SHIPPING POLICY CAN KEEP SAGGING SECTOR AFLOAT
Article Abstract:
The domestic shipping industry has demanded implementation of the national shipping policy which has been delayed by the government. The Indian shipping industry's fleet strength has decreased and its share in the country's foreign trade has also come down. Mr PK Srivastava, the chairman and managing director of Shipping Corporation of India is hoping that the Indian Government may consider some of its pending demands and offer major incentives for the sector. Some of the industry's demands include exemption from minimum alternate tax (MAT), increase in depreciation rate to 40 percent from 20 percent and restoration of Section 33-AC of the Income-tax Act. It has also sought restructuring in repayment schedule of external commercial borrowings (ECB). The average maturity period with respect to ECBs repayment is currently pegged at five years. With this repayment schedule, the industry finds it difficult to raise ECBs for funding second hand vessels. The industry has asked the government to treat their revenues as foreign currency so that it can enjoy the benefits of not ordinary resident (NOR) status. It is also demanding that the government should promote free on board imports and cost & freight exports. It wants cabotage laws to be implemented in an effective manner. (gs)(vr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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SSL OPEN OFFER FALLS JUST SHORT OF THRESHOLD LIMIT
Article Abstract:
Shreyas Shipping Ltd (SSL), a shipping company, has not been able to meet the threshold limit of its open offer. According to the promoters of the company, SSL has been able to get back just 19 lakh shares of the total outstanding shares of 54 lakh. The promoters now hold a 86 percent stake in the company as compared to 74 percent held earlier. The open offer, which closed on June 9, 1998, had offered to buy back the shares at Rs10 per share. The open offer was lead managed by Kotak Mahindra Capital Company. SSL decided to go in for an open offer after Mr Mahesh and associates, the promoters of SSL, decided to delist the company from the stock exchanges of Mumbai, Chennai, Ahmedabad and Kochi and the National Stock Exchange. (ag)
Comment:
Shipping co has not been able to meet threshold limit of its open offer as it offers to buy back shares at Rs10 per share
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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ESSKAY GETS ISO-9002 CERTIFICATION
Article Abstract:
Esskay Shipping Private Ltd has become the first shipping company in India to get the ISO-9002 certification from the Der Norske Veritas. It is a steamer and stevedoring agent. The certification is for comprehensive shipping services of the agency - stevedoring, C & F and contracts handling. It operates from Visakhapatanam, Kakinada and Chennai. (uh) (kvr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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