GE Shipping demerges into Great Offshore

New Delhi, Oct 16 (UNI) Great Eastern Shipping Company Ltd (GE Shipping) said the demerger of its offshore services business into Great Offshore Ltd has become effective from today, with the transfer of its assets and liabilities retrospectively effective from April 1, 2005.

The company said the demerger scheme had become effective after the conditions stipulated under clause 35 of the scheme of arrangement was effectively complied with.

''The transfer of assets and liabilities of the offshore business of the company shall stand vested pursuant to the provisions of the scheme with effect from the appointed Date -- April 1, 2005,'' a company statement said.

The shareholders will get the equity shares of Great Offshore Ltd 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 the members of the company.

Simultaneously, pursuant to clause 16 (c) of the scheme, the issued, subscribed and paid-up share capital of the company shall stand reduced to the extent of assets transferred and accordingly the issued, subscribed and paid-up share capital of the company shall be reduced by Rs 381.7 crore, Rs 380.6 crore and Rs 380.6 crore respectively.

The reduction shall be effected by reducing the paid up equity share capital of the company by Rs 2 per equity share of Rs 10 each.

Consequently 5 equity shares reduced shall be consolidated into 4 equity shares of Rs 10 each.

Pursuant to clause 30 of the scheme, the appointment of Vijay K Seth as Managing Director shall stand transferred from today and will continue in Great Offshore Ltd, on the same remuneration and terms and conditions.

UNI RA DKA DS1635