DVB Bank to Dispose GOL's Six Vessels
DVB Group Merchant Bank (Asia) Ltd, a unit of Germany’s DVB Bank SE, can now go ahead and seek bids for selling six ships of GOL Offshore, earlier known as Great Offshore Ltd, to recover their part of outstanding loans, says a report in the Livement. The Bombay high court has allowed DVB Group to start the process of undertaking valuations of six ships of Mumbai-based offshore services firm and seek potential bids. Bombay high court said six offshore vessels—Malaviya 23, Malaviya 24, Malaviya 25, Malaviya 27, Malaviya 28 and Malaviya 9— lender can immediately publish public advertisements and notices after 24 June for the sale of the vessels in its order dated 13 June.
Bharati Shipyard Turns Sick, Files with BIFR
Debt-laden Bharati Shipyard Ltd on Tuesday said it has filed a reference with the Board for Industrial and Financial Reconstruction (BIFR), since it has become a sick company after eroding its entire net worth. "The Company's Net Worth as on March 31, 2015 as per Audited Accounts presented before the Board has been eroded fully, hence as per definition under section 3(1)(0) of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) the Company has become a Sick industrial Company," it said. Edelweiss ARC (Assets Restructuring Company), which has taken over major portion of the Debts of the Company from the Financing Banks, is assisting the Company in the revival by way of Restructuring and Additional Lending.
Varun Splits into Two
Mumbai-based shipping firm Varun Shipping Co. Ltd will be split into two listed entities after the Bombay high court approved a demerger scheme. The Company announced that according to the Composite Scheme of Arrangement and Amalgamation, the Company will be split into two separate listed entities, namely, Varun Global (ship management and shipping investment business) and Varun Resources (shipping business). Both the hived off companies will be independently listed on the stock exchange. Currently these companies are in the process of completing the formality of allotment of shares. As part of the scheme, the debt relating to the shipping business have been transferred to Varun Resources…
Neeraj Bansal Appointed Deputy Chairman of JNPT
The Government of India has appointed Neeraj Bansal as Deputy Chairman of India's largest container port, Jawaharlal Nehru Port Trust with immediate effect. Mr Neeraj Bansal is an Officer of Indian Revenue Servie with around twenty years of experience across the country in Direct Tax Administration, Investigation, Tax-payer Service, Vigilance, Legal & Co-ordination. * LL.B. * Wide administrative experience in the general managerial capacity in handling the Legal, Personnel, Co-ordination, Vigilance, Administrative matters of more than 5000 Officers and Staff members of Income-tax Department, Mumbai in a highly unionized environment. * Vast experience in handling legal issues such as, Vodafone case and Scam cases of Harshad Mehta before Hon’ble Supreme Court, Bombay High Court etc.
GE Shipping Misses Demerger Deadline
The deadline for the demerger of Great Eastern Shipping Company (GE Shipping), has expired. Business Standard reports that it is not known whether the company would go for an extension of the deadline or call off the proposed demerger. The deadline stipulated under the demerger scheme approved by the Bombay High Court was at the close of business hours of August 2. GE Shipping executives were not available for comment on the issue. GE Shipping had last year approved a scheme of arrangement for demerger of the offshore service business into a separate company, Great Offshore Ltd. The demerger scheme, heard by the Bombay High Court on January 27 this year, was approved on February 3.
