Varun Shipping 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). As part of the scheme, the debt relating to the shipping business have been transferred to Varun Resources, which has successfully restructured its debt through joint lending forum (JLF) mechanism formulated by the Reserve Bank of India. Powered by Capital Market - Live News

Net Loss of Varun Shipping Company reported to Rs 134.96 crore in the quarter ended December 2014 as against net loss of Rs 255.31 crore during the previous quarter ended December 2013. There were no Sales reported in the quarter ended December 2014 as against Rs 7.33 crore during the previous quarter ended December 2013. ParticularsQuarter Ended?Dec. 2014Dec. 2013% Var. Sales07.33 -100 OPM %0-2301.23 - PBDT-107.09-209.19 49 PBT-132.26-236.26 44 NP-134.96-255.31 47 Powered by Capital Market - Live News

Varun Shipping Company, due to non-availability of director of the Company, has adjourned the board meeting which was scheduled to be held on 12 September 2014.Powered by Capital Market - Live News

Net Loss of Varun Shipping Company reported to Rs 120.04 crore in the quarter ended March 2014 as against net loss of Rs 47.72 crore during the previous quarter ended March 2013. Sales reported to Rs -25.18 crore in the quarter ended March 2014 as against Rs 45.38 crore during the previous quarter ended March 2013.For the full year,net loss reported to Rs 489.94 crore in the year ended March 2014 as against net profit of Rs 38.37 crore during the previous year ended September 2012. Sales declined 62.34% to Rs 175.31 crore in the year ended March 2014 as against Rs 465.50 crore during the previous year ended September 2012. ParticularsQuarter EndedYear Ended?Mar. 2014Mar. 2013% Var.Mar. 2014Sep. 2012% Var. Sales-25.1845.38 PL 175.31465.50 -62 OPM %247.22-1.74 --134.8143.34 - PBDT-92.37-29.75 -210 -438.6721.38 PL PBT-104.02-46.53 -124 -561.31-123.01 -356 NP-120.04-47.72 -152 -489.9438.37 PL Powered by Capital Market - Live News

Varun Shipping Company announced that the Board of Directors of the Company at its meeting held on 30 May 2014, inter alia, transacted the following:The accounting year has been extended from 30 September 2013 to 31 March 2014 by the Registrar of Companies, Mumbai vide its letter dated 24 February 2014.The Hon`ble High Court of Bombay has approved the Composite Scheme of Arrangement and Amalgamation between Varun Shipping Company and Varun Global Private and Tarun Shipping and Industries and Varun Maritime Private and Varun Gas Infrastructure and Varun Resources Private.Powered by Capital Market - Live News