an aggregate amount not exceeding US$ 1 billion in terms of the resolution at item No. 1 of the notice of the EGM.
2. Change of name of the Company to Essar Ports & Logistics Ltd.
3. Ratification / enhancement of the loans / guarantee limits upto US$ 100,000,000.
Essar Shipping Ltd has informed BSE that the Re-organisation Committee (the Committee) of the Board of Directors of the Company at its meeting held on February 13, 2008, has approved the following:
1. A Scheme of Arrangement and Merger (the Scheme) for amalgamation of India Shipping, a Company registered under the laws of Mauritius, the holding Company of Essar Oilfields Services Ltd, Mauritius, with the Company. Upon approval of the amalgamation, the shareholders of India Shipping will be issued 32 equity shares of Rs 10/- each of Essar Shipping Ltd for every 100 ordinary shares of US$ 1 each held in India Shipping.
The Committee, in arriving at the swap ratio, has considered the value of the Company’s shares at Rs 220 per share which is a premium of Rs 14.05 per share (6.82%) to the closing price of the shares of the Company on the Bombay Stock Exchange on February 12, 2008.
Consequent to the amalgamation, Essar Oilfields Services Ltd will become a Wholly Owned Subsidiary of the Company.
2. The above Scheme also envisages amalgamation of Essar Sisco Ship Management Co. Ltd., (ESSMC) a Company registered under the Companies Act, 1956, with the Company. As ESSMC is a Wholly Owned Subsidiary of the Company, no shares of the Company will be issued and allotted upon approval of the amalgamation.