YEAR EVENTS
1991 - The Company was Incorporated on 5th July and obtained the
Certificate of Commencement of Business on 27th August. It
was
formed with the object of owning and operating ships for
transport of bulk cargoes by Sea. It commenced its operations
by
acquiring in September, two second hand bulk carriers M V
Prabhu
Satram and M V Prabhu Puni from its holding company viz.
Tolani
Shipping Co. Ltd. However, in June/July 1993, they were
disposed
of being very old and having exceeded the economic life.
They
purchased M V Prabhu Gopal from their parent company.
- The Company was promoted jointly by Tolani Ltd. and Tolani
Shipping Co. Ltd. The Main object of the Company is
Shipping.
- The Company undertook to acquire a modern second hand bulk
carrier between 25,000 - 45,000 dwt equipped with 25 tonne
cranes
suitable for the carrying of coal, ores, grains etc. It
would
be primarily used for India's export and import grades.
- The Company took delivery of 1991 built 43,469 dwt bulk
carrier
M V Big Glory, at a price of US .20 million. It was
renamed
`Prabhu Mihika'.
1995 - The Company acquired a handmax bulk carrier.
- 167,50,000 shares alloted to promoters, directors etc.
10,00,000
shares issued to SCICI Ltd. 62,50,000 No. of equity shares
of
Rs.10 each were then issued at par in July, 1994 of which
2,10,000 shares reserved for allotment on a firm basis to
promoters, directors etc. Of the remaining 40,000 shares
reserved for allotment on a preferential basis to employees
(only
32,800 shares taken up). Balance 60,00,000 shares along with
7,200 shares not taken up by employees, were issued to the
public
(all were taken up).
1998 - The Company negotiated the purchase of a 1994, 43,648 dwt
bulk
carrier, jointly with its parent company with 20% of the
ownership with the company and the balance with the holding
company. It was renamed as `Prabhu Yuvika'.
2000 - High Court of Mumbai has approved the demerger and transfer
of
Shipping Business of Tolani Ltd. (TL) into its wholly owned
subsidary, Tolani Shipping Co. Ltd. As part of transfer of
demerged undertaking of TL, 35,74,400 equity shares
representing
14.89% of the company's paid-up capital held by TL will stand
transferred to TSCL.
- Resignation of Mr. R. Kumar as Manager and Secretary
effective
from 1st August, and appointed of Mr. Venkatachalam as
Manager
and secretary and also compliance officer of the company
effect
from 1st August.
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