Varun Shipping - Outcome Of AGM

Varun Shipping Company Ltd has informed that the members at the 36th Annual General Meeting (AGM) of the Company held on August 14, 2007, inter alia, have considered and approved the following:

1. Audited Balance Sheet as at March 31, 2007 and Profit and Loss Account for the year ended March 31, 2007 and report of the Directors and Auditors.

2. Declaration and payment of final dividend @ Rs 1.50/- per share (15%) for the financial year ended March 31, 2007.

3. Re-appointment of Mr. C M Maniar & Dr. A K Bhattacharya as Directors of the Company.

4. Re-appointment of M/s. Sorab S Engineer & Co, Chartered Accountants as Auditors of the Company to hold office from the conclusion of the 36th Annual General Meeting till the conclusion of the next Annual General Meeting of the Company and their remuneration.

5. Appointment of Mr. Charles Coyer as a Director of the Company.

6. Re-appointment of Mr. Yudhishthir D Khatau, as Managing Director of the Company & terms & conditions relating to such re-appointment.

7. Increasing the borrowing powers limit of the Board of Directors from Rs 3000 crores to Rs 5000 crores pursuant to Section 293(1)(d) of the Companies Act, 1956.

8. Commencing and carrying on all or any of the new businesses and activities mentioned in the amended main objects clause of the Memorandum of Association of the Company.