GESHIPPING

Great Eastern Shipping Co. Ltd. has informed the Exchange that the conditions stipulated under clause 35 of the Scheme of Arrangement being demerger (Scheme) of the offshore services business of The Great Eastern Shipping Company Limited (GE Shipping) into Great Offshore Limited to make the Scheme effective having complied with, the effective date of the Scheme shall be October 16, 2006. Accordingly the Scheme has become effective on October 16, 2006 and the transfer of assets and liabilities of the Offshore Business of G. E. Shipping shall stand vested pursuant to the provisions of the Scheme

and that such reduction shall be effected by reducing the paid up Equity share capital of GE Shipping by Rs.2/- per Equity share of Rs.10/- each. Consequently 5 Equity shares so reduced shall be consolidated into 4 Equity shares of Rs.10/- each. New shares of Great Offshore Limited and G. E. Shipping (as reduced) shall be allotted to the shareholders in respect of shares held in physical form to those members whose name appear on the Register of Members of the Company after giving effect to all valid share transfers lodged with the Company on or before the end of business hours on November 14,

Great Eastern Shipping Co. Ltd. had informed the Exchange that the Board of Directors at its meeting held on August 09,2006 decided to seek an extension of time from the Hon'ble Bombay High Court to obtain the remaining approvals and to complete the Demerger process. The company has further informed the Exchange that the Hon'ble Bombay High Court after considering the Company's request for extension of time for completing the balance Demerger process has approved extension of the Scheme of Arrangement (Demerger) by a period of 3 months. The Hon'ble Bombay High Court also approved the other mod

Great Eastern Shipping Co. Ltd. has informed the Exchange that the Company reviewed at its meeting held on August 02, 2006 the status of various approvals from contracting counter parties. The Board after due deliberation concluded that it was not possible to proceed with the Scheme of De-merger of the offshore services business into a seperate company Great Offshore Limited as all the conditions for arriving at the Effective Date of the Scheme were not fulfilled within the stipulated time of six months from the date of the Bombay High Court order approving the Scheme. Further the Company has

Great Eastern Shipping Co. Ltd. had informed the Exchange regarding the Scheme of Arrangement between The Great Eastern Shipping Co. Ltd. (G.E.Shipping) and Great Offshore Limited (Great Offsore) under which the Offshore Services business of G.E.Shipping is to be demerged into the resulting company, Great Offshore. The said scheme has been already approved by the Hon'ble High Court of Bombay. Pursuant to clause 35 of the Scheme, the Scheme is to come into force only upon receipt of approvals of any contracting counterparty under a material contract. After sanction of the Scheme by the Hon'ble

Great Eastern Shipping Co. Ltd. has informed the Exchange that the Hon'ble High Court of Bombay have on January 27, 2006 approved the Scheme of Arrangement being Demerger of the Offshore Services Business of the Company into a "Great Offshore Limited". In accordance with the Scheme the Company has to comply with the conditions precedent and upon fulfillment of those conditions precedents the BODs shall announce the EFFECTIVE DATE of Demerger, whereupon the Offshore Services Business will stand vested into "Great Offshore Limited" from the Appointed date namely April 01, 2005. Other provisions

Great Eastern Shipping Co. Ltd. has informed the Exchange that the Equity Shareholders and the Secured Creditors of the Company have at the Court Convened Meeting held on November 16, 2005 approved the Scheme of Arrangement (Demerger of the Offshore Division).

Great Eastern Shipping Co. Ltd. has informed the Exchange that the BODs at their meeting held on September 15, 2005, have approved the Scheme of Arrangement pursuant to which the Offshore Division of the Company will be demerged into a separate Company "Great Offshore Limited" (Resulting Company) w.e.f. April 01, 2005. The BODs considered the recommendations of the 2 independent valuers Deloitte Haskins & Sells and Kalyaniwalla & Mistry and have decided the share entitlement ratio of 1 fully paid up equity share of Rs.10/- of "Great Offshore Limited" (Resulting Company) to be issued to the sha

Great Eastern Shipping Co. Ltd. has informed the Exchange that the BODs of the company met on August 31,2005 and have, in-principle, decided to demerge the offshore division(comprising of oil and gas business and marine logistics business) into a new company. The appointed date of the demerger shall be April 01,2005.Such demerger shall qualify as a demerger within the meaning of Section 2 (19AA) of the Income Tax Act,1961 and shall be carried out under the provisions of Section 391 to 394 of the Companies act,1956.Consequent upon such demerger the company's share capital shall stand reduced pr