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History of Tolani Bulk Carriers Ltd.

YEAR EVENTS 1991 - The Comp. was Incorporated on 5th July & obtained the Certificate of Commencement of Business on 27th August. It was formed with the object of owning & 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 & M V Prabhu Puni from its holding Comp. viz. Tolani Shipping Co. limited However, in June/July 1993, they were disposed of being very old & having exceeded the economic life. They purchased M V Prabhu Gopal from their parent company.

- The Comp. was promoted jointly by Tolani limited & Tolani Shipping Co. limited The Main object of Comp. is Shipping.

- The Comp. undertook to acquire a modern second hand bulk carrier between 25,000 - 45,000 dwt equipped with 25 tonne cranes suitable for carrying of coal, ores, grains etc. It would be primarily used for India export & import grades.

- The Comp. took delivery of 1991 built 43,469 dwt bulk carrier M V Big Glory, at a price of US $23.20 million. It was renamed `Prabhu Mihika'.

1995 - The Comp. acquired a handmax bulk carrier.

- 167,50,000 shares alloted to promoters, directors etc. 10,00,000 shares issued to SCICI limited 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 ups]. Balance 60,00,000 shares along with 7,200 shares not taken up by employees, were issued to the public [all were taken ups].

1998 - The Comp. negotiated the purchase of 1994, 43,648 dwt bulk carrier, jointly with its parent Comp. with 20% of the ownership with the Comp. & the balance with the holding company. It was renamed as `Prabhu Yuvika'.

2000 - High Court of Mumbai has approved the demerger & transfer of Shipping Business of Tolani limited [TLs] into its wholly owned subsidary, Tolani Shipping Co. limited As part of transfer of demerged undertaking of TL, 35,74,400 equity shares representing 14.89% of company paid-up capital held by TL will stand transferred to TSCL.

- Resignation of Mr. R. Kumar as Manager & Secretary effective from 1st August, & appointed of Mr. Venkatachalam as Manager & secretary & also compliance officer of Comp. effect from 1st August.