Varun Shipping - Outcome Of CoD Meeting

Varun Shipping Company Ltd has informed that the Committee of Directors (CoD) at its meeting held January 31, 2007, has issued and allotted 75,000 equity shares to Mr. Arun Mehta, consequent to the exercise of option for conversion of 75,000 Optionally Fully Convertible Warrants (OFCWs), out of 600,000 OFCWs, which were allotted on preferential basis to Mr. Arun Mehta, Vice Chairman & Managing Director of the Company.