VARUNSHIP

Members of the Exchange are hereby informed that the trading in Equity Shares of Varun Shipping Company Limited shall be suspended w.e.f. July 30, 2015 (i.e. closing hours of trading on July 29, 2015) on account of Composite Scheme of Arrangement and Amalgamation.

News Verification : The media had reports that "Standard Chartered sues Varun Shipping chief over default.". The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Varun Shipping Company Limited has vide its letter inter-alia stated,"VSC International pte Ltd ( our associate company) has availed a loan of USD 10 million from Standard Chartered Bank, Singapore Branch of which, principal outstanding is USD 4,687,500 out of which USD 2,250,

News Verification : The media had reports that " Standard Chartered sues Varun Shipping chief over default.". The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Reply is awaited from Varun Shipping Company Limited.

The Exchange had sought clarification from Varun Shipping Company Limited with respect to a news item captioned "Varun Shipping loses licence to operate ships". The Company has clarified that "The way forward for Varun is to Drydock the vessels my mid-April and have the vessels operate under Varun s new ship management company which is already formed and for which the Interim DOC is already applied for. Alternatively appoint a third party ship manager with a valid DOC. It may be noted that the DOC is not a major impediment as a ship manager is a viable standby option. The critical issue is to

News Verification : The media had reports that may recast debt by raising dollar loans against ships. The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Varun Shipping Company Limited has vide its letter inter-alia stated, "During the course of its business, company has sold some of its ships to its associates/subsidiaries abroad and these companies in turn have made arrangements to borrow funds and acquire ships. Further, as and whe